Healthcare IT Market Worth $390.7 Billion by 2024

Asia Pacific market to witness the highest growth during the forecast period.


Northrook, IL -- (SBWIRE) -- 11/20/2019 -- The growing volume of patient data, an increase in technological know-how, and the demand for quick and efficient healthcare processes and systems are driving the demand for HCIT solutions.

What the Market Looks Like?

Predicted to grow at a CAGR of 15.8% during the forecast period, the global Healthcare IT Market is estimated to reach USD 390.7 Billion by the end of 2024. In 2018, North America was the largest regional market for Healthcare IT. The Asia Pacific market, on the other hand, is expected to register the highest CAGR during the forecast period.

The healthcare provider solutions segment is expected to grow at the highest CAGR in the healthcare IT market, by product and services, during the forecast period. This is attributed to government initiatives to improve the quality of patient care and the need to control growing healthcare costs & improve the efficiency of healthcare services.

The non-clinical solutions are expected to grow at the highest CAGR in the healthcare provider solutions market. Technological innovations in the field of IT have led to the development of customized software platforms as per healthcare providers' requirements. This is boosting the adoption of healthcare IT solutions among end-users. In addition, the reduction in reimbursements, loss of revenue due to lack of proper documentation and stringent regulations for quality management are driving the market for the non-clinical segment.

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What Drives the Market?

The growth of the global market for Healthcare IT is primarily influenced by the following factors:

1. Government Mandates & Support for Healthcare IT Solutions
2. Rising Use of Big Data
3. High Returns on Investment for Healthcare IT Solutions
4. Need to Curtail Escalating Healthcare Costs

Geographical growth scenario of Healthcare IT Market:

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period. Factors such as large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC market.

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Leading market players and strategies adopted:

The prominent players operating in the healthcare IT 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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