This is How the Key Players Are Dominating the Global Healthcare IT Market

PUNE, India, 2021-Aug-02 — /EPR Network/ —

Overview of This Study:

This study involved four major activities in estimating the current size of the healthcare IT market. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation were used to estimate the sizes of segments and subsegments.

Key Questions Addressed in the Report:

  • Who are the top 10 players operating in the healthcare IT market?
  • What are the driving factors, restraints, opportunities, and challenges in the market?
  • What are the industry trends as well as the current scenario in the healthcare IT market?
  • What are the growth trends in the market at the segmental and overall market levels?

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Recent Developments:

  • In 2019, Philips launched Cares Aging & Caregiving service.
  • In 2018, Change Healthcare  launched Dx Gap Advisor
  • In 2017, Optum acquired DaVita Medical Group (US). The acquisition of DaVita enhanced Optum’s physician-led primary, specialty, in-home, and surgery-care delivery services business.
  • In 2017, Cognizant acquired TMG Health (US) to expand its business process-as-a-service solutions for government and public health programs
  • In 2018, Optum collaborated with Humana (US), MultiPlan (US)  and Quest Diagnostics (US) to form a group to explore the blockchain technology to improve data quality and reduce administrative costs in healthcare

Key Players:

Some of the major players operating in this market include Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).

Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.

Approximately 89% of the company’s revenue is generated from North America. However, the company is focusing on expanding its operations in non-US markets and entering new markets through business expansions and inorganic growth strategies. For instance, in September 2016, Cerner opened Healthe, at its Cerner Center (an on-site health center), at the Manyata campus in Bangalore, India.

Optum provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. It also offers other healthcare IT solutions and services to help care providers and payers efficiently improve their clinical performance, quality of care, and establish consumer engagement. The company actively focuses on various inorganic business strategies such as acquisitions, partnerships, agreements, and collaborations to garner a larger market share. For instance, in November 2017, The Advisory Board Company (US) was merged into Optum.

Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SaaS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.

The company has delivery centers located in 31 countries and business development offices in approximately 73 cities in 38 countries across the globe. The company receives a majority of its revenue from North America. However, it is also expanding its reach in Asia Pacific, the Middle East, and Latin America.

Philips is a major player operating in the healthcare IT market. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates. The company has an established geographic presence and a strong sales and distribution network spread across the world.

The company strategically focuses on organic growth strategies such as expansions, product enhancements, and product launches to increase its share in the healthcare IT market. It invests in R&D activities to add technologically innovative solutions to its portfolio, which in turn helps it to strengthen its presence in the market.

Epic Systems offers a wide range of EHR, revenue cycle and practice management, and population health management solutions. The company mainly operates in the North American market. It also has a presence in the Netherlands, the United Arab Emirates, Finland, Australia, Singapore, and Denmark. The company’s products are used in retail clinics, multispecialty groups, community hospitals, academic medical centers, integrated delivery networks, childrens organizations, safety net providers rehab centers, and patients’ homes, among other settings.

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The non-clinical segment of healthcare providers solutions to witness the highest growth from 2019-2024

The non-clinical solutions is expected to grow at the highest CAGR in healthcare provider solutions market. Technological innovations in the field of IT have led to the development of customized software platforms as per healthcare providers’ requirement. This is boosting the adoption of healthcare IT solutions among end users. In addition, the reduction in reimbursements, loss of revenue due to lack of proper documentation and stringent regulations for quality management are driving the market for non-clinical segment.

Asia Pacific market to witness the highest growth during the forecast period

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Factors such as large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC market.

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