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Healthcare IT Market by Product & Service, Component, End User & Region: Competitive Analysis & Forecast 2027

Global Healthcare IT Market is estimated to value over USD 387.81 billion by 2027 end and register a CAGR of over 15.5% during the forecast period 2020 to 2027.

LEEDS, WEST YORKSHIRE, UNITED KINGDOM, February 25, 2020 / -- Healthcare IT Market Introduction

Global Healthcare IT Market is estimated to value over USD 387.81 billion by 2027 end and register a CAGR of over 15.5% during the forecast period 2020 to 2027.

The advent of social media and its significant influence on the healthcare IT industry and the rising insistence for paperless technologies are some of the key factors steering the current healthcare IT market growth. Furthermore, increased government funding, a good return on investments and different initiatives taken by the associations for improving healthcare infrastructure and services are the other factors responsible for the market growth.

The services segment includes both professional services and maintenance and support. The services segment accounted for the largest healthcare IT market share in 2018 and is predicted to proliferate substantially over the forecast period. Since the usage of IT in the healthcare sector, the data volume is continuously increasing; data maintenance and storage costs have increased in recent years. Moreover, healthcare institutions have a dearth of skilled IT professionals who can handle such a massive amount of data. Therefore, the increasing cost coupled with a dearth of skilled professionals has resulted in many institutions opting for the support and maintenance services offered by healthcare IT firms.

In addition to the supporting and maintenance services, analytics, which accounts for a substantial healthcare IT market share, is also being offered by key players, for instance, Philips, GE Healthcare, IBM, etc. With the introduction and emergence of technology based on cloud services in the healthcare sector, the services segment share has gone up substantially.

Key market players included in the healthcare IT industry are Optum, Cerner Corp., Cognizant, Change Healthcare, Philips, EPIC Systems Corp., del Technologies, Allscripts, Athenahealth, General Electric, Conduent, Conifer, Nuance, 3M, Oracle, IBM, Inovalon, Infor, Intersystems, Tata Consultancy Services.

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Healthcare IT Market Segmentation:
By Product & Service
• Healthcare Provider Solutions
• Healthcare Payer Solutions
• HCIT Outsourcing Services
By Component
• Introduction
• Services
• Software
• Hardware
By End User
• Healthcare Providers
• Healthcare Payers
By Region
• North America
• Europe
• Asia Pacific
• Latin America
• Rest of the world

FutureWise Key Takeaways:
• Growth prospects
• SWOT analysis
• Key trends
• Key data-points affecting market growth

Objectives of the Study:
• To provide with an exhaustive analysis on the healthcare IT market by product & service, by component, by end user and by region
• To cater comprehensive information on factors impacting market growth (drivers, restraints, industry-specific restraints and opportunities)
• To forecast and evaluate micro-markets and the overall market
• To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East & Africa
• To record, evaluate and analyses competitive landscape mapping- technological advancements, product launches, expansions and mergers

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Healthcare-related markets:
• Global Healthcare Assistive Robot Market value over USD 2.4 Billion by 2029 end and register a CAGR of over 14% from 2019 to 2029.
Assistive robots tend to perform work more efficiently, with more precision and accuracy. These are imperative skills required in the healthcare industry and thus healthcare assistive robots face great demand as a market on a global scale. With increasing technology as well as the error-free characteristic, the market is projected to soar during the forecast period.

• Global Artificial Intelligence in Healthcare Market is estimated to value over USD 37 billion by 2029 end and is expected to register a CAGR of over 50% during the forecast period 2019 to 2029.
Artificial Intelligence (AI) is mainly applicable in treatment procedures, medication management and drug discovery. Increasing demand for treatments customized according to the requirements of an individual patient is predicted to boost the market growth. Furthermore, AI technology is employed to implement data mining to accelerate healthcare delivery services will increase the adoption of AI technology worldwide. Additionally, the emanation of promising and novel applications for diagnosis and monitoring of diseases will prove to be an integral factor responsible for the significant market growth.

About FutureWise Research:
We specialize in high-growth niche markets, assuring flexibility, agility and customized solutions for our clients. Through in-depth market insights and consultancy, we present our clients with the tools they need to be at the forefront of their industry – a position secured for far more than the near future.

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