Global Healthcare IT Market Size, Insights, Drivers, Opportunities, By Component (Software, Hardware, Services) By Region, Growth, Trends And Forecast from 2019 to 2027
Global Healthcare IT Market Size, Insights, Drivers, Opportunities, By Component (Software, Hardware, Services) By Region, Growth, Trends And Forecast from 2019 to 2027
Historic years: 2015 to 2017 Base Year: 2018 Forecast Years: 2019 to 2027
Number of pages: 100 Category: Healthcare Report Id: MISHC5006
Market Insights
The global healthcare IT market was valued at USD 196.75 billion in 2018 and is estimated to reach a value of USD 938.73 billion in 2027. The market is analyzed to rise at a CAGR of 18.96% over the forecast period of 2019 to 2027. The major factors affecting market growth is a growing requirement for accuracy and patient safety, coupled with the implementation of different policies promoting the utility of this market.Global healthcare IT market size by region, 2018 (USD Billion)
Primary and secondary researchers have identified Optum, Cerner, Cognizant, Change Healthcare, and Philips Healthcare the key players in the global healthcare IT product market. However, considering the analysis of this segment, factors like company revenue, consumer trends towards selecting a particular brand and penetration of the healthcare IT companies are being considered. With technological advancement and new product development, companies are introducing services in affordable price which.
Aging and growing populations, exponential advances in innovative, but costly, digital technologies and higher prevalence of chronic diseases, and other technological developments will further boost the market growth in the coming years.
Component Insights
Service segment was valued to be the largest segment in 2018. It includes maintenance and support of professional services. Increasing cost of healthcare data storage and maintenance coupled with a lack of skilled professionals to handle these data is opening up a new opportunity for maintenance and support services providers. Leading IT companies such as IBM, Philips, and GE Healthcare are entering into healthcare data analysis and support service market. The software component is estimated to be the fastest-growing segment, expected to grow at a CAGR of 20.74% over the forecasted period of 2019 to 2027.Global healthcare IT market share by component, 2018 (%)
Regional Insights
North America is the largest region by accounting 44% of the global share. It has been observed that consumer in this region is, high spend power on healthcare activities and better reimbursement facilities. U.S. is the largest country contributing healthcare IT market due to higher adoption of digital technologies in healthcare and the soaring investments by key players. Asia Pacific is estimated to be the fastest-growing region. Growing disposable income coupled with the development of private level hospitals in developing economies such as China, India and North Korea is attributed to the regional growth.Research Methodology
The following report consists of market analysis including both primary and secondary research. Primary research comprises the interaction between manufacturers, industry experts, and channel partners, while the secondary research presents an analytical interpretation of relevant published database, which contains details like proprietary databases, purchased database, company annual reports, and financial reports. For single, team and corporate user license, we will provide 15% free customization of the report. However, alternatively, if you are looking for additional data or insight related to the scope of the report, you may purchase the "Customized Research License". Please put an enquiry for the pricing details.Segments covered in the report
Component Outlook- Software
- Hardware
- Services
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Asia Pacific
- China
- Japan
- India
- Central & South America
- Brazil
- Middle East & Africa
- South Africa
- All market drifts, drivers and opportunities
- Analyzing the regional market for the growth factors, estimated analysis and its penetration to the global market
- Understanding the dynamics of the parent market
- Prime fluctuations of the market dynamics
- Evaluation of the market opportunities
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Market segmentation and comprehensive analysis in the second or third level
- Reporting and evaluation of recent industry developments
- Analysis of market share and developments
- Detailed company profiling of leading companies
- Opportunities to newer markets in global and regional markets
- Analyzing the trajectory line of the business
- Measures to consider for healthcare IT products in the market