Healthcare IT Market - Growth, Trends, Covid-19 Impact and Forecast (2021-2026)
The Healthcare IT Market is expected to register a CAGR of nearly 12.5% during the forecast period, with a revenue of approximately USD 95,023 million in 2020 and expected to reach USD 192,639 million by 2026.
Thus, COVID-19 is expected to have a direct significant impact on the growth of the studied market during the pandemic.
Key Market Trends
Services Sub-segment is Expected to hold its Highest Market Share in the Component Segment Over the Forecast Period
In the component segment of the healthcare IT market, services are believed to have the largest market size over the forecast period.
The services sub-segment includes both support and maintenance and professional services. Since the implementation of IT in healthcare, the amount of data has been increasing continuously;
The healthcare IT market is highly competitive and consists of several major players. In terms of market share, few of the major players currently dominate the market. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new services at affordable prices. Companies, like GE Healthcare, Philips Healthcare, Siemens Healthcare, Cerner Corporation, and Allscripts Healthcare Solutions Inc., hold a substantial share in the market.
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