Global Healthcare IT market to exceed $324 Bn by 2026

August 01, 2019

Global healthcare IT market is anticipated to amass $324.9 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.

With the increasing focus of healthcare industry shifting towards providing a value-driven care-model, the healthcare industry is adopting Healthcare Information Technology (HCIT) to design, develop, use and maintain different IT systems related to healthcare. The value-based healthcare IT model focuses on delivering customized consumer experience by improving patient engagement and fulfilling regulatory specifications.

According to the report, the soaring adoption of IT solutions in healthcare will decrease the healthcare cost, hence driving the growth of HCIT market. Rapid advancements in technology along with active government support for improving healthcare facilities is propelling the demand for healthcare IT across the globe. Though, the investment cost is high, the need to manage single platform for individual health data will also foster the healthcare IT market.

In terms of products and services, healthcare provider solutions  hold a significant fragment as compared to healthcare payer solutions and healthcare IT outsourcing solutions in the healthcare IT market. Healthcare provider solutions enable the patients to save on treatment cost & time by managing the health data and connecting the healthcare providers.

In terms of regional contribution, North America dominated the global healthcare IT market in 2017 and is presumed to maintain the domination over the forecast period. Factors like rapid increase in adoption of HCIT solutions and the rising need for IT-empowered healthcare infrastructure has been driving the healthcare IT market of North America.

In addition, Asia Pacific has also witnessed rapid growth in HCIT, as countries like China and India are concentrating on providing improved healthcare service and better infrastructure to the citizens. Asia Pacific region is projected to become a potential HCIT market owing to the booming economies of China and India.

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The report projects that the need for controlling healthcare cost while maintaining operational efficiency will drive the manufacturers to focus on advancements abiding by the government norms for patient safety. The major players in the healthcare IT market are aiming to develop products which are easy to implement.

Major companies leading operations in healthcare IT market include Novarad Corporation, Allscripts Healthcare Solutions, Inc., Afga Gevaert Group, Phillips Healthcare, GE Healthcare, Hewlett-Packward, Mckesson Corporation, E-MDS Inc., Cerner Corporation, Oracle Corporation, and Optum Inc.