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North American Healthcare IT Market worth $496.7 billion | MarketsandMarkets

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North American Healthcare IT Market worth $496.7 billion | MarketsandMarkets

March 24
19:05 2023
North American Healthcare IT Market worth $496.7 billion | MarketsandMarkets
Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US)
North American Healthcare IT Market in terms of revenue was estimated to be worth $193.2 billion in 2022 and is poised to reach $496.7 billion by 2027, growing at a CAGR of 20.8% from 2022 to 2027 according to a new report by MarketsandMarkets™

The North American healthcare IT industry is expected to experience strong growth in the near future. The aging population, increased demand for healthcare services, and advancements in technology are driving the need for innovative healthcare IT solutions. As a result, the healthcare IT industry is expected to experience an accelerated rate of adoption of new and innovative healthcare IT solutions. The focus of the healthcare IT industry is on developing solutions that enable healthcare providers to provide better care at lower cost. This includes developing solutions that enable providers to manage patient data more efficiently, improve communication between providers and patients, and enable better decision making and data analysis. Additionally, there is a need for solutions that allow healthcare providers to better monitor and manage population health.

North American Healthcare IT Market in terms of revenue was estimated to be worth $193.2 billion in 2022 and is poised to reach $496.7 billion by 2027, growing at a CAGR of 20.8% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is driven by the opportunities offered by the market such as growing inclination towards home healthcare, increasing deployment of cloud based EMR solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to challenge the growth of this market to a certain extent.

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Browse in-depth TOC on “North American Healthcare IT Market” 

198 – Tables 

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The services segment accounted for the largest share in the North American healthcare IT market, by component

The North American healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the complex software used in HCIT that require integration and interoperability, hence extensively trained professionals. Moreover, the software updates and upgrades, pertaining to the changing healthcare regulations, is further fueling the demand for HCIT services.

By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period

The clinical HCIT solutions segment is projected to register the highest growth in the North American healthcare IT market. The increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare providers are the major driver for the growth of this market.

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North American Healthcare IT Market Dynamics:

Drivers:

  1. Growing need to curtail escalating healthcare costs
  2. Favorable government mandates and support for healthcare IT solutions
  3. Shift toward patient-centric healthcare delivery
  4. High returns on investments associated with healthcare IT solutions

Restraints:

  1. High cost of deployment of healthcare IT solutions for small and mid-sized organizations

Opportunities:

  1. Increasing use of healthcare IT solutions in outpatient care facilities
  2. Growing inclination towards home healthcare
  3. Increasing deployment of cloud based EMR solutions
  4. Growing blockchain, AI, and IoT markets
  5. Expanding mHealth, telehealth, and remote patient monitoring markets

Challenges:

  1. Lack of integration of healthcare IT solutions
  2. Increased data security concerns
  3. Reluctance among medical professionals to adopt advanced healthcare IT tools
  4. Dearth of skilled IT professionals in healthcare industry

Key Market Players:

Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), Athenahealth (US), Infor (US), Dell Technologies, Inc. (US), CVS Health (US), IBM (US), EClinical Works (US), Nextgen Healthcare, Inc. (US), Greenway Health, LLC (US), Nvidia Corporation (US) are the major players in this market. These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

Recent Developments

  • In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
  • In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth’s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR’s patient portal.
  • In March 2022, Cognizant (US)) collaborated with Microsoft (US). The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

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About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

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