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.
NAVI MUMBAI, India - July 19, 2021 - PRLog -- The Healthcare IT market is predicted to witness a positive impact during the COVID-19 pandemic. With the global lockdown and restrictions of travel and hospital visits for nonelective and non-urgent procedures, along with the reluctance of the people in visiting hospitals and clinics in fear of being contacted with the SARS-CoV2 virus, digital healthcare has witnessed a spike within the healthcare systems.

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 storage and maintenance costs of data have increased over the last few years. Additionally, healthcare institutions lack skilled IT professionals to handle this huge amount of data. Hence, the increasing cost, along with the lack of skilled professionals, has compelled several institutions to opt for the maintenance and support services provided by healthcare IT companies.

Competitive Landscape

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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Poojan Dogra
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