North American Healthcare IT Market worth $496.7 billion by 2027

"The North American healthcare IT industry is expected to experience strong growth in the near future."

The report "North American Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions & HCIT Outsourcing Services), Component (Services, Software, Hardware), End User (Hospitals, ASC, Payers) - Global Forecast to 2027", is projected to reach USD 496.7 billion by 2027 from USD 193.2 billion in 2022, at a CAGR of 20.8% during the forecast period.

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Growth in this market is driven by the opportunities offered by the market such as growing inclination towards home healthcare, increasing deployment of cloud-based EMR solutions. However, IT infrastructural constraints in developing countries and resistance from traditional healthcare providers are expected to challenge the growth of this market to a certain extent.

The services segment accounted for the largest share in the North American healthcare IT market, by component

The North American healthcare IT market, by component, is segmented into hardware, software, and services. In 2021, the services segment accounted for the largest market share. The growth of the services segment can be attributed to the complex software used in HCIT that require integration and interoperability, hence extensively trained professionals. Moreover, the software updates and upgrades, pertaining to the changing healthcare regulations, is further fueling the demand for HCIT services.

By type, the clinical HCIT solutions segment registered the highest growth in the healthcare provider solutions market during the forecast period

The clinical HCIT solutions segment is projected to register the highest growth in the North American healthcare IT market. The increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare providers are the major driver for the growth of this market.

Key Market Players

Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), Athenahealth (US), Infor (US), Dell Technologies, Inc. (US), CVS Health (US), IBM (US), EClinical Works (US), Nextgen Healthcare, Inc. (US), Greenway Health, LLC (US), Nvidia Corporation (US) are the major players in this market. 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.

North American Healthcare IT Market Dynamics:

Drivers:

1. Growing need to curtail escalating healthcare costs
2. Favorable government mandates and support for healthcare IT solutions
3. Shift toward patient-centric healthcare delivery
4. High returns on investments associated with healthcare IT solutions

Restraints:

1. High cost of deployment of healthcare IT solutions for small and mid-sized organizations

Opportunities:

1. Increasing use of healthcare IT solutions in outpatient care facilities
2. Growing inclination towards home healthcare
3. Increasing deployment of cloud based EMR solutions
4. Growing blockchain, AI, and IoT markets
5. Expanding mHealth, telehealth, and remote patient monitoring markets

Challenges:

1. Lack of integration of healthcare IT solutions
2. Increased data security concerns
3. Reluctance among medical professionals to adopt advanced healthcare IT tools
4. Dearth of skilled IT professionals in healthcare industry

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