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North American Healthcare IT Market: Top Company Profiles, Market Drivers, Restraints, Opportunities and Forecast Analysis

North American Healthcare IT Market by Product (EHR, RIS, PACS, VNA, CPOE, HIE, PHM CRM, RCM, Telehealth, Healthcare Analytics, Supply Chain Management, mHealth, Fraud Analytics, Medication & Claims Management) End User (Provider,Payer) – Forecast to 2025 Prominent players in the North America healthcare IT market are Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), Change Healthcare (US), Optum (US), McKesson Corporation (US), Oracle Corporation (US), GE Healthcare (US), Siemens Healthineers (Germany), Philips Healthcare (Netherlands), Athena health, Inc. (US), Infor, Inc. (US), Cognizant (US), Dell Technologies (US), and CVS Health (US).

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The North America healthcare IT market size is projected to reach USD 239.9 billion by 2025 from USD 96.3 billion in 2019, at a CAGR of 16.4%. There is a growing inclination across the globe towards the adoption of healthcare technologies due to the increasing need to deliver quality care to patients while curtailing escalating costs. These robust IT solutions are designed to streamline workflow in healthcare systems, reduce expenses, and facilitate compliance with stringent regulatory guidelines.

A persuasive North American Healthcare IT Market study takes into account a market attractiveness analysis, where each segment is benchmarked based on its market size, growth rate, and general attractiveness. The geographical scope of the products is also carried out comprehensively for the major global areas such as Asia, North America, South America, and Africa which helps define strategies for the product distribution in those areas. Comprehensive market research carried out in this business report puts a light on the challenges, market structures, opportunities, driving forces, scope, and competitive landscape for the business. The North American Healthcare IT Market document assists to achieve an extreme sense of evolving industry movements before the competitors.

“Based on products and services, the healthcare providers segment accounted for the largest share of the North America Healthcare IT market in 2018”

Based on products and services, the market is segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. In 2019, the healthcare providers segment accounted for the largest share of the North America healthcare IT industry. The need to control the increasing healthcare costs and improve the efficiency of services by reducing medical errors are the major drivers that are propelling the demand for healthcare provider solutions.

“By components, the services segment accounted for the largest market share in 2018”

Based on components, the North America healthcare IT market is segmented into services, software, and hardware. The services segment accounted for the largest market share in 2018.This is due to the introduction of complex software, the need for integration and interoperability of software, and the growing demand for consulting and outsourcing of various healthcare processes such as revenue cycle management, EHR management, and fraud detection.

”By end user, the healthcare providers segment accounted for the largest share of the North America Healthcare IT market in 2018”

Based on end-users, the market is segmented into healthcare providers and healthcare payers. In 2018, the healthcare providers segment accounted for the largest share of the North America healthcare IT industry. This is attributed to government initiatives to improve the quality of patient care and the need to control growing healthcare costs & improve the efficiency of healthcare services.

Breakdown of primary participants is as mentioned below:

  • By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
  • By Designation: C-level: 40%, Director-level: 35%, and Others: 25%
  • By Region: US: 75%, Canada: 20%, Mexico: 5%

Research Coverage:

The report analyzes the North America healthcare IT market and aims at estimating the current size and future growth potential based on various segments, such as products & services, components, end-users, and region. It also covers competitive leadership mapping, which helps in analyzing the position of key market companies as visionary leaders, innovators, dynamic players, and emerging players. The report also provides a competitive analysis of the leading players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.

Reasons to Buy the Report

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them to garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market.

This report provides insights into the following pointers:

  • Market Penetration: Comprehensive information on product portfolios offered by the top players in the North America healthcare IT market. The report analyzes this market by products and services, components, end-users, and region.
  • Product Enhancement/Innovation: Detailed insights on upcoming trends and service launches in the North America healthcare IT industry.
  • Market Development: Comprehensive information on the lucrative emerging markets by products and services, components, end-users, and region.
  • Market Diversification: Exhaustive information about new testing services, recent developments, and investments in the North America healthcare IT industry.
  • Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, and capabilities of leading players in the North America healthcare IT market.

