Dive Brief:
- ResearchandMarkets' released a report Wedesday called "Healthcare IT Market by Product - Global Forecast to 2020" that segments the market into healthcare provider solutions, payer solutions, and HCIT outsourcing services.
- Healthcare provider solutions are expected to grow at the highest CAGR of 16.4% through 2020. This is further broken down into clinical and non-clinical solutions with the clinical segment expected at the highest CAGR of 19.8%.
- The HCIT outsourcing services market is segmented into provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT outsourcing services and IT infrastructure management services. The latter segment is projected to reach $23.5 billion by 2020.
Dive Insight:
The report stated the healthcare IT market is being driven by adherence to regulatory guidelines, government initiatives for eHealth, high return on investment (ROI), and curtailing escalating healthcare costs. However, reluctance by end users to adopt new technologies and lack of in-house IT domain knowledge are expected to stifle market growth to a certain degree through the forecast period.
North America accounted for 45% of the global healthcare IT market in 2014 and still is the largest regional segment of the market. Yet the majority of the market growth during the forecast period will stem from demand for various imaging modalities in the Asia-Pacific, Latin America, China, India, and Brazil, according to the report.
The majority of major players in the healthcare IT market include McKesson Corp., Allscripts, Cerner, Carestream, athenahealth, Epic Systems, GE Healthcare, and Siemens Healthcare.