Optum, Inc. (US) and Cerner Corporation (US) are Leading Players in the Healthcare IT Market
The global healthcare IT market is projected to reach USD 974.5 billion by 2027 from USD 394.6 billion in 2022, at a CAGR of 19.8% during the forecast period. Growth in this market is driven by the government mandates and support for healthcare IT solutions, the rising adoption of big data analytics, and the need to reduce the escalating healthcare costs. However, high cost of deployment of HCIT solutions for small and medium-sized hospitals in emerging countries is expected to restrain the growth of this market to a certain extent.
Prominent players in the healthcare IT market include Optum, Inc. (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Koninklijke Philips (Netherlands), Epic Systems Corporation (US), Dell Technologies, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro Limited (India), IBM (US), eClinicalWorks (US), Infor (US), Conduent (US), Conifer Health Solutions, LLC (US), Nuance Communications, Inc. (US), 3M (US), SAS Institute, Inc. (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), Intersystems Corporation (US), Tata Consultancy Services (India). These companies adopted strategies such as product launches, agreements, partnerships, expansions, collaborations, and acquisitions to strengthen their market presence in the healthcare IT market.
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Optum, Inc. (US) was one of the leading market players in the healthcare IT market in 2021. Optum, Inc. provides HCIT solutions to healthcare payers, providers, employers, and government & life science companies. The company primarily operates through three business segments—OptumHealth, OptumInsight, and OptumRx. The OptumHealth segment is involved in care delivery, care management, wellness & consumer engagement, and health financial services. The OptumInsight segment provides software & information products, such as clinical documentation solutions, advisory consulting services, and business process outsourcing, to organizations in the healthcare industry. OptumRx provides solutions and services to the pharmacy sector. The company invests USD 6.4 billion in technology and innovation annually and has offices worldwide with a prominent presence in the US, Australia, the UK, Canada, Brazil, Singapore, and India.
Cerner Corporation is a global provider of HCIT solutions. The products and services offered by the company include HCIT solutions, medical device integration solutions, professional services, remote hosting services, document management, imaging solutions, and other health and welfare services. The company offers these solutions through seven main segments—Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel. The major end users of the company’s products include hospitals, single-doctor practices, healthcare providers, individual consumers, employer groups, and healthcare payers. Around 25,000 facilities license the company’s solutions in over 35 countries, including hospitals, physician practices, ambulatory facilities (such as laboratories, behavioral health centers, cardiac facilities, radiology clinics, and surgery centers), extended care facilities, employer sites, and retail pharmacies. The company operates through several subsidiaries, including Cerner Deutschland GmbH (Germany), Cerner France, Cerner Iberia S.L. (Spain), Cerner Ireland Ltd., and Cerner Limited (UK). Cerner is consistently improving its product offerings by integrating its PHM solutions with other healthcare IT solutions such as telehealth, EHR, and patient portal platforms to promote virtual patient care.
Related Reports:
Healthcare IT Market by Products & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, & HCIT Outsourcing Services), Components (Services, Software, Hardware), End-User (Hospitals, Pharmacies, Payers), & Region - Global Forecasts to 2027
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