The healthcare IT market is estimated to grow by $121.75 billion between 2021 and 2025, growing at a CAGR of almost 10%, according to Technavio.
Healthcare IT market dynamics by 2025
Factors such as the rising need for automation across departments and the growing integration of big data with healthcare IT will drive the growth of the Healthcare IT Market during 2021-2025. However, the vulnerability of EMR toward cybercrime might hamper market growth.
The increased focus on improving service quality by healthcare service providers is expected to open multiple growth opportunities for players in the market. But the increasing need for intense training might impact the business of vendors during the forecast period.
Some of the companies covered in this report are Allscripts Healthcare Solutions, Cerner, Dell Technologies, General Electric, International Business Machines, Koninklijke Philips, McKesson, Microsoft, Oracle, and Siemens Healthineers.
The report includes the competitive analysis, which analyzes and evaluates the position of companies based on their industry position score and market performance score. Some of the factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.
- By component, the market is classified into services, software, and hardware. The market witnessed maximum growth in the services segment in 2020.
- By geography, the market is analyzed across North America, Europe, APAC, South America, and MEA. North America will have the largest share of the market.