North America Healthcare IT Market Size, Growth, Demand Analysis to 2025 | Research Cosmos
North America Healthcare IT Market Outlook Analysis:
Size of the North American healthcare IT market was estimated at USD 63,089.9 million in 2018 and is expected to reach USD 173,331.9 million by 2025, increasing at a CAGR of 16.03% during the forecast period.
The United States and Canada hold the most significant share in the market due to the high adoption rate of the innovative technologies. Hospitals form the largest end-user section of the North American healthcare IT market, owing to the large demand for various IT solutions among hospitals in order to manage the increasing load of patient information generated in hospitals and increasing need to improve the quality of healthcare while improving operational efficiencies within organizations.
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Drivers, Challenges, and Opportunities:
The triggering incidence rate of target diseases, growing geriatric population, and the increasing need to curb healthcare expenditure as an economically viable initiative are some high impact rendering drivers of this market.
Additionally, the increasing advancements in the technology, demand for personalized care or home healthcare, rising per capita and healthcare spending of the population, increasing investments in the research and development of new solutions to improve the treatments and care, and growing preference of minimally invasive devices, are also supporting the growth of the healthcare IT market in North America. The favorable reimbursement policies are driving people towards advanced treatment options, which would create huge growth opportunities for the IT solutions in medical sector.
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Geographic Segmentation of North America Healthcare IT Market:
The Regions analyzed and estimated in this study are the U.S., Canada, and Mexico. The U.S. controlled the overall North America healthcare IT market with over 80.0% share. The appearance of a broad base of geriatric population in this region, coupled with sophisticated healthcare infrastructure and relatively higher patient