Healthcare IT Market - Global Industry is Expecting a Major Makeover in Near Future

This study involved four major activities in estimating the current size of the Global Healthcare IT Industry. Exhaustive secondary research was done to collect information on the market as well as its peer and parent markets. The next step was to validate these findings, assumptions, and sizing with industry experts across the value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. 

Recent Developments: 

# In 2019, Philips launched Cares Aging & Caregiving service.

# In 2018, Change Healthcare  launched Dx Gap Advisor.

# In 2017, Optum acquired DaVita Medical Group (US). The acquisition of DaVita enhanced Optum’s physician-led primary, specialty, in-home, and surgery-care delivery services business.

# In 2017, Cognizant acquired TMG Health (US) to expand its business process-as-a-service solutions for government and public health programs.

# In 2018, Optum collaborated with Humana (US), MultiPlan (US)  and Quest Diagnostics (US) to form a group to explore the blockchain technology to improve data quality and reduce administrative costs in healthcare.

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Future 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.

Key Players of the Industry:

Some of the major players operating in this market include 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).

Major Growth Boosters:

The demand for healthcare IT solutions and services is driven by government mandates & support for healthcare IT solutions, rising use of big data in healthcare, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs. 

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