Healthcare IT Market Opportunity and Forecast Assessment to Reveal Lucrative Growth Prospects for Key Players
The market in the U.S. is about to reach the saturation stage owing to the presence of various key as well as local players. However, the U.S. healthcare IT market is expected to grow due high demand for cost effective treatments and reduction in costs associated to healthcare.
According to a new report published by Allied Market Research, titled, Healthcare IT Market by Product Type and End User: U.S. Opportunity Analysis and Industry Forecast, 2018 – 2025,” the U.S. Healthcare IT market was valued at $61,018 million in 2017, and is projected to reach $149,178 million by 2025, growing at a CAGR of 11.7% from 2018 to 2025. The healthcare provider solutions segment accounted for about five-eighths share of the total market.
Healthcare information technology is the application of information and technology in the filed of health and healthcare. Healthcare information technology supports health information management across computerized systems and secures the exchange of health information.
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The U.S. healthcare information technology market is driven by surge in demand for reducing healthcare costs as well as establishment of hassle-free processes in the healthcare industry. However, high costs incurred for implementation, maintenance, and upgrading services are expected to restrict the growth of this market. Moreover, the healthcare IT is already a well-established market and thus, there is a huge gap between supply and demand with numerous local as well as global key players operating in this segment. This is expected to hamper the market growth. Moreover, many key players are collaborating with local players for developing efficient products, which can create lucrative opportunities in the market.
Among healthcare provider solutions, the clinical solutions segment dominated the market accounting for half share of the market in 2017. This was attributed to the increase in IT integration and rise in demand for clinical solutions in the healthcare industry.
Among end users, the healthcare providers segment dominated the market in 2017 accounting for two-thirds share of the total market. This is owing to the increase in demand for data accuracy to ensure patient safety through improved clinical outcomes, rise in healthcare reforms, and efforts to curb the healthcare expenditure.
Healthcare providers and hospitals segments dominated the market accounting for about two-thirds share of the total market as hospitals includes several applications such as EMR, CPOE, RIS, medical document management system, revenue cycle management, and healthcare asset management system.
Key Findings of the U.s. Healthcare IT Market:
- Electronic health records/electronic medical records segment is expected to register a CAGR of 18.8% during the forecast period.
- The non-clinical healthcare IT solutions segment accounted for about half share of the market and is expected to grow at a CAGR of 10.4% during the forecast period.
- The population health management solutions segment dominated the market, accounting for about onethird share of the total market and is expected to grow at a CAGR of 10.7% during the forecast period.
- The private payers segment dominated the U.S. healthcare IT market and is projected to retain its trend during the forecast period.
The report provides a comprehensive analysis of the key players operating in the U.S. healthcare IT market. These include Allscripts Healthcare Solutions, Inc., athenahealth, Inc., Cerner Corporation, Epic Systems Corporation, HealthStream, Greenway Health, LLC, IBM Corporation, Infor, McKesson Corporation, and SAS Institute Inc. Other players operating in the value chain are InterSystems Corporation, Medical Information Technology, Inc., Evolent Health, Inc. and Experian Information Solutions, Inc.
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