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(Health-NewsWire.Net, May 18, 2021 ) Research Methodologies Adopted:
Secondary Research:
In the secondary research process, various secondary sources such as annual reports, press releases, and investor presentations of companies; white papers; certified publications; articles by recognized authors; trade directories; and databases such as D&B Hoovers and Bloomberg Businessweek were referred to identify and collect information for this study.
Primary Research:
The healthcare IT market comprises several stakeholders such as hospitals (small, mid-size, and large hospitals), ambulatory centers, diagnostic centers, TPAs, and stakeholders in corporate & government bodies. Primary sources from the supply side, including CEOs, vice presidents, marketing and sales directors, business development managers, technology and innovation directors of healthcare IT developing companies, suppliers, and distributors, have been considered. Demand-side primary sources include industry experts such as directors of hospitals and clinics, hospital & clinic managers, physicians, research scientists, and related key opinion leaders.
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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 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.
Market Size Estimation:
Both top-down and bottom-up approaches were used to estimate and validate the total size of the healthcare IT market. These methods were also used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:
# The key players in the industry and markets have been identified through extensive secondary research.
# The industry’s market size, in terms of value, has been determined through primary and secondary research.
# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
Data Triangulation:
After arriving at the overall market size—using market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.
Recent Developments in the Global Healthcare IT Market:
# 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.
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“North America dominated the Healthcare IT market in 2018”
The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018. The large share of this region can be attributed to the technological competencies of healthcare industry and presence of well-established healthcare IT infrastructure in this regions.
Changing regulatory requirements for improving quality of healthcare and increasing patient safety and rising healthcare expenditures are some of the key factors driving the growth of the healthcare IT market in North America.
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).
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