North American Healthcare IT Market worth $496.7 billion | MarketsandMarkets

CHICAGO, March 7, 2023 /PRNewswire/ -- The North American healthcare IT industry is expected to experience strong growth in the near future. The aging population, increased demand for healthcare services, and advancements in technology are driving the need for innovative healthcare IT solutions. As a result, the healthcare IT industry is expected to experience an accelerated rate of adoption of new and innovative healthcare IT solutions. The focus of the healthcare IT industry is on developing solutions that enable healthcare providers to provide better care at lower cost. This includes developing solutions that enable providers to manage patient data more efficiently, improve communication between providers and patients, and enable better decision making and data analysis. Additionally, there is a need for solutions that allow healthcare providers to better monitor and manage population health.

North American Healthcare IT Market in terms of revenue was estimated to be worth $193.2 billion in 2022 and is poised to reach $496.7 billion by 2027, growing at a CAGR of 20.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the market such as growing inclination towards home healthcare, increasing deployment of cloud based EMR solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to challenge the growth of this market to a certain extent.

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Browse in-depth TOC on "North American Healthcare IT Market" 
198 - Tables 
47 - Figures 
318 - Pages

North American Healthcare IT Market Scope:

The services segment accounted for the largest share in the North American healthcare IT market, by component

The North American healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the complex software used in HCIT that require integration and interoperability, hence extensively trained professionals. Moreover, the software updates and upgrades, pertaining to the changing healthcare regulations, is further fueling the demand for HCIT services.

By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period

The clinical HCIT solutions segment is projected to register the highest growth in the North American healthcare IT market. The increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare providers are the major driver for the growth of this market.

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North American Healthcare IT Market Dynamics:

Drivers:

1. Growing need to curtail escalating healthcare costs
2. Favorable government mandates and support for healthcare IT solutions
3. Shift toward patient-centric healthcare delivery
4. High returns on investments associated with healthcare IT solutions

Restraints:

1. High cost of deployment of healthcare IT solutions for small and mid-sized organizations

Opportunities:

1. Increasing use of healthcare IT solutions in outpatient care facilities
2. Growing inclination towards home healthcare
3. Increasing deployment of cloud based EMR solutions
4. Growing blockchain, AI, and IoT markets
5. Expanding mHealth, telehealth, and remote patient monitoring markets

Challenges:

1. Lack of integration of healthcare IT solutions
2. Increased data security concerns
3. Reluctance among medical professionals to adopt advanced healthcare IT tools
4. Dearth of skilled IT professionals in healthcare industry

Key Market Players:

Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), Athenahealth (US), Infor (US), Dell Technologies, Inc. (US), CVS Health (US), IBM (US), EClinical Works (US), Nextgen Healthcare, Inc. (US), Greenway Health, LLC (US), Nvidia Corporation (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

Recent Developments

• In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
• In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth's digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR's patient portal.
• In March 2022, Cognizant (US)) collaborated with Microsoft (US). The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

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North American Healthcare IT Market Advantages:

• Highly Connected: North America has a highly connected and well-developed healthcare IT infrastructure, which enables healthcare providers to quickly and easily access digital health records, analyze data, and share information, providing better patient care.
• Advanced Technologies: North America is leading in the development of advanced technologies, such as electronic health records, telemedicine, digital imaging, and artificial intelligence. This gives healthcare providers access to the latest tools to improve patient outcomes.
• Streamlined Processes: Healthcare IT in North America has streamlined processes and improved efficiency, which saves time and money. This also improves the quality of care and reduces costs.
• Quality Information: North American healthcare IT systems provide high-quality information and analysis, which supports decision-making and patient care.
• Cost-Effective Solutions: North America provides cost-effective, innovative solutions to healthcare providers, resulting in improved patient care and lower costs.
• High Security Standards: North American healthcare IT systems are highly secure, which helps protect patient data and privacy. This ensures patient safety and prevents unauthorized access to sensitive information.

North American Healthcare IT Market- Report Highlights:

SUMMARY OF CHANGES:

• The competitive landscape chapter has been updated with the market evaluation matrix and an evaluation matrix for start-ups. The chapter also includes the revenue share analysis of the top players and the competitive scenario of the global market.
• The impact of the recession has been included in the research methodology chapter.

Updated Financial Information/Product Portfolios of Players:

• The new edition of the report provides updated financial information until 2021 for each listed company in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, profitability, key revenue-generating regions/countries, business segment focus in terms of the highest revenue-generating segments and R&D investments.

Updated Market Developments of Profiled Players:

• Recent developments are important to understand the market trends and growth strategies adopted by players in the North American healthcare IT market. The current edition of this report provides updated developments of profiled players from January 2019 to January 2023, indicating a continuation of the previous version. Acquisitions, partnerships, and product launches have been the principal growth strategies adopted by market players during this period.

Related Reports:

eClinical Solutions Market - Global Forecasts to 2027

Healthcare Cloud Computing Market - Global Forecasts to 2027

Healthcare Analytics Market - Global Forecasts to 2027

Healthcare IT Integration Market - Global Forecasts to 2026

Healthcare Interoperability Solutions Market - Global Forecasts to 2026

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