Healthcare IT Market to Reach US$ XX Million by 2027 Globally |CAGR: XX%

A comprehensive overview of the Healthcare IT market is recently added by UnivDatos Market Insights to its humongous database. The Healthcare IT report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Healthcare IT market. The Healthcare IT report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Healthcare IT at the global and regional levels.

Market Overview

The market is primarily driven by shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and rising use of big data further supports the growth of this market. However, high installation and maintenance cost hinders the growth of the overall healthcare IT market to some extent. The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources.

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The market for healthcare information technology is driven primarily by the rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs. The COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe. The artificial intelligence in healthcare market is expected to witness substantial growth post-pandemic.

COVID-19 Impact

The global healthcare infrastructure has observed that, in order to develop and maintain sustainable healthcare setup, utilization of computational technologies such as artificial intelligence becomes crucial. Moreover, majority of the market players have focused on development of AI-powered models to fight against coronavirus pandemic. In addition, several number of research centers and governments have actively participated in the building of robust AI technologies which are assisting the healthcare professionals to work efficiently even under shortage of resources. Because of the progress and improvement in internet sourced technology, increasing occurrences of chronic sicknesses, and rising acceptance as well as encouraging consumer actions regarding the latest technology in healthcare, the Covid-19 pandemic has globally increased the demand as well as acceptance of virtual otherwise online medical consultancy. The pandemic boosted the acceptance of virtual health. Such as, the proportion of the customers or respondents, making use of virtual visits, improved as of 15.0% in 2019 toward 19.0% in the early months of 2020. An unexpected spike of about 28.0% was observed in April 2020. As a result, such occasions are expected to maintain the expansion of the market, in the near future. For instance, In March 2020, Siemens Healthineers announced launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. The platform comprises more than 5,000 institutes and 23,000 connected systems in over 60 countries. This helped the company to expand its business to untapped economies as well as customer base.

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Global Healthcare IT Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Product Type, the market is primarily bifurcated into

• EHR
• mHealth
• PHM
• RIS
• PACS
• RCM
• Healthcare Analytics
• Telehealth
• SCM

The EHR segment dominated the type segment and gathered XX% of the Healthcare IT Market in 2020. Moreover, the market is expected to grow at XX% CAGR to reach US$ XX million by the year 2027.

By Delivery mode, the market is primarily segmented into

• Web
• Cloud

Based on the Delivery mode, the web accounted for the largest share and is expected to grow at XX% CAGR during the forecast period 2021-2027. In 2020, web segment generated a revenue of US$ XX million.

By End User, the market is primarily segmented into

• Healthcare providers
• Healthcare payers

Based on the End User, The Healthcare providers segment would display a significant growth rate during the forecast period with a CAGR of XX % owing to the increasing chronic disease and increasing healthcare infrastructure. Increasing demand for new technologies and substantial investment in digital health startups along with the growing awareness about the advantages associated with implementation of healthcare technology is increasing the demand of the healthcare information technology market. Healthcare providers is set to be the fastest growing segment and is poised to register a highest CAGR during the forecast period.

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Healthcare IT Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, United States dominated the North America Healthcare IT market and is expected to grow at a CAGR of XX% during the forecast period to reach the market value of US$ XX Bn by 2027. The regional growth can be accredited to supportive demographic trends like the increasing geriatric population. A major segment of the geriatric population suffers from one or other types of chronic diseases that would act as a driver for the growth of the market. Moreover, the growth of the regional market would be propelled by favourable government regulations regarding Healthcare IT. The United States Healthcare IT Market is projected to grow with a significant CAGR in the forecast period.

The major players targeting the market includes

•  McKesson Corporation
•  Optum Health
•  International Business Machine Corporation (IBM)
•  Allscripts Healthcare Solutions, Inc.
•  Athenahealth, Inc.
•  Epic Systems Corporation
•  Dell Technologies Inc.
•  GE Healthcare
•  Cerner Corporation
•  Oracle Corporation
•  Cognizant Technology Solutions Corporation
•  Nuance Communications, Inc.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Healthcare IT Market. The leading players have been analyzed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Healthcare IT Market?
• Which factors are influencing the Healthcare IT Market over the forecast period?
• What are the global challenges, threats, and risks in the Healthcare IT Market?
• Which factors are propelling and restraining the Healthcare IT Market?
• What are the demanding global regions of the Healthcare IT Market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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Final Report will add the analysis of the impact of COVID-19 on this industry.”

In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.

The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.

An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.

The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.

A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:

What is the aim of the report?

• The market report presents the estimated market size of Healthcare IT Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
• Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
• An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
• The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
• The various parameters accelerating the growth of Market are incorporated in the research report.
• The report analyzes growth rate, market size and valuation of the Market during the forecast period.

What aspects regarding the regional analysis Market are included in this report?

• Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
• The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
• The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
• Based on what factors are the key market players assessed in this report?
• The report offers detailed analysis of leading companies in the market across the globe.
• It provides details of the major vendors involved in the Market including Key Playes
• A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and
• the manufactured products is incorporated in the report.
• The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
• The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.

What is the key information extracted from the report?

• Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.

• The report offers the present scenario and future growth prospects Market in various geographical regions.
• The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
• The SWOT analysis is conducted along with Porter's Five Force analysis.
• The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.