US Healthcare IT Market Analysis

$3,500.00$7,500.00

  • Type: Service area
  • Published : December 2021
  • Region: North America
  • Country: US
  • Report ID : 4982

  • Format: PPT, PDF

HCIT (Healthcare IT): Segmented by Product, Procedure, Application and End users – Growth, Market Size, Future Prospects & Competitive Analysis, 2020 – 2028

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Report Description of the HCIT (Healthcare IT) in US

Research Scope and Assumption

  • The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
  • The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
  • We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
  • All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
  • Inflation has not been accounted for in order to estimate and forecast the market
  • Numbers may not add up due to rounding off

Research Objective:

  • To analyze and forecast the market size of US Healthcare IT market
  • To classify and forecast US Healthcare IT market based on application, drugs, project type, and application
  • To identify drivers and challenges for US Healthcare IT market
  • To examine competitive developments such as mergers and acquisitions, agreements, collaborations and partnerships, etc., in US Healthcare IT market
  • To conduct pricing analysis for US Healthcare IT market
  • To identify and analyze the profile of leading players operating in US Healthcare IT market

Reason to Buy the Report:

  •  Facilitate decision-making based on strong current and forecast data for HCIT (Healthcare IT) market
  • Develop strategies based on the latest regulatory framework
  • Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
  • Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the HCIT (Healthcare IT) market
  • Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
  • To strategically profile key players and comprehensively analyze their market shares and core competencies
  • We have technically sound team which do a deep dive research and also provide strategy based consulting analysis

HCIT (Healthcare IT) Market Executive Summary

Healthcare information technology is a field of IT that involves the design, creation, development, use, and maintenance of information systems for the healthcare industry. Automatic and interoperable healthcare information systems offer a host of advantages such as low costs, minimal errors, improved medical care and public health, enhanced efficiency, and better patient satisfaction

Market Size and Key Findings

The HCIT (Healthcare IT) market size is at around USD 85 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 11.4% during the forecast period

The HCIT (Healthcare IT) in US, will be growing at faster pace of 11.4% during the forecasted period till 2028. Increasing demand for improved patient safety resulted in increased demand for quality healthcare and services continuously developing healthcare IT in US is stimulating the growth of the market

Market Dynamics

Market Growth Drivers Analysis

The US healthcare IT market is driven by growing demand for improved patient safety and patient care and rise in demand for quality healthcare and services. Also, increase in government initiatives to promote healthcare IT acts as a market growth driver. Rising need to curtail the escalating healthcare costs also acts as market driver. Collaboration of key players with local players can also boost the market

Market Restraints

Some of the factors hindering the growth of the market includes huge supply and demand gap with many local as well as international key players operating in this segment. Lack of in-house IT knowledge and reluctance among end users to adopt new methods may restrain the market growth. High costs are incurred for implementation, maintenance and upgrading healthcare IT services might hamper the market growth

COVID-19 impact on “HCIT (Healthcare IT) in US”

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the US have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment in US. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected non-invasive devices, such as home blood pressure monitors and pulse oximeters. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security

Competitive Landscape

Key Players

The “HCIT (Healthcare IT)” in US study report will provide valuable insights with an emphasis on the Healthcare IT (HCIT) in US including some of the key market players such as Optum, Cerner, Cognizant Technology solutions, Change Healthcare, Phillips, Epic, Dell EMC, Conduent, Leidos and Allscripts
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and revenue analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players

Notable Recent Deals

Some Acquisition and Partnership deals are:
1. Telehealth giant Teladoc’s acquire Livongo. The deal created a digital health behemoth that combines one of the largest telehealth companies with a platform for managing chronic conditions
2. Cone Health and Sentara healthcare merger. The announcement stated that the health systems are looking to combine in order to implement a unique value-based approach that is focused on keeping people healthy and well, while providing high-quality, accessible and affordable health care in more ways and in more place

Healthcare Policies and Regulatory Landscape

Policy changes and Reimbursement scenario

HIPPA Act- The major goal of the Privacy Rule is to ensure that individuals’ health information is properly protected while allowing the flow of health information needed to provide and promote high quality health care. Also, HITECH Act was created to promote and expand the adoption of health information technology, specifically, the use of electronic health records (EHRs) by healthcare providers. Also, FDA is introducing action plan for artificial intelligence/ machine learning based software as a medical device (SaMD) which will eventually help in Patient-Centered Approach Incorporating Transparency to Users

 

