Global Healthcare IT Market 2020-2024 | Evolving Opportunities

Posted by sarahbennu on February 18th, 2020

The healthcare IT market is poised to grow by USD 95.98 billion during 2020-2024, progressing at a CAGR of over 9% during the forecast period. 

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The market is driven by the rising need for automation across departments. In addition, the emergence of AI-enabled emotion recognition technologies is anticipated to boost the growth of the healthcare IT market.

The number of patients and the time spent on treatment are increasing with longer lifespan, prevalence of chronic diseases, and increase in world population. Although the average human lifespan is increasing due to improvements in quality of healthcare services, there is a dire need to reduce the per-patient time of a doctor to improve the efficiency of treatment. This is propelling the need for automation across the treatment workflow and process. Automation plays a significant role in admission of patients, data collection on their medical history, storage of the collected data, and examining of patients. It also assists in creating transcripts of doctors’ comments and medication instructions, maintaining pharmaceutical workflow, and after-treatment follow-ups and the transfer of patients and their relevant medical records. This minimizes the cost, time, and effort and subsequently improves the efficiency and quality of treatment. Thus, the rising need for automation across departments is expected to drive market growth during the forecast period.

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Major Five Healthcare IT Market Companies:

Allscripts Healthcare LLC

Allscripts Healthcare LLC operates the business under various segments such as Clinical and Financial Solutions and Population Health. The company offers various healthcare solutions such as Population Health Analytics, BOSSnet EMR, FollowMyHealth, and others.

Cerner Corp.

Cerner Corp. offers products through the following business units: Domestic and Global. The company offers various healthcare solutions such as Analytics, Clinical Solutions, Services and Technology, and others.

Dell Technologies Inc.

Dell Technologies Inc. is headquartered in the US and operates under various business segments, namely Infrastructure Solutions Group, Client Solutions Group, and VMware. The company offers various Healthcare IT Solutions and Transformation such as Precison Medicine Transformation, IT Transformation Services, Health IT Transformation, and others.

General Electric Co.

General Electric Co. offers products through the following business segments: Power, Renewable energy, Oil and gas, Aviation, Healthcare, and Others. The company offers various health information technology solutions such as Edison, Centricity, and others.

IBM Corp.

IBM Corp. offers products through the following business segments: Cognitive Solutions, Global Business Services, Technology Services and Cloud Platforms, Systems, and Global Financing. The company offers various healthcare solutions such as Information security and Infrastructure solutions through IBM Watson Health.

Healthcare IT Market Component Outlook (Revenue, USD Billion, 2020-2024)

  • Services
  • Software
  • Hardware

Healthcare IT Market Geographic Outlook (Revenue, USD Billion, 2020-2024)

  • Asia
  • Europe
  • North America
  • ROW

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