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Table of Contents

1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Markets Covered
1.4 Years Considered for the Study
1.5 Currency
1.6 Stakeholders
1.7 Limitations

2 Research Methodology
2.1 Research Approach
2.2 Secondary Research
2.2.1 Key Data From Secondary Sources
2.3 Primary Research
2.3.1 Key Data From Primary Sources
2.3.2 Breakdown of Primaries
2.3.2.1 Key Industry Insights
2.4 Market Size Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.4.3 Growth Forecast
2.5 Data Triangulation Approach
2.6 Market Share Estimation

3 Executive Summary

4 Premium Insights
4.1 North America Healthcare It: Market Overview
4.2 North America Healthcare It Market, By Product & Services
4.3 North America Healthcare It Market, By Country (2017-2025)
4.4 North America Healthcare It Market, By End User

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Need to Curtail Escalating Healthcare Costs
5.2.1.2 Government Mandates and Support for Healthcare It Solutions
5.2.1.3 Shift Towards Patient-Centric Healthcare Delivery
5.2.1.4 High Returns on Investment Associated With Hcit Solutions
5.2.2 Restraints
5.2.2.1 High Cost of Deployment
5.2.3 Opportunities
5.2.3.1 Increasing Use of Healthcare It Solutions in Outpatient Care Facilities
5.2.3.2 Growing Inclination Towards Home Healthcare
5.2.3.3 Cloud-Based EHR Solutions
5.2.3.4 Growing Blockchain, Ai, and Iot Markets
5.2.3.5 Growing Mhealth, Telehealth, and Remote Patient Monitoring Markets
5.2.4 Challenges
5.2.4.1 Integration of Healthcare It Solutions Within Healthcare Organizations
5.2.4.2 Data Security Concerns
5.2.4.3 Reluctance Among Medical Professionals to Adopt Advanced Healthcare It Tools
5.2.4.4 Dearth of Skilled It Professionals in the Healthcare Industry

6 Industry Insights
6.1 Evolution of Healthcare Information Technology in the US
6.2 Industry Trends
6.2.1 Technology Trends
6.2.1.1 Technology Giants Entering the Healthcare It Market
6.2.1.2 Big Data in Healthcare
6.2.1.3 Cloud Computing
6.2.2 End-User Trends
6.2.2.1 Shift Toward Value-Based Care in North America
6.2.2.2 Growing Number of Retail Clinics in the US Healthcare Industry
6.2.2.3 Growing Focus on Bridging the Gap Between Payers and Providers in North America
6.3 Adoption Trends
6.4 Potential Healthcare It Technologies
6.4.1 Ai and Data Analytics
6.4.2 App-Enabled Patient Portals
6.4.3 Blockchain Technology
6.4.4 Integration of Medical Device Data Into Care Delivery Processes

