North American Healthcare IT Market is Expected to Grow at A CAGR of 13.5%

Date: 2015-10-13

The healthcare industry is undergoing a major transformation due to the challenge of providing more cost-effective personalized care. The push towards predictable outcomes and higher quality of care is leading to convergence of information technologies. Healthcare IT systems are emerging as powerful tools to create and maintain electronic health records (EHRs) for maintaining the workflows in the entire healthcare organization.

The North American Healthcare IT market is expected to grow at a CAGR of 13.5% during the forecast period (2015 to 2020). Majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information. The growing adoption of health information exchanges (HIEs) and EHR systems and improved quality of care and clinical outcomes are some other factors driving growth of the North American healthcare IT market. In addition to the demand for information technology solutions from healthcare providers, the growing need of healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is also expected to contribute to the growth of the North American healthcare IT market during the forecast years.

In this report, the healthcare IT market is segmented by product, end user, and country. By product, the healthcare IT market is segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. In 2014, the healthcare providers segment accounted for the largest share of the North American healthcare IT market. This segment is poised to reach USD 72.2 billion by 2020, growing at a CAGR of 16.5% during the forecast period. The healthcare provider solutions segment is further segmented into clinical solutions and non-clinical solutions. In 2014, the non-clinical solutions segment accounted for the largest share of 53.4% of the North American healthcare IT market. However, the clinical solutions segment is expected to grow at the highest CAGR during the forecast period, owing to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems. 

The healthcare payer solutions segment covered in this report comprises pharmacy audit and analysis solutions, claims management solutions, computer-assisted coding solutions, customer relationship management solutions, fraud management solutions, care management solutions, provider network management solutions, member eligibility management solutions, medical document management solutions, payment management solutions, and other payer HCIT solutions. The HCIT outsourcing services segment is further categorized into provider IT outsourcing services, payer IT outsourcing services, operational IT outsourcing services, and IT infrastructure management services. Growth of the healthcare outsourcing services market is driven by the growing focus of healthcare providers and payers on minimizing operational costs of healthcare delivery and maximizing profit margins.

On the basis of end users, the healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals; ambulatory care centers; diagnostic and imaging centers; home healthcare agencies, nursing homes, and assisted living centers; and pharmacies. The healthcare payers segment is further divided into public payers and private payers. 

Some of the major players in the North American healthcare IT market profiled in this report include McKesson Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Cerner Corporation (U.S.), and Carestream Health (U.S.). 

Contact With Us
Join templatemonster at google+
Customized Research
Request Sample