Dublin, March 23, 2023 (GLOBE NEWSWIRE) -- The "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) & Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The North American healthcare IT market 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.
Growth in this market is driven by the growing government initiatives to support healthcare IT solutions, high returns on investment associated with healthcare IT solutions, and the need to curtail escalating healthcare costs. However, increased data security concerns, and reluctance among medical professionals to adopt advanced healthcare IT tools are challenging the growth of this market.
The telehealth solutions segment is projected to be the largest segment in the clinical North American healthcare IT market
Based on the type of clinical HCIT solutions, the telehealth solutions segment is projected to be the largest segment during the forecast period.
This is majorly attributed to the government initiatives for eHealth across the globe, the increasing need to improve the quality of care, growing consolidation among healthcare providers, and the rising adoption of digital and connected healthcare technologies. The demand for healthcare services and increased adoption of predictive analytics are also expected to fuel the growth of this segment.
Healthcare Providers were the largest segment by the end user of North American healthcare IT market in 2021
The healthcare providers segment is projected to grow at the highest growth rate in the North American healthcare IT market in 2021. The growing need to curtail healthcare costs, the rising need for better financial outcomes, healthcare reforms, and the need to improve patient care while increasing operational efficiency is expected to drive the demand for healthcare IT services in the coming years.
Mexico to witness the highest growth rate during the forecast period.
The Mexican healthcare IT market is projected to grow at the highest CAGR during the forecast period. Market growth in the country is mainly driven by factors such as the dramatic cost differences for some procedures between Mexico and the US and the emphasis on rehabilitative care following surgery.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 310 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $193.2 Billion |
| Forecasted Market Value (USD) by 2027 | $496.7 Billion |
| Compound Annual Growth Rate | 20.8% |
| Regions Covered | Global, North America |
Market Dynamics
Drivers
- Growing Need to Curtail Escalating Healthcare Costs
- Favorable Government Mandates and Support for Healthcare IT Solutions
- Shift Toward Patient-Centric Healthcare Delivery
- High Returns on Investments Associated with Healthcare IT Solutions
Restraints
- High Cost of Deployment of Healthcare IT Solutions for Small and Mid-Sized Organizations
Opportunities
- Increasing Use of Healthcare IT Solutions in Outpatient Care Facilities
- Growing Inclination Towards Home Healthcare
- Increasing Deployment of Cloud-based Emr Solutions
- Growing Blockchain, AI, and IoT Markets
- Expanding Mhealth, Telehealth, and Remote Patient Monitoring Markets
Challenges
- Lack of Integration of Healthcare IT Solutions
- Increased Data Security Concerns
- Reluctance Among Medical Professionals to Adopt Advanced Healthcare IT Tools
- Dearth of Skilled IT Professionals in the Healthcare Industry
Companies Mentioned
- Athenahealth
- Cerner Corporation
- Change Healthcare (A Unitedhealth Group Unit)
- Cognizant
- CVS Health
- Dell Technologies, Inc.
- Eclinical Works
- Epic Systems Corporation
- GE Healthcare
- Greenway Health, LLC
- IBM
- Infor (Koch Industries)
- Koninklijke Philips N.V.
- Mckesson Corporation
- Nextgen Healthcare, Inc.
- Nvidia Corporation
- Optum, Inc. (Part of Unitedhealth Group)
- Oracle
- Siemens Healthineers (Siemens AG)
- Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.)
For more information about this report visit https://www.researchandmarkets.com/r/s8o936
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