The healthcare system in the developed
countries is moving from fee-for-service to value-based payments. Value-based
programs reward health care providers with incentive payments for the quality
of care delivered to patients. Value-based care majorly focuses on healthcare
outcomes and not procedures. It pushes healthcare systems to deliver
higher-quality care at lower costs. The shift to value-based care is not just a
shift in economics, but it is also a shift in the kinds of technologies
required to deliver such economic benefits. The move to value-based care
includes a move to reimbursement based on "episodes of care," which
necessitate changes to billing, data collection, and reimbursement rules, along
with the technologies that support those models.
Accountable Care Organization (ACOs) and
value-based payment models are spurring the trend towards payer-provider
mergers, partnerships, and joint ventures, to address fragmented healthcare delivery,
emphasize patient-centered care, and promote care coordination, thereby
aligning the goals and incentives among payers, providers, and patients. This
evolution towards value-based reimbursement benefits all three stakeholders of
the healthcare industry, including the patient, healthcare providers, and
payers. Value-based reimbursement encourages healthcare providers to deliver
the best care at the lowest cost. In turn, patients receive a higher quality of
care at a better value.
Today, various healthcare IT solutions,
such as EHRs, population health management solutions, revenue cycle management
solutions, quality reporting solutions, healthcare analytics solutions, and
accountable care solutions are helping healthcare institutions to provide
quality care and maintain their financial health. Such benefits of healthcare
IT solutions are driving the overall adoption of these solutions across the
healthcare ecosystem, thereby propelling the growth of the overall healthcare
IT solutions market.
The healthcare IT market is
expected to grow at a CAGR of 13.8% from 2019 to reach $511.06 billion by 2027.
Increasing awareness on the value of digital health, government mandates and
financial incentives for adoption of HCIT solutions, shift towards value-based
care, rising use of big data in healthcare management, high return on IT
investment in the healthcare industry, and rising incidence of chronic diseases
are some of the key factors supporting the overall growth of the global
healthcare IT market. However, high installation & maintenance cost and
lack of required IT infrastructure in developing countries are restraining the
market growth to a certain extent.
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For the purpose of this study, the global
healthcare IT solutions market is broadly segmented by product, component,
deployment mode, end user, and geography.
Based on product type, the overall HCIT
market is categorized into healthcare providers solutions, healthcare payers
solutions, and healthcare IT outsourcing services market. In 2019, the healthcare
providers solutions segment accounted for the largest share of the overall
healthcare IT market. This large share can be attributed increasing demand for
integrated healthcare solutions, growing focus on patient safety & care,
rising investments in development of healthcare infrastructure in emerging
countries, increasing demand for quality healthcare, increasing number of
government initiatives and regulatory mandates on implementing eHealth
solutions, and rising awareness about electronic health records (EHRs). Growing
geriatric population and thereby increase in prevalence of chronic diseases and
patient workload on healthcare systems across the globe are also driving
adoption of digitization solutions among healthcare providers. In addition,
Affordable Care Act in the U.S. and growing demand to manage large patient data
further supports the growth of HCIT solutions market for healthcare providers
across globe.
Based on type, healthcare provider solutions
market is further segmented into clinical healthcare IT solutions and
non-clinical healthcare IT solutions. Clinical HCIT solutions segment accounted
for the largest share of the healthcare provider solutions market in
2019, owing to factors such as growing focus on patient safety & care, increasing
demand for integrated health IT solutions among healthcare providers,
transition of healthcare industry towards value based care, and increasing
regulatory requirements for healthcare providers to incorporate digitization
solutions. However, non-clinical HCIT solutions segment is expected to grow at
the fastest CAGR during the forecast period. Increasing demand for achieving
operational and administrative efficiencies in healthcare delivery in order to
lower the cost of healthcare and growing regulatory requirements for achieving
reimbursement are the key factors driving the growth of the non-clinical
healthcare IT solutions market.
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Based on type, the clinical healthcare IT
solutions market is further segmented into number of areas, including EHR/EMR,
CDSS, CPOE, PACS/VNA, E-Prescribing solutions, radiology information systems,
radiation dose management solutions, medical image analysis systems, care
management solutions, mhealth solutions, telehealth solutions, practice
management systems, and population health management systems, among others. In
2019, EHR solutions accounted for the largest share of the overall clinical
healthcare IT solutions market. The large share of EHR solutions is mainly
attributed to growing efforts across the globe to digitize patient records and
increasing number of government initiatives and policies to implement eHealth
strategies. EHR forms the basis of digitization in the healthcare industry,
which is one of the key factors driving large adoption of EHR solutions across
the globe. However, considering growing consumerism in the healthcare industry,
the mHealth solutions market segment is expected to register the fastest CAGR
during the forecast period of 2019 to 2027.
The non-clinical healthcare IT solutions
market primarily comprises various software solutions including pharmacy
information systems, asset management solutions, workforce management
solutions, revenue cycle management solutions, medical document management
solutions, healthcare analytics solutions, supply chain management solutions,
medication management solutions, healthcare quality management solutions, and
interoperability solutions. In 2019, the healthcare analytics segment accounted
for the largest share of the overall non-clinical healthcare IT solutions
market. Growing pressure on healthcare providers to enhance the quality of care
and curtail the soaring cost of healthcare are some of the key factors driving
the growth of the overall healthcare analytics market.
The payer solutions market segment mainly
comprises, claims management solutions, population health management solutions,
pharmacy audit and analysis solutions, payment management solutions, member
eligibility management solutions, fraud and risk analytics solutions, and
provider network management solutions, among others. In 2019, the claims
management solutions segment accounted for the largest share of the overall
healthcare payer solutions market. The growing volume of claim submissions and
transactions processed every day, increasing number of hospital visits or
utilization of number of healthcare services by patients are some of the key
factors driving the adoption of claims management solutions.