7 North American Healthcare It Market, By Product and Service
7.1 Introduction
7.2 Healthcare Provider Solutions
7.2.1 Clinical Solutions
7.2.1.1 Electronic Health Record/Electronic Medical Record Systems
7.2.1.1.1 Favorable Government Initiatives and Advancements in EHRs/Emrs are Driving Market Growth
7.2.1.2 Population Health Management Solutions
7.2.1.2.1 Phm Solutions Aggregate and Provide A Wide Range of Data for Providers
7.2.1.3 Specialty Management Information Systems
7.2.1.3.1 Increasing Number of Surgical Procedures Conducted in the US is A Key Driver of Market Growth
7.2.1.4 Picture Archiving and Communication Systems and Vendor-Neutral Archives
7.2.1.4.1 Rising Demand for Pacs and Growing Generation of Image Data Will Ensure Sustained Demand for Solutions
7.2.1.5 Mhealth Solutions
7.2.1.5.1 Connected Medical Devices
7.2.1.5.1.1 Mobile Phone-Enabled Digital Healthcare Market is Still in Its Nascent Stage
7.2.1.5.2 Mhealth Apps
7.2.1.5.2.1 Free Apps Account for 90% of the Mhealth Apps Market and are Restraining the Growth of Paid Apps
7.2.1.6 Telehealth Solutions
7.2.1.6.1 Advancements in Technology and Reach-Expanding Capabilities are Pushing the Adoption of Telehealth
7.2.1.7 Healthcare Integration Solutions
7.2.1.7.1 Integration Engines Help Develop Data Interfaces Quickly
7.2.1.8 Medical Image Analysis Systems
7.2.1.8.1 Increasing Demand for Imaging Modalities has Supported the Adoption of Image Analysis Systems
7.2.1.9 Practice Management Systems
7.2.1.9.1 Incentives Offered for the Use of Practice Management Systems Have Attracted Interest in Their Adoption
7.2.1.10 Laboratory Information Systems
7.2.1.10.1 The Need for Accurate, Efficient, and Rapid Transfer of Lab Results Across Networks is Driving Market Growth
7.2.1.11 Clinical Decision Support Systems
7.2.1.11.1 Need to Minimize Errors and Ensure Regulatory Compliance is Driving the Adoption of Cdss
7.2.1.12 E-Prescribing Solutions
7.2.1.12.1 Integrated E-Prescribing Solutions Offer Significant Benefits Over Standalone Systems
7.2.1.13 Cardiovascular Information Systems
7.2.1.13.1 Advantages of Cvis Such as Reductions in Healthcare Costs and Medication Errors to Increase Their Demand Among Healthcare Providers
7.2.1.14 Computerized Physician Order Entry Solutions
7.2.1.14.1 High Upfront Costs of Implementation and Annual Maintenance Costs Result in A Low Adoption Rate for CPOE Systems
7.2.1.15 Radiology Information Systems
7.2.1.15.1 The Integration of RIS With His and Pacs has Attracted Attention From Stakeholders
7.2.1.16 Digital Pathology Solutions
7.2.1.16.1 Growing Demand for Digital Pathology in Drug Development and Companion Diagnostics Will Boost the Market Growth
7.2.1.17 Patient Registry Software
7.2.1.17.1 Increasing Government Efforts and the Need to Ensure Greater Safety and Effectiveness are Likely to Make Interfacing Patient Registries With EHRs More Important in the Next Five Years
7.2.1.18 Infection Surveillance Solutions
7.2.1.18.1 Infection Surveillance Solutions Can Provide Strong Support in Improving Care Quality-A Factor Driving Market Growth
7.2.1.19 Radiation Dose Management Solutions
7.2.1.19.1 Use of These Solutions Allows for the Optimization of Radiation Dose Administration and Management
7.2.2 Non-Clinical Solutions
7.2.2.1 Revenue Cycle Management Solutions
7.2.2.1.1 Front-End Rcm Solutions
7.2.2.1.1.1 Increasing Patient Volume and Subsequent Growth in the Demand for Health Insurance is Supporting Market Growth
7.2.2.1.2 Mid-Level Rcm Solutions
7.2.2.1.2.1 Increasing Use of Mid-Level Rcm Solutions to Reduce Healthcare Costs, Resolve Issues Raised By the Decline in Reimbursement Rates, and Maintain Regulatory Compliance to Drive Market Growth
7.2.2.1.3 Back-End Rcm Solutions
7.2.2.1.3.1 Back-End Rcm Solutions are Mainly Used for the Accurate Payment of Insurance Claims and to Prevent Fraudulent Claims
7.2.2.2 Healthcare Asset Management Solutions
7.2.2.2.1 Healthcare Asset Management Solutions Help to Maximize Service Quality, Reduce the Risk of Non-Compliance, and Manage Costs in Healthcare Organizations
7.2.2.3 Customer Relationship Management Solutions
7.2.2.3.1 Crm Solutions Facilitate Effective Customer Care Service in the Healthcare Industry By Providing an Intuitive and Modular Framework to Enterprises
7.2.2.4 Healthcare Analytics Solutions
7.2.2.4.1 Clinical Analytics Solutions
7.2.2.4.1.1 Clinical Analytics Tools Assist in Fact-Based Diagnostics and Therapeutic Decision-Making
7.2.2.4.2 Financial Analytics Solutions
7.2.2.4.2.1 Financial Analytics Solutions Enable Healthcare Organizations to Analyze Net Collection Rates, Accounts Receivable, and the Costs of Billing Per Invoice
7.2.2.4.3 Operational and Administrative Analytics Solutions
7.2.2.4.3.1 Operational & Administrative Analytics are Highly Useful in Optimizing Performance and Maximizing Profitability
7.2.2.4.4 Population Health Analytics Solutions
7.2.2.4.4.1 Population Health Analytics Improves Population Health Outcomes and Lowers Costs, A Key Factor for Market Growth
7.2.2.5 Healthcare Quality Management Solutions
7.2.2.5.1 Data Security Concerns and the High Cost of Quality Reporting are Expected to Restrain the Growth of This Market
7.2.2.6 Healthcare Interoperability Solutions
