Major Growth Driving Factors:

The growth in the global Healthcare IT Market is driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.

Covid-19 Impact on the Healthcare IT Market

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters.

The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.

North America dominates the Healthcare IT market during the forecast period.

North America accounted for the largest share of the Healthcare IT market in 2020. Stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in North America are the major factor contributing to this.

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Leading Companies:

Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), and IBM (US) were the top players in the healthcare IT market during the forecast period.

Other major players in the market include Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), athenahealth (US), eClinicalWorks (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), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).

More About Leading Companies:

Cognizant (US) is a key player in the healthcare IT market for software solutions and services. The company offers information technology (IT) consulting, enterprise information management (EIM), and business process outsourcing services across the globe. It provides healthcare IT solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives.

Change Healthcare (US) is a leading provider of healthcare IT solutions and is well known for its leading position in the healthcare revenue cycle management solutions and quality management solutions markets. The company offers software and analytics, connectivity, communication, payment, consumer engagement, and workflow optimization solutions.

Koninklijke Philips N.V. (Netherlands) is a diversified technology-based company involved in the healthcare and consumer lifestyle markets. It is one of the leading companies in the healthcare sector with a strong presence in cardiac care, acute care, and home healthcare. 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 worldwide. Apart from investing in R&D and product launches, the company focuses on collaborating and partnering with other market players to expand its presence globally and enhance its product portfolio.

Optum (US) was one of the largest players in the healthcare IT market in 2020. The company provides healthcare IT solutions to healthcare payers, providers, employers, and government & life science companies. This includes such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. 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 June 2019, Optum acquired the DaVita Medical Group.

Cerner Corporation (US) is a global provider of healthcare information technology (HCIT) solutions. The products and services offered by the company include healthcare IT solutions, medical device integration solutions, professional services, remote hosting services, document management and imaging solutions, and other health and welfare services. Cerner has a robust HCIT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs.

IBM (US) is among the leading companies in the HCIT market with a host of solutions, including AI, Blockchain, cloud computing, supply chain solutions, and others. End users widely use IBM Watson for cognitive computing and data-driven applications. IBM follows organic growth strategies to improve its position in HCIT markets. This includes product launches and upgrades. In 2021, for instance, IBM launched the IBM z/OS V2.5 operating system, which brings AI capabilities to IBM Z, strengthens security, and introduces new capabilities for application modernization.

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Recent Developments in the Healthcare IT Industry:

# In May 2021, Optum and Bassett Healthcare Network collaborated to further enhance Bassett's clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across Central New York.

# In June 2021, Cognizant and Aker Solutions partnered to modernize and simplify its entire IT infrastructure, including its business technology network and application maintenance and development.

# In March 2021, Change Healthcare collaborated with Amazon Web Services to announce the launch of a new Data Science as a Service (DSaaS) platform, which is aimed at improving outcomes and healthcare economics for vulnerable health communities

# In August 2020, Cerner Corporation collaborated with Amazon to easily connect vital health and well-being information with their broader healthcare teams.