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Based on delivery model, the web/cloud-based
healthcare IT solutions accounted for the largest share of the overall
healthcare IT market in 2019. The benefits of web/cloud-based solutions such as
on-demand self-serving deployment model, lower upfront cost of deployment, no
maintenance cost, lower storage cost, excessive storage flexibility, and
enhanced scalability are some of the key factors driving the adoption of
cloud-based HCIT solutions among healthcare payers and providers. In addition,
greater security in private clouds and automated updating features of web and
cloud solutions are further expected to support the growth of this market
during the forecast period.
Based on component, the overall healthcare IT
market is broadly segmented into hardware, software, and services. The services
segment accounted for the largest share of the healthcare IT market in 2019.
The shift towards cloud-based services, increasing need to reduce healthcare
costs, and increasing adoption of digital solutions across healthcare
organizations are some of the key factors driving the growth of the services
market during the forecast period. In addition, the growing need to reduce administrative
overheads of the healthcare industry, enhance productivity of healthcare
operations, and rising demand for easy access to affordable care further
supports the growth of this market.
Based on end user, the overall healthcare IT
market is broadly segmented into healthcare providers and healthcare payers.
The healthcare provider segment accounted for the largest share of the overall
HCIT market in 2019. The largest share of this segment is primarily attributed
to the rising patient volume, growing healthcare spending by the countries
across globe, rising awareness about electronic health records (EHRs), growing
geriatric population, and increasing adoption of healthcare IT solutions by
healthcare providers.
Based on geography, the global healthcare IT
market is categorized into five major regions, namely, North America, Europe,
Asia-Pacific, Latin America, and the Middle East & Africa with a country
level analysis of this market in each region. In 2019, North America accounted
for the largest share of the global healthcare IT market, followed by Europe
and Asia-Pacific. Growing adoption of various healthcare IT solutions by
healthcare providers in order to meet the heightened regulatory requirements
for patient care and safety, increasing need to curtail the soaring healthcare
costs, growing need to improve the quality of healthcare while maintaining the
operational efficiency of healthcare organizations, and presence of leading
HCIT vendors in the region, are some of the major factors driving the growth of
the HCIT market in North America.
Some of the key players operating in global
Healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.),
International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare
Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation
(U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation
(U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation
(U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen
Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.),
Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips
N.V. (The Netherlands), and Infor, Inc. (U.S.) among others.
Top 10 Companies in Healthcare IT Market
Scope of the report:
Healthcare IT Market, by
Product
- Healthcare
provider solutions
- Clinical
Healthcare IT Solutions
§
- Electronic Health Record
(EHR)
- PACS & VNA
- Computerized Physician Order Entry
- Clinical Decision Support System (CDSS)
- E-Prescribing system
- Patient Engagement Solutions
- Radiology Information Systems (RIS)
- Radiation Dose Management Solutions
- Specialty Information Management Systems
- Medical Image Analysis Systems
- Population Health Management Solutions
- Care Management Systems
- Patient Registry Software
- Laboratory Information Systems
- mheath Solutions
- Telemedicine
- HCIT Integration Systems
- Infection Surveillance Solutions
- Practice Management Systems
- Non-Clinical
Healthcare IT Solutions
§
- Pharmacy Information Systems
- Healthcare Asset Management Solutions
- Healthcare Workforce Management Solutions
- Revenue Cycle Management Solutions
- Front-End RCM Solutions
- Mid-RCM Solutions
- Back-End RCM
- Medical Document Management Solutions
- Healthcare Information Exchanges
- Supply Chain Management Solutions
- Healthcare Analytics
- Clinical Analytics
- Financial Analytics
- Operational and Administrative Analytics
- Customer Relationship Management Solutions
- Medication Management Solutions
- Electronic Medication Administration Software
- Barcode Medication Administration Systems
- Medication Inventory Management Systems
- Medication Assurance Systems
- Healthcare Quality Management Solutions
- Healthcare Interoperability Solutions
- Financial Management Systems (Billing &
Accounting)
- Healthcare
payer solutions
- Claims Management
Solutions
- Customer
Relationship Management Solutions
- Fraud
Analytics Solutions
- Provider
Network Management Solutions
- Pharmacy
Audit and Analysis Solutions
- Member
Eligibility Management Solutions
- Population
Health Management Solutions
- Payment Management
Solutions
- Healthcare
IT Outsourcing Services
- Provider
HCIT Outsourcing services
- Revenue
Cycle Management Services
- EMR/Medical
Document Management Services
- Laboratory
Information Management Services
- Other
Provider HCIT Outsourcing Services
- Payer HCIT
Outsourcing services
- Claims
Management Services
- Provider
Network Management Services
- Billing
& Accounts Management Services
- Fraud
Analytics Services
- Other
Payer HCIT Outsourcing Services
- Operational
HCIT Outsourcing Services
- Business Process
Management Services
- Supply
Chain Management Services
- Other
Operational IT Outsourcing Services
- IT
Infrastructure Management Services
Global Healthcare IT Market, by Delivery
Mode
- Wed &
Cloud-Based
- On-premises
Global Healthcare IT Market, by
Component
- Services
- Software
- Hardware
Global Healthcare IT Market, by End
User
- Healthcare
Providers
- Hospitals
- Ambulatory
Centers
- Home healthcare
& Assisted Living Centers
- Diagnostic
Centers
- Pharmacies
- Healthcare
Payers
- Private
payers
- Public
payers
Global Healthcare IT Market, by
Geography
- North
America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Benelux
- Nordics
- Rest of
Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of
Asia-Pacific
- Latin
America
- Brazil
- Mexico
- Rest of
Latin America (RoLA)
- Middle East
and Africa (MENA)
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