U.S. Healthcare IT Market to Reach $149.17 Billion, by 2025 at 11.7% CAGR, Says Allied Market Research
PORTLAND, Oregon, October 25, 2018 /PRNewswire/ --
Improvement in patient care & safety coupled with increase in government initiatives would propel the growth in the U.S. HCIT market
Allied Market Research published a report, titled, Healthcare IT Market by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services) and End User (Healthcare Providers and Healthcare Payers): U.S. Opportunity Analysis and Industry Forecast, 2017-2025. The report provides detailed analyses of drivers & opportunities, key market segments, top winning strategies, and competitive landscape of the industry. According to the report, the U.S. healthcare information technology (HCIT) market generated $61.01 billion in 2017, and is projected to reach $149.17 billion by 2025, growing at a CAGR of 11.7% from 2018 to 2025.
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Proactive measures by healthcare organizations to improve patient care & safety coupled with increase in government initiatives to improve healthcare infrastructure drive the growth of the U.S. HCIT market . However, increasing supply and demand gap in the healthcare sector hinders the market growth. On the other hand, collaboration of leading market players with local players would create new opportunities for the market growth.
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Healthcare provider solutions segment to dominate throughout the forecast period
Healthcare provider solutions segment contributed nearly two-thirds share of the total market revenue in 2017 and is expected to maintain its dominance throughout the forecast period. It would register the fastest CAGR of 14.5% from 2018 to 2025. This segment is a lucrative segment, owing to rise in demand for fast billing systems and integrated healthcare systems to reduce manual errors. The other product types analyzed in the report include healthcare payer solutions and HCIT outsourcing services.
Clinical solutions segment to remain lucrative through 2025
Clinical solutions segment held the major share of the U.S. HCIT market in 2017, contributing more than half of the total revenue. This segment is projected to grow at the fastest CAGR of 17.5% from 2018 to 2025, owing to supportive government policies and increased investments to improve the adoption of HCIT clinical solutions and trend of innovation. The non-clinical healthcare IT solutions segment is expected to grow at a steady rate during the forecast period.
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Healthcare providers segment to lead in terms of revenue and growth rate
Rise in demand for data accuracy and improved clinical efforts to reduce healthcare expenditure have enabled the healthcare providers segment to contribute more than two-thirds share of the total market revenue in 2017. This is expected to contribute its dominance through 2025, registering a CAGR of 12.6% from 2018 to 2025. The healthcare payers segment is expected to grow at a steady pace during the forecast period.
Leading industry players
The key market players analyzed in the research include Allscripts Healthcare Solutions, Inc., Cerner Corporation, Athenahealth, Inc., HealthStream, Epic Systems Corporation, IBM Corporation, Greenway Health, LLC, McKesson Corporation, Infor, and SAS Institute Inc. They have implemented strategies such as expansions, joint ventures, mergers & acquisitions, collaborations, partnerships, and others to achieve a strong position in the industry.
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