7.2.2.6.1 Hospitals and Health Systems Can Improve Operational and Clinical Efficiencies With the Implementation of Healthcare Interoperability Solutions
7.2.2.7 Pharmacy Information Systems
7.2.2.8 Healthcare Supply Chain Management Solutions
7.2.2.8.1 Procurement Management Solutions
7.2.2.8.1.1 Procurement Management Solutions Form an Important Element of Supply Chain Management as They Maximize Profits on Each Purchase Order and Efficiently Manage Purchasing Cycle Times
7.2.2.8.2 Inventory Management Solutions
7.2.2.8.2.1 Inventory Management Solutions Play an Essential Role in Maintaining Optimum Inventory Levels Within Healthcare Organizations
7.2.2.9 Medication Management Systems
7.2.2.9.1 Electronic Medication Administration Systems
7.2.2.9.1.1 Administrative Systems Offer Benefits Such as Improved Patient Safety and Reduced Adverse Drug Effects
7.2.2.9.2 Barcode Medication Administration Systems
7.2.2.9.2.1 Barcode Medication Administration Systems Help in Better Inventory Management
7.2.2.9.3 Medication Inventory Management Systems
7.2.2.9.3.1 Medication Inventory Management Systems Aids Hospitals and Pharmacies in Making Purchasing Decisions Regarding Medicines
7.2.2.9.4 Medication Assurance Systems
7.2.2.9.4.1 Medication Assurance Systems Offer Better Disease Management and Improved Transitional Care
7.2.2.10 Workforce Management Systems (WFM)
7.2.2.10.1 Workforce Management Systems Help Healthcare Organizations to Improve the Accuracy of Employee Data
7.2.2.11 Financial Management Systems
7.2.2.11.1 Increased Efficiency, Improved Accuracy, and Reduced Labor Costs are Some of the Benefits Offered By Financial Management (Accounting) Systems
7.2.2.12 Healthcare Information Exchange (HIE) Solutions
7.2.2.12.1 Hie Solutions Enable Interoperability, Accessibility, Clinical Workflow, Data Integrity, and Security of Health-Related Information at All Points
7.2.2.13 Medical Document Management Solutions
7.2.2.13.1 These Solutions Offer A Rapid Return on Investment (ROI), High Security, and Increased Practice Profitability
7.3 Healthcare Payer Solutions
7.3.1 Revenue Cycle Management Solutions
7.3.1.1 Rcm Helps Payers to Manage the Complex Procedure of Claims Processing
7.3.2 Population Health Management Solutions
7.3.2.1 Population Health Management Solutions Help Increase Patient Satisfaction Through Daily Health Monitoring
7.3.3 Pharmacy Audit & Analysis Systems
7.3.3.1 Pharmacy Audit and Analysis Solutions Provide Relevant Information to Executives to Make Fact-Based Decisions
7.3.4 Payment Management Solutions
7.3.4.1 Payment Management Solutions Connect Payers, Providers, Members, and Banks on A Single, Integrated Network
7.3.5 Customer Relationship Management Solutions
7.3.5.1 Healthcare Payers are Creating Crm Strategies to Meet the Unique Needs of Their Stakeholders
7.3.6 Member Eligibility Management Solutions
7.3.6.1 These Solutions Provide Efficient Management and Utilization of Member Eligibility Data to Reduce Administrative and Medical Costs
7.3.7 Fraud Analytics Solutions
7.3.7.1 Fraud Analytics Platforms Help Payers Improve Claims Processing, Medical Policy, Provider Contracts, Network Management, and Compliance
7.3.8 Provider Network Management Solutions
7.3.8.1 Payers Use These Solutions to Improve Communication With Providers, Increase Case Resolution Rate, and Eliminate Redundant Capture of Provider Information
7.4 Hcit Outsourcing Services
7.4.1 It Infrastructure Management Services
7.4.1.1 Healthcare Organizations are Outsourcing It Infrastructure Services Due to the High Capital Investment Required to Establish & Maintain It Infrastructure
7.4.2 Payer Hcit Outsourcing Services
7.4.2.1 Claims Management Services
7.4.2.1.1 Outsourcing Claims Management Leads to Faster Turnaround Time and Helps to Decrease Errors and Costs
7.4.2.2 Provider Network Management Services
7.4.2.2.1 Payers Outsource Provider Network Management Services to Third-Party Vendors So That They Can Focus on Their Core Functions
7.4.2.3 Billing and Accounts Management Services
7.4.2.3.1 Outsourcing Billing & Accounts Management Provides Benefits Such as Increased Cash Flow, Reduced Burden on Staff, and Reduced Requirement of Storage Space
7.4.2.4 Fraud Management Analytics Services
7.4.2.4.1 Vendors Have Started to Provide A Complete Suite of Fraud Management Services to Help Payers Manage the Entire Life Cycle of Payment Fraud
7.4.2.5 Other Payer Hcit Outsourcing Services
7.4.3 Provider Hcit Outsourcing Services
7.4.3.1 Revenue Cycle Management Services
7.4.3.1.1 Hospitals are Outsourcing Rcm Processes Because Setting Up It Infrastructure for Rcm Can Be Very Expensive for Small and Medium-Sized Healthcare Organizations
7.4.3.2 Emr/Medical Documents Management Services
7.4.3.2.1 Emr Management Services Include Creating, Archiving, Maintaining, and Retrieving Emr as Required
7.4.3.3 Laboratory Information Management Services
7.4.3.4 Other Provider Hcit Outsourcing Services
7.4.4 Operational Hcit Outsourcing Services
7.4.4.1 Supply Chain Management Services
7.4.4.1.1 Scm Services Provide A Wide Range of Capabilities From Automating Data Capture to Facilitating Supply Chain Design
7.4.4.2 Business Process Management Services
7.4.4.2.1 Bpm Services Provide A Systematic Approach to Aligning Internal Business Functions With Customer Needs
7.4.4.3 Other Operational Hcit Outsourcing Services

