Global Leading Companies Operating in This Industry:

# Optum (US)
# Cerner (US)
# Cognizant (US)
# Change Healthcare (US)
# IBM (US) among others.

Major Growth Driving Factors:

The growth in 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.

Opportunity: Rising use of healthcare IT solutions in outpatient care facilities

In response to the rising pressures on health systems to lower the cost of care, the industry is shifting towards outpatient settings to reduce the care cost. In addition, convenience is another important factor driving the rise of ambulatory care. With the increase in the number of outpatient settings and patient influx, the demand and usage of healthcare IT solutions in outpatient settings will increase.

Projected Surge in Revenue Generation:

The healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.

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More About Leading Companies Growth Strategies Adopted by Them:

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.

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.

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.

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.

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.

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The healthcare provider solutions segment accounted for the largest share of the healthcare IT market in 2020

Among the products services segment, the healthcare provider solutions segment accounted for the largest market share in 2020. The large share of this segment is attributed to the need to control the growing healthcare costs and improve the efficiency of healthcare services by reducing medical errors.

Clinical healthcare IT solutions occupied the largest share of the healthcare provider solutions segment during the forecast period. The reasons could be increasing regulatory stringency, and the rising demand for improved patient safety and patient care and integrated healthcare systems.