HEALTHCARE IT MARKET SIZE AND SHARE GROWTH (2019-2027)

Digitization of healthcare is one of the prime focuses among the governments across the globe. The healthcare IT companies are highly competitive across the globe with the presence of several large and small players. The healthcare clinical IT solutions market is highly fragmented in nature with top five players accounting for less than 25% share of the overall market.

Healthcare IT solutions promise to modernize and streamline healthcare and to connect different stakeholders in the e-health market. Broadly defined, health IT refers to hardware and software, including electronic information systems, used to create, store, transmit, receive and analyze health information.

According to a new report titled “Healthcare IT Market by Product (EMR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM, HIE), Component (Software, Service), Delivery Mode  (Web, Cloud) and End User (Hospital, Payer, Pharmacy, Ambulatory, Homecare) - Global Forecast to 2027”, published by Meticulous Research®, factors such as improving health IT infrastructure, aging population & rising prevalence to chronic diseases, rising awareness about benefits of telemedicine, and favourable government initiatives & reforms/policies are driving the growth of the telehealth solutions market. In addition, importance of self-care, accelerated health costs, and new payment models further supports the growth of this market.

The Healthcare IT Market is projected to grow at a CAGR of 13.8% from 2019 to 2027 to reach $511.06 billion by 2027. The market is primarily driven by shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and rising use of big data further supports the growth of this market. However, high installation and maintenance cost hinders the growth of the overall healthcare IT market to some extent.

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The global healthcare IT market study presents historical market data in terms of value (2017 and 2018), estimated current data (2019), and forecasts for 2027-by product type [(healthcare provider solutions (clinical and non-clinical solutions), 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, and payment management solutions), and healthcare IT outsourcing services (provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT Outsourcing services, and IT infrastructure management services)], delivery mode (on-premises and wed & cloud based), component (services, software, and hardware), end-user [healthcare providers (hospitals, ambulatory centers, home healthcare & assisted living centers, diagnostic centers, and pharmacies), healthcare payers (public payers and private payers)]. The study also evaluates industry competitors and analyzes the market at a regional and country level.

Based on product type, healthcare provider solutions segment accounted for the largest share of the overall healthcare IT market in 2019 and is also projected to continue its dominance during the forecast period of 2019-2027. The large share of this segment is mainly attributed to the increasing demand for integrated healthcare solutions, growing focus on patient safety & care, rising investments in development of healthcare infrastructure in the emerging countries, increasing demand for quality healthcare, growing number of government initiatives and regulatory mandates on implementing eHealth solutions, and rising awareness about Electronic Health Records (EHRs) and other eHealth solutions.

Key Players

The report includes competitive landscape based on the extensive assessment of the product portfolio offering, geographic presence, and key strategic developments adopted by the leading market players in the industry over the past 5 years (2016-2020). The key players profiled in the healthcare IT market research report 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.)

TOP 10 COMPANIES IN HEALTHCARE IT MARKET – 2020

Scope of the Report:

Scope of the report:

Healthcare IT Market, by Product                                       

• Healthcare provider solutions
• Clinical Healthcare IT Solution

• 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
• 
  
• 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

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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………Continued

Key questions answered in the report-   

What is Healthcare IT Market?

 What is the market size forecasts and CAGR for the period of 2019-2027?

 Which are the largest and fastest-growing product segments of the market?

 Which are the largest and fastest-growing end-user segments of the market?

 Which are the largest and fastest-growing component segments of the market?

 What are the major drivers of the market?

 What are the major restraints of the global Healthcare IT market?

 Who are the major key players operating in the global Healthcare IT market?

 What are high growth countries/regions in the market?

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Future Outlook: Real-World Evidence (RWE) Solutions Market to Witness Lucrative Growth during the Forecast Period (2019-2024)

A report into the projected growth of the current Real-World Evidence (RWE) solutions market by Meticulous Research has produced lucrative forecasts for the industry. By 2024, it’s expected to have grown at a compound annual growth rate (CAGR) of 15.0%, reaching $1.64 billion.

Future Outlook: Real-World Evidence (RWE) Solutions Market to Witness Lucrative Growth during the Forecast Period (2019-2024)

In a report published today, Meticulous Research® has stated that the size of the global Real-World Evidence (RWE) solutions market will reach an impressive $1.64 billion by 2024.

