Expected Revenue Growth During Forecast Period:
The North America healthcare IT market size is projected to reach USD 239.9 billion by 2025 from USD 96.3 billion in 2019, at a CAGR of 16.4% during the forecast period.
Global Growth Boosting Factors:
Market growth can be attributed to the growing need to adhere to regulatory guidelines, government initiatives for eHealth, high return on investment (ROI), and rising need to curtail the escalating healthcare costs. However, the lack of in-house IT knowledge and reluctance among end-users to adopt new methods are expected to restrain the overall market growth to a certain extent during the forecast period.
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Target Audience:
# North American healthcare IT manufacturers
# North American healthcare IT distributors
# Healthcare payer companies
# Government associations
# Market research and consulting firms
# Venture capitalists and investors
Global Key Players:
Some of the prominent players operating in the North American healthcare IT market are McKesson Corporation (US), Oracle Corporation (US), GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Athenahealth, Inc. (US), Infor, Inc. (US), Cognizant (US), Dell Technologies (US), and CVS Health (US).
Cerner Corporation (US) is one of the major players in the North America healthcare IT market 2018. The company has a diversified product portfolio, which includes a wide range of healthcare IT products and services. Cerner’s position in the market is attributed to its active R&D activities and wide distribution footprint across the North American region. To garner a larger share of the North American healthcare IT market, the company continuously focuses on product launches and collaborations with other companies.
Allscripts Healthcare Solutions, Inc. (US) is one of the major players in the North America healthcare IT market in 2018. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint through strategic acquisitions and partnerships. In 2018, the company acquired HealthGrid Holding Company that would help in the expansion of the Allscripts FollowMyHealth platform by integrating it with the HealthGrid capabilities. The company also focuses on R&D activities to develop its healthcare IT solutions that meet the customers’ demands.
End Users:
By end-users, the healthcare providers segment accounted for the largest share of the North America healthcare IT market in 2018
Based on end-users, the North American healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is divided further into hospitals; ambulatory care centers; home healthcare agencies, nursing homes, and assisted living facilities; diagnostic and imaging centers; and pharmacies.
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Geographical Growth Scenario:
North America will continue to dominate the North America healthcare IT market during the forecast period
The market, by country, is segmented into the US, Canada, and Mexico. US accounted for the largest share of the North America healthcare IT industry in 2018 due to stringent legislative and accreditation requirements regarding healthcare, high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, and the presence of a large number of IT companies, such as EPIC Systems (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), Infor, Inc. (U.S.), and Allscripts Healthcare Solutions, Inc.
