Healthcare IT Market worth $390.7 billion by 2024

PUNE, India, 2021-Aug-23 — /EPR Network/ —

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period. The growing volume of patient data, an increase in technological know-how, and demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions.

The healthcare provider solutions segment is expected to grow at the highest CAGR during the forecast period

The healthcare provider solutions segment is expected to grow at the highest CAGR in the healthcare IT market, by product and services, during the forecast period. This is attributed to government initiatives to improve the quality of patient care and the need to control growing healthcare costs & improve the efficiency of healthcare services.

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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.

Key Market Players

The prominent players operating in the healthcare IT 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).

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