Healthcare IT Market

During the forecast period, Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), and IBM (US) are the Leading Players in the global Healthcare IT Market

The global healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period. The growth in this market is driven by government mandates & support for healthcare IT solutions; rising use of big data in healthcare; high returns on investment associated with healthcare IT solutions; the need to curtail escalating healthcare costs; the growing demand for and use of HCIT solutions due to COVID-19; and the growing mHealth, telehealth, and remote patient monitoring markets.

Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), and IBM (US) were the top players in the healthcare IT market during the forecast period. Other major players in the market include Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), athenahealth (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).

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Optum (US) was one of the largest players in the healthcare IT market in 2020. The company provides healthcare IT solutions to healthcare payers, providers, employers, and government & life science companies. This includes such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. The company actively focuses on various inorganic business strategies, such as acquisitions, partnerships, agreements, and collaborations, to garner a larger market share. For instance, in June 2019, Optum acquired the DaVita Medical Group. This helped both the companies increase their customer base and enhance their product and service portfolios. In May 2021, Optum collaborated with Bassett Healthcare Network to provide software and data analytics, technology-enabled services and research, and advisory and revenue cycle management offerings to help make healthcare work better for everyone.

Cerner Corporation (US) is a global provider of healthcare information technology (HCIT) solutions. The products and services offered by the company include healthcare IT solutions, medical device integration solutions, professional services, remote hosting services, document management and imaging solutions, and other health and welfare services. Cerner has a robust HCIT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. The company focuses on expanding its operations in non-US markets and entering new markets through business expansions and inorganic growth strategies. In April 2021, Cerner acquired Kantar Health to accelerate innovation in life sciences research and improve patient outcomes worldwide.

Cognizant (US) is a key player in the healthcare IT market for software solutions and services. The company offers information technology (IT) consulting, enterprise information management (EIM), and business process outsourcing services across the globe. It provides healthcare IT solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives.

Change Healthcare (US) is a leading provider of healthcare IT solutions and is well known for its leading position in the healthcare revenue cycle management solutions and quality management solutions markets. The company offers software and analytics, connectivity, communication, payment, consumer engagement, and workflow optimization solutions.

Koninklijke Philips N.V. (Netherlands) is a diversified technology-based company involved in the healthcare and consumer lifestyle markets. It is one of the leading companies in the healthcare sector with a strong presence in cardiac care, acute care, and home healthcare. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates. The company has an established geographic presence and a strong sales and distribution network spread worldwide. Apart from investing in R&D and product launches, the company focuses on collaborating and partnering with other market players to expand its presence globally and enhance its product portfolio. For example, in 2021, Philips partnered with Cognizant (Germany) to develop end-to-end digital health solutions that will enable healthcare organizations and life science companies to improve patient care and accelerate clinical trials.

IBM (US) is among the leading companies in the HCIT market with a host of solutions, including AI, Blockchain, cloud computing, supply chain solutions, and others. End users widely use IBM Watson for cognitive computing and data-driven applications. IBM follows organic growth strategies to improve its position in HCIT markets. This includes product launches and upgrades. In 2021, for instance, IBM launched the IBM z/OS V2.5 operating system, which brings AI capabilities to IBM Z, strengthens security, and introduces new capabilities for application modernization.

Related Reports:

Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software,Hardware), End-User, and Region - Global Forecast to 2026

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Healthcare IT Market Size,  Share & Growth Report
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HIT 2005
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