Healthcare IT Solutions Market Worth 223.16 Billion USD by 2023

LONDON, March 15, 2018 -- According to the latest publication from Meticulous Research™, the global healthcare IT solutions market is expected to be valued at USD 223.16 billion by 2023, growing at a CAGR of 13.7% from 2018, majorly driven by “increasing awareness of the value of digital health, government mandates and financial incentives, shift towards value-based care, and rising incidence of chronic diseases”, mentions Meticulous Research™.

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The global healthcare IT market is segmented on the basis of product (clinical & non-clinical solutions), component, deployment mode, and end user. On the basis of deployment mode, web & cloud based solutions accounted for the largest share in the global healthcare IT solutions market, mainly due to the flexibility of working from remote areas, affordability, and their automated updating features.

The report notes that non-clinical solutions segment accounted for the largest share of the overall market, owing to “growing healthcare cost, increasing patient volume, rising burden on healthcare facilities, growing insured population, and rising number of frauds related to claims.”

Based on end user, healthcare providers segment commanded the largest share in the global healthcare IT solutions market in 2017, mainly due to the rising patient volume, growing healthcare spending, rising geriatric population and thereby the prevalence of various chronic diseases. Hospitals are the largest users among all healthcare providers, primarily due to growing healthcare infrastructure and rising number of tertiary/specialty care hospitals. In addition, growing demand to manage large patient data and increasing need to improve healthcare quality while maintaining operational efficiency further propels the adoption of HCIT solutions in the hospitals.

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North America to be the largest market by 2023, owing to its well-established healthcare system, growing adoption of various HCIT solutions by healthcare providers in order to meet the regulatory requirements for patient care and safety, increasing need to curtail soaring healthcare costs, presence of leading HCIT vendors, growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations.

The key players in this market are McKesson Corporation, Epic Systems Corporation, Cerner Corporation, Optum Health, GE Healthcare, Philips Healthcare, athenahealth, Inc., Allscripts Healthcare Solutions, Inc., Oracle Corporation, Cognizant Technology Solutions Corporation, Dell Technologies, Optum, Inc., and Infor, Inc. among others.

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