Global Healthcare IT Market Report, published by Variant Market Research, forecast that the global market is expected to reach $382 billion by 2024 from $140 billion in 2016; growing at a CAGR of 13.4% from 2016 to 2024. By geography, Asia-Pacific and Rest of the world (RoW) are expected to grow at a CAGR of 15.2% and 13.5%, respectively, during the forecast period.
Rise in awareness towards patient safety and patient care, need for integrated healthcare systems, and stringent regulations regarding healthcare provider solutions are the major factors driving the global healthcare IT market. However, increased cost of IT adoption may hamper the market growth. Increased demand for advanced analytics tools to improve the quality and efficiency of healthcare industry would provide several growth opportunities for the market in the coming years.
The global healthcare IT market is bifurcated by type, end user, geography. The segment by type includes healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solution is further categorized into clinical solutions and non-clinical healthcare IT solutions. Healthcare providers and healthcare payers are the various segmentations of healthcare IT market by end user. By type, the healthcare provider solutions segment accounted for more than half of the total market share in 2016. By end user, healthcare providers segment generated the highest revenue, accounting for more than two third of the total market share in 2016. Geographically, the market is categorized into North America, Europe, Asia-Pacific and Rest of the world.
North America accounted for the largest market share of 44.7% in 2016; owing to high adoption of HCIT technologies, and presence of a large number of IT companies, such as, EPIC Systems, Cerner Corporation, GE Healthcare, and McKesson Corporation. Europe was the second largest market with a total market share of 30.7%. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 15.2% during the forecast period 2016-2024.
The major players in the market include McKesson Corporation, Accenture, Allscripts Healthcare Solutions, Inc., Infosys, athenahealth, Inc., Epic Systems Corporation, United Healthcare Group, GE Healthcare, Siemens Healthcare, Cerner Corporation, Philips, Carestream Health and others.