Global Leaders:

Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), IBM (US), Athenahealth (US), Oracle Corporation (US), COnduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Leidos (US), Softheon (US), Omnicell (US), and Ciox Health (US).

Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.

Approximately 89% of the company’s revenue is generated from North America. However, the company is focusing on expanding its operations in non-US markets and entering new markets through business expansions and inorganic growth strategies.

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Optum provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. It also offers other healthcare IT solutions and services to help care providers and payers efficiently improve their clinical performance, quality of care, and establish consumer engagement. The company actively focuses on various inorganic business strategies such as acquisitions, partnerships, agreements, and collaborations to garner a larger market share.

Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SaaS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.

The company has delivery centers located in 31 countries and business development offices in approximately 73 cities in 38 countries across the globe. The company receives a majority of its revenue from North America. However, it is also expanding its reach in Asia Pacific, the Middle East, and Latin America.

Philips is a major player operating in the healthcare IT market. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates. The company has an established geographic presence and a strong sales and distribution network spread across the world.

The company strategically focuses on organic growth strategies such as expansions, product enhancements, and product launches to increase its share in the healthcare IT market. It invests in R&D activities to add technologically innovative solutions to its portfolio, which in turn helps it to strengthen its presence in the market.

Epic Systems offers a wide range of EHR, revenue cycle and practice management, and population health management solutions. The company mainly operates in the North American market. It also has a presence in the Netherlands, the United Arab Emirates, Finland, Australia, Singapore, and Denmark. The company’s products are used in retail clinics, multispecialty groups, community hospitals, academic medical centers, integrated delivery networks, childrens organizations, safety net providers rehab centers, and patients’ homes, among other settings.

The company is focusing on organic growth strategies such as product launches, enhancements, and expansions to remain at the forefront of the EHR market.

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Market Size Estimation:

Both top-down and bottom-up approaches were used to estimate and validate the total size of the healthcare IT market. These methods were also used to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

# The key players in the industry and markets have been identified through extensive secondary research.

# The industry’s market size, in terms of value, has been determined through primary and secondary research.

# All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Expected Revenue Growth Expectations:

The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period.

Data Triangulation:

After arriving at the overall market size—using market size estimation processes as explained above—the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

“North America dominated the Healthcare IT market in 2018”

The Healthcare IT market is broadly segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Healthcare IT market in 2018. The large share of this region can be attributed to the technological competencies of healthcare industry and presence of well-established healthcare IT infrastructure in this regions. Changing regulatory requirements for improving quality of healthcare and increasing patient safety and rising healthcare expenditures are some of the key factors driving the growth of the healthcare IT market in North America.

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