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.
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.
“The healthcare payer fraud detection analytics market is estimated to witness high growth from 2019 to 2024”
Based on healthcare payers solutions, the market is segmented into claims management, customer relationship management, payer fraud analytics solutions, provider network management, pharmacy audit & analysis, member eligibility management, population health management solutions, and payment management solutions. The fraud analytics solutions is estimated to witness high growth from 2019 to 2024. The growing incidence of healthcare fraud (leading to the increasing healthcare costs and rising insurance premiums) has compelled payers and other stakeholders in the market to increase their focus on adopting data analytics software for faster and efficient fraud detection and prevention.
Objectives of the Study:
# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
# To analyze opportunities in the market for stakeholders and to provide details of the competitive landscape for market leaders.
# To forecast the size of the healthcare IT market with respect to five geographic regions – North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa.
# To profile key players in the healthcare IT market and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as agreements, partnerships, and collaborations; mergers and acquisitions; new product/technology/service launches and upgrades; and research and development activities of leading players in the healthcare IT market
“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.
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).
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