8 North American Healthcare It Market, By Component
8.1 Introduction
8.2 Services
8.2.1 Need for Software Integration & Interoperability, Which Requires Extensive Training and Regular Upgrades, is A Major Factor Supporting the Services Segment
8.3 Software
8.3.1 Increasing Number of Healthcare Organizations Shifting From On-Premise Models to Web- Or Cloud-Based Models for Core Applications is A Major Factor Driving Growth
8.4 Hardware
8.4.1 Need for Faster Data Exchange and Better Interoperability Will Help to Increase the Adoption of Hardware in Healthcare Organizations

9 North American Healthcare It Market, By End User
9.1 Introduction
9.2 Healthcare Providers
9.2.1 Hospitals
9.2.1.1 Government Initiatives to Improve the Quality of Care and Curtail Soaring Healthcare Costs are Driving the Adoption of Healthcare It Solutions Among Hospitals
9.2.2 Ambulatory Care Centers
9.2.2.1 Physician Groups and Offices
9.2.2.1.1 High Adoption Rate of Healthcare It Solutions Among Physician Offices in the US and This Number is Expected to Increase Owing to the Favorable Government Policies
9.2.2.2 Emergency Care Departments and Hospital Outpatient Departments
9.2.2.2.1 Introduction of Advanced Solutions Will Help to Improve Patient Outcomes and Reduce the Burden on Emergency Nurses
9.2.2.3 Ambulatory Surgery Centers
9.2.2.3.1 Increasing Number of Patients in Ascs for Minor Surgeries is Increasing the Need for Hcit Solutions to Maintain Patient Health Records
9.2.3 Home Healthcare Agencies, Nursing Homes, and Assisted Living Facilities
9.2.3.1 Hcit Solutions Help in Improving Both the Efficiency of Service Delivery and Healthcare Quality in These Long-Term Care Facilities
9.2.4 Diagnostic and Imaging Centers
9.2.4.1 Enormous Pressure on Diagnostic & Imaging Centers to Manage, Access, and Share Imaging Data in an Effective Manner to Drive Market Growth
9.2.5 Pharmacies
9.2.5.1 Growing Need to Improve Operational Workflows in Pharmacies and Minimize Medical Errors are Driving the Adoption of Various Healthcare It Tools Among Pharmacies Across North America
9.2.6 Other Healthcare Providers
9.3 Healthcare Payers
9.4 Private Payers
9.4.1 Growing Adoption of Healthcare It Solutions By Private Payers to Provide Consumer-Focused Healthcare Plans and Related Services is Expected to Drive Market Growth
9.5 Public Payers

10 North America Healthcare It Market, By Region
10.1 Introduction
10.2 US
10.2.1 Mandates for Hcit Adoption and Need for Cost-Containment are Driving Market Growth in the US
10.3 Canada
10.3.1 Rising Generation of Data and Incentives Have Supported Demand for Hcit in Canada
10.4 Mexico
10.4.1 Growing Medical Tourism and Lower Care of Costs Have Driven Hcit Implementation in Mexico

11 Competitive Landscape

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