Today, information technology solutions are paving the way in the healthcare industry as the increasing use of Big Data, high returns on investment for healthcare IT solutions and the need to restrain escalating healthcare costs are on the rise. As per the market insights, the Healthcare IT market is predicted to reach USD 390.7 billion by 2024, at a growing CAGR of 15.8 percent. The market is classified by product, end-user, and regions.
By end-user, the healthcare provider solution is anticipated to witness the largest growth in the Healthcare IT Market, by product and services, throughout the projected timeframe. In this segment, the growth is attributed to the rising demand for advanced patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems. ON the basis of healthcare payers’ solutions, the market is sliced into claims management, payer fraud analytics solutions, customer relationship management, provider network management, member eligibility management, pharmacy audit & analysis, population health management solutions, and payment management solutions. In this segment, the fraud analytics solution is expected to grow at a high growth rate.
Apart from this, the Healthcare IT Market is largely fragmented into 5 major regions, including North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. In the year 2018, North America accounted for the largest share of the business growth, owing to the technological competencies of the healthcare industry and the presence of well-organized healthcare IT infrastructure in this region. The market growth of the healthcare IT markets in this region also largely driven by changing regulatory requirements for advancing quality of healthcare, boosting patient safety and growing healthcare expenditures.