COVID-19 Impact on Healthcare IT Market by Product (Telehealth, Cloud Computing, Artificial Intelligence, Analytics, RCM, PACS, VNA, EHR, IoT, ePrescription and PM), End-User and Region
[54 Pages Report] The global healthcare information technologies market size is projected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%.
1. Rising prevalence of COVID-19
2. Government support and favorable initiatives
3. Rising generation of data and need for big data analytics
4. Need to curtail escalating healthcare costs
5. Projected growth in demand and adoption of telehealth
Objective of Study:
1. To define, describe, and segment the global market by product & service, technology, application, end user and region.
2. To provide detailed information about factors influencing market growth (drivers, restraints, and opportunities).
3. To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the global industry
4. To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players.
5. To forecast the size of the market segments with respect to four major regional segments, namely, North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW).
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In-Depth Analysis of Impact of COVID-19 on Market Segments:
The telehealth segment is expected to grow at the highest CAGR during the forecast period. The use of telehealth solutions facilitates remote doctor-patient consultations (telemedicine) and vital sign monitoring. These solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations.
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.
Healthcare Provider Segment:
In 2019, the healthcare providers segment will dominate the market. The large share of this segment is attributed mainly to the strong financial capabilities of hospitals for purchasing high-priced Healthcare IT solutions, and the large patient pool treated at hospitals.
Geographic Growth Analysis:
The healthcare information technology market is segmented into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the healthcare information technology industry. The large share of this region can primarily be attributed to the high adoption of telehealth solutions, the high number of positive COVID-19 cases & deaths in the US, a strong healthcare system and IT infrastructure, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US can easily manufacture these devices.
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The key players in the global healthcare information technology market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US).