1. Report Description of the HCIT (Healthcare IT) Market……………
1.1 Research Scope and Assumption
1.2 Objective of the Study
1.3 Research Methodology
1.4 Reason to buy the report
2. HCIT (Healthcare IT) Market Executive Summary………………………
2.1 HCIT (Healthcare IT) Market – Industry Snapshot & Key Buying Criteria, 2020-2028
2.2 Market Size, Growth Prospects and Key Findings
3. Market Dynamics of HCIT (Healthcare IT) market……………………
3.1 Market Growth Drivers Analysis
3.1.1 Increasing Demand for Improved Patient Safety
3.1.2 Increasing Government Initiatives
3.1.3 Rising Need to Curtail the Escalating Healthcare
3.2 Market Restraints Analysis
3.2.1 Huge Supply and Demand Gap
3.2.2 Lack of In-House IT Knowledge
3.2.3 High Cost of Maintenance
3.3 Covid-19 Market Impact Analysis
4. (HCIT) Healthcare IT in US Market Segmentation………………………………………
4.1 By Product Analysis:
4.1.1 Healthcare Provider Solutions
4.1.2 Healthcare Analytics
4.1.3 HCIT Outsourcing Services
4.2 By End-users Analysis:
4.2.1 Healthcare Providers
4.2.2 Healthcare Payers
5. HCIT (Healthcare IT) Products Market Share………………………………………
5.1 Market Analysis, Insights and Forecast – By Revenue
6. Competitive Landscape…………………………………………………………………
6.1 Major Top Market Players
6.2 R&D Initiatives in HCIT (Healthcare IT) Market
6.3 Notable recent deals in HCIT (Healthcare IT) Market
6.3.1 Joint Ventures
6.3.2 Partnerships
6.3.3 Mergers & Acquisitions
6.3.4 Strategic divestments
7. Key Company Profiles………………………………………………………………….
7.1 Optum Company overview
Product & Services, Strategies & Financials
7.2 Cerner Company overview
Product & Services, Strategies & Financials
7.3 Cognizant Technology Solutions Company overview
Product & Services, Strategies & Financials
7.4 Change Healthcare Company overview
Product & Services, Strategies & Financials
7.5 Phillips Company overview
Product & Services, Strategies & Financials
7.6 Epic Company overview
Product & Services, Strategies & Financials
7.7 Dell EMC Company overview
Product & Services, Strategies & Financials
8. Healthcare Policies and Regulatory Landscape……………………………………
8.1 Policy changes and Reimbursement scenario
8.2 Government Initiatives / Intervention programs
9. Factors Driving Future Growth…………………………………………………………
9.1 New Trends and Development of HCIT (Healthcare IT) market
9.2 Future Opportunities
10. Strategic Recommendations

HCIT (Healthcare IT) Market Segmentation

By Products:

Below mentioned products are the pillars of Healthcare IT in US which are widely used:

  • Healthcare Provider Solution
  • Healthcare Analytics
  • HCIT Outsourcing Services

From the above-mentioned products Healthcare provider is bifurcated into Clinical Solutions, Healthcare Asset Management, Workforce Management Systems, Healthcare Information Exchanges and Medical Document Management Systems. Also, Healthcare Analytics is bifurcated into Clinical Analytics, Operational and Administrative Analytics, Claims Management Solution and Payment Management Solution. And, HCIT Outsourcing Services is bifurcated into Payer HCIT Outsourcing Services and Operational HCIT Outsourcing Services

By End-users:

  • Healthcare Provider
  • Healthcare Payers

From the above two end-users, Healthcare Provider in further bifurcated into Diagnostic and Imaging Centers, Ambulatory Care Centers and Hospitals. Also, Healthcare Providers are bifurcated into Private Payers and Public Payers

Research Methodology

Insights10 will provide you reports within 10 key parameters which are:

  1. Market overview
  2. Market growth drivers & restraints
  3. Epidemiology or disease type
  4. Market segmentation
  5. Market share
  6. Competitive landscape
  7. Key company profiles
  8. Healthcare policies & regulatory framework
  9. Reimbursement scenario
  10. Factors driving future growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

Our analysis methodology involves three critical stages:

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

  • Statistical Databases
  • Company Websites/Annual Reports
  • Trade Publications
  • Online Databases
  • Published Research Reports
  • Whitepapers
  • Press Releases of Key Market Players

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.

We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model.  Two level validation is done and entails finalization of report scope and to way of representation pattern.

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue / volume
  • Analyzing current needs and determining penetration to estimate market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market.
Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions.
The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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