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(Health-NewsWire.Net, December 11, 2020 ) 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.
Major Growth Boosters:
The demand for healthcare IT solutions and services is driven by government mandates & support for healthcare IT solutions, rising use of big data in healthcare, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs. However, IT infrastructural constraints in developing countries are expected to restrain the growth of this market during the forecast period.
Global Leaders:
Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Cerner Corporation (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands) and Epic Systems (US) are some of the leaders in the healthcare IT solutions market.
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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.
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.
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.
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.
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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