Major Objectives Behind this Study:

# To identify, characterize, and project the Healthcare IT Market according to end user, component, product and service, and geography.

# To provide detailed information regarding the major factors influencing the growth of market (drivers, restraints, opportunities & industry-specific challenges).

# To strategically examine micromarkets in terms of their respective contributions to the market as a whole, growth trends, and prospects.

# To assess market opportunities for stakeholders and give market leaders specifics about the competitive environment.

# To forecast the size of HCIT market with respect to five geographic regions-North America, Europe, Asia Pacific (APAC), Latin America & the Middle East & Africa.

# To thoroughly examine the market shares and core competencies of important players and profile them.

# To monitor and assess developments in the competitive market, including contracts, alliances, teamwork, purchases, new product/technology/service releases, and R&D efforts from market leaders.

Global Growth Driving Factors:

Instead of using numerous tables, the updated report edition presents each listed company’s financial data through 2022 in a single diagram. This will make it simple to analyze the current state of the companies that have been profiled in terms of their R&D investments, business segment focus in terms of the highest revenue-generating segments, financial strength, profitability, and important revenue-generating regions or countries. The increasing use of mHealth, telehealth, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the global market somewhat.

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Market Size Estimation:

After data triangulation from various methods, the overall size of the healthcare IT market was determined, as will be discussed below. Based on the degree of assumptions made, a weighted average of all approaches was determined after each one.

Projected Surge in Revenue Generation:

Revenue-wise, the global healthcare IT market was projected to be valued at $394.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.8% to reach $974.5 billion by 2027.

Data Triangulation:

Each HCIT product and service, component, and end-user segment’s individual shares were ascertained by allocating weightages according to their rate of adoption/utilization. Based on the rates of adoption or utilization of the specified goods and services in the various regions or nations, the global HCIT market and its subsegments have been divided regionally.

By component, the services sector held the biggest share of the healthcare IT market.

Hardware, software, and services are the three component segments that make up the healthcare IT market. The services sector held the biggest market share in 2021. The introduction of complex software and the requirement for software integration and interoperability, which necessitates intensive training and frequent upgrades, are to blame for the services segment’s growth. The requirement for software upgrades and updates due to the constantly evolving healthcare regulations is also driving up demand for HCIT services.

Global Leading Companies:

Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), Athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market.

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Growth Strategies Adopted by Key Players:

These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

Recent Developments of Healthcare IT Industry:

# In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.

# In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth’s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR’s patient portal.

# In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.

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