Healthcare IT Market Size, Share & Trends Report

Healthcare IT Market Size, Share & Trends Analysis Report By Application (EHR, CPOE, Electronic prescribing systems, Medical Imaging Information), By Delivery Mode, By End Use, By Region, And Segment Forecasts, 2024 - 2030

  • Report ID: 978-1-68038-071-2
  • Number of Pages: 150
  • Format: Electronic (PDF)
  • Historical Range: 2018 - 2023
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the healthcare IT market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for healthcare IT market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of healthcare IT market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Healthcare IT Market Categorization:

The healthcare IT market was categorized into two segments, namely application (Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, Laboratory Informatics, Clinical Information Systems, Medical Imaging Information Systems, Tele-healthcare) and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The healthcare IT market was segmented into applications and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The healthcare IT market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into twenty-four countries, namely, the U.S.; Canada; the UK; Germany; France; Italy; Spain; Russia; Sweden; Norway; China; Japan; India; Singapore; Australia; Thailand; South Korea; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE; Kuwait.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Healthcare IT market companies & financials:

The healthcare IT market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • athenahealth, Inc.- athenahealth, Inc. is a publicly-traded company that provides cloud-based services used in mobile apps and the healthcare industry. The services offered by the company include revenue cycle management, Electronic Health Records (EHRs), patient access & care coordination, patient engagement, Epocrates, medical billing, telehealth, mobile capabilities, and population health services. The company is focused on developing new software and expanding its product portfolio to new clients through mergers and acquisitions, among others. In 2019, the company was acquired by Veritas Capital.

  • Agfa Gevaert Group - Agfa-Gevaert Group is a medical technology company that develops, manufactures, and distributes medical devices and healthcare IT solutions. The company operates through three divisions—Agfa Graphics, Agfa Healthcare, and Agfa Specialty Products. Agfa Healthcare supplies hospitals and other settings with imaging and information systems. The healthcare IT vertical offers products in three subdivisions— radiology IT, cardiology IT, and enterprise IT.

  • eClinicalWorks - eClinicalWorks is a privately held company, headquartered in the U.S. The company provides Practice Management (PM) and Electronic Health Records (EHR) solutions to more than 20 countries. In addition, the company also provides solutions in telehealth, revenue cycle management, patient engagement, and population health management. Furthermore, it provides solutions and cloud-based services to more than 850,000 medical professionals and 130,000 doctors and nurses.

  • Philips Healthcare - Philips Healthcare is a publicly listed company, operating mainly into the health technology sector. The company delivers integrated solutions and includes business segments such as diagnostic imaging, guided therapy, home care, health informatics, patient monitoring, and consumer health. The company has a presence in more than 100 countries and has more than 450 innovative products

  • Hewlett Packard - Hewlett Packard is a publicly listed company, operating mainly in the information technology and services sector. In 2015, the company separated its enterprise products and services business from Hewlett Packard Enterprise. The printer and personal computers business was renamed as HP, Inc. Furthermore, the software and services offered by the company include cloud computing platforms, IT infrastructure, advisory services, etc.

  • McKesson Corporation - McKesson Corporation is headquartered in the U.S. In 1900, McKesson and Robbins along with well-established wholesalers formed a national drug wholesaling company and became a pharmaceutical drug product distributor. In 1960, the company merged with Foremost Dairies of San Francisco to form Foremost-McKesson, Inc. for expanding its distribution network. In 1996, the company acquired Automated Healthcare to enter into the healthcare sector. Furthermore, in 1998, the company acquired HBO & Company to become the largest healthcare service provider. It was renamed to McKesson HBOC. The company works with different healthcare organizations, assisting them in controlling costs, developing efficient workflow, and improving quality. It operates in more than 20 countries. It has two business segments: McKesson Distribution Solutions and McKesson Technology Solutions.

  • Allscripts Healthcare, LLC - Allscripts operates through five segments: software, client support, services, IT outsourcing, and pathway solutions. The company provides software that help automate tasks such as healthcare data flow, filling prescription information, and managing orders for laboratory testing. It also provides software tools that enable healthcare professionals to gain access to patient history. The company has offices in the U.S., Canada, Japan, India, Israel, Singapore, and the UK.

  • GE Healthcare - GE Healthcare is a subsidiary of General Electric Company (GE). The company provides medical technologies and services that aim to deliver advanced patient care across the world. The main area of expertise includes technologies and services such as medical diagnostics, drug discovery, medical imaging & information technologies, patient monitoring systems, performance solution services, and biopharmaceutical technologies. GE Healthcare serves healthcare professionals and patients in around 100 countries globally. GE Healthcare’s IT solutions offer integrated care solutions that enable better clinical and financial outcomes.

  • Carestream health - Carestream Health develops and deploys medical imaging technologies for healthcare providers. The company serves customers in various market segments that include radiography, non-destructive testing, contract manufacturing, and advanced materials. Other specialties include medical film (laser & traditional), medical image capture, clinical image archive, Computed Tomography (CT), X-ray solutions, Digital Radiography (DR), Computed Radiography (CR), Cone Beam CT (CBCT), and diagnostic imaging equipment.

  • Novarad Corporation - Novarad Corporation provides healthcare IT and imaging solutions for healthcare providers. The company offerings have been used by radiologists, cardiologists, orthopedists, and other specialists to increase productivity, reduce inefficiency, and improve the quality of healthcare solutions throughout the world. Other specialties include cardiology, mammography, radiology, orthopedics, enterprise imaging, radiation dose monitoring, PACS, and vendor-neutral archiving,

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Healthcare IT Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2023, historic information from 2018 to 2022, and forecast from 2024 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Healthcare IT Market Report Assumptions:

  • The report provides market value for the base year 2023 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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