The researchers suggest that the growth of Real-World Evidence (RWE) solutions market will be driven by factors including the rising geriatric population and burden of chronic diseases, shift towards value-based care, increasing R&D expenditure by the life sciences industry, delays in drug development and the subsequent increase in development costs, and expanding use of RWE for regulatory decision making.

The report states that data sets currently account for the largest share of the total market and is expected to grow at a CAGR of 13.8% from 2019 to 2024. Meticulous Research® identified as to why this segment will continue dominating over real-world evidence services: “Due to increasing need for additional insights on epidemiology, compliance, adherence and costs in a realistic environment; growing amount of medical data generated in hospitals; increasing dependence of outcome-based studies on real-world data; and rising demand for information by the payers, regulatory bodies and providers regarding drug safety.”

Based on application, drug development and approvals commanded the largest share in 2018 owing to significant demand of RWD and RWE to accelerate drug discovery and development, increasing investment by biopharmaceutical companies in R&D, and growing inclination of regulatory bodies towards RWE. However, adoption of RWE for market access and reimbursement/coverage decisions is expected to witness fastest growth.

Pharmaceutical, biotechnology & medical device companies were the leading adopters of real-world evidence solutions in 2018 and are also expected to register fastest growth during the forecast period. This is attributed to the increasing importance of RWE studies in drug development and approvals, growing focus to avoid costly drug recalls, increasing need to assess drug performance in real-world settings, and growing emphasis on drug safety and post-market surveillance.

The report further speculates that North America is currently home for most of the real-world evidence solutions providers and is the leading adopter of RWD and RWE. The largest as well as fastest growth of this region is supported by significant availability of real-world data sets, growing focus on value-based care, rising R&D expenditure by the biopharma companies, greater emphasis on early drug/device development and approvals, stringent regulations for drug approvals, and favorable government policies (implementation of 21st Century Cures Act (December 2016) and FDA’s new 2019 strategic Framework for RWE (December 2018) in the U.S).

Real World Evidence (RWE) Solutions Market by Component (RWD, EMR, Claim, Patient Registry, Pharmacy, Service), Application (Oncology, CVD, Neuro, Infection, Regulatory), End User (Pharma, Biotech, Medical Devices, Payers, Healthcare) - Global Forecast to 2024

The key players operating in the global real-world evidence (REW) solutions market are Anthem, Inc., Clinigen Group plc, Cognizant, IBM Corporation, ICON plc, IQVIA, Optum,Inc., Oracle Corporation, PAREXEL International Corporation, PerkinElmer Inc., Pharmaceutical Product Development, LLC., SAS Institute Inc., and Syneos Health among others.

Key questions answered in the report- 

Shift towards value-based care & Growing focus on personalized health care to drive the adoption of RWE Solutions 

• How does the penetration of RWE Solutions in Drug Development & Approvals is differ from that in Market Access & Reimbursement/Coverage Decisions applications?
• What impact does this have on the adoption of RWE Solutions to other conventional technologies for various application?

Pharmaceutical, biotechnology and medical device companies account for largest proportion of all End-user of RWE solution globally 

• What factors contribute to the frequent usage of RWE solution for Pharmaceutical, biotechnology and medical device?
• Conversely, which geographic segment is expected to experience the fastest growth for Pharmaceutical, biotechnology and medical device?

The North American RWE solution market favours both larger and local manufacturers that compete in multiple segments 

• Who are the top competitors in this market and what strategies do they employ to gain shares?
• What is driving growth and which market segments have the most potential for revenue expansion during the forecast period?
• What strategies must companies adopt who are looking to enter this market and compete effectively?
• What are the major drivers, restraints, opportunities, and challenges in the global RWE solution market?
• Who are the major players in various countries and what share of the market do they hold?
• What are the geographical trends and high growth regions/ countries?

Recent new service launches, acquisitions, collaborations, partnerships, and expansions have taken place in the RWE solution space. 

• What companies have recently merged/acquired and how will these unions affect the competitive landscape of the RWE solution space?
• What companies have created partnerships and how will these partnerships promote a competitive advantage?
• Who are the major players in the global RWE solution market and what share of the market do they hold?
• What are the local emerging players in the global RWE solution market and how do they compete with the global players?

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