Healthcare IT Market - Technology Giants Entering into the Global Industry

Posted June 17, 2021 by mmvaidya

This study involved four major activities in estimating the current size of the healthcare IT market.
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.

Expected Revenue Growth:

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.

Download PDF [email protected]

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. This helped Cerner to boost its presence in the Asian market.

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. This helped both the companies to increase their customer base and enhance their product and service portfolio. In November 2016, Optum collaborated with CVS Pharmacy (US), under which OptumRx’s pharmacy and clinical solutions were combined with CVS Pharmacy’s in-store health and wellness capabilities. This helped both companies drive better health outcomes and further modernize and enhance pharmacy care.

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. The company’s Healthcare segment witnessed an increase of 10.1% in 2017, which is USD 392 million, compared to the previous year. This increase can be attributed to the growing demand for a broader range of services, including business process services and advanced data analytics and solutions including healthcare quality management.

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.

Request Sample [email protected]

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.

The company is focusing on organic growth strategies such as product launches, enhancements, and expansions to remain at the forefront of the EHR market. Epic recently launched products such a Utility and Sonnet. These products are designed for smaller hospitals, physician offices, and post-acute care facilities that benefit from the reduced costs and a shorter implementation period. With the launch of these products, Epic will be competing effectively against EHR vendors serving small hospitals.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]
-- END ---
Share Facebook Twitter
Print Friendly and PDF DisclaimerReport Abuse
Contact Email [email protected]
Issued By Makarand Vaidya
Country United States
Categories Industry , Medical , News
Tags healthcare it , healthcare it market
Last Updated June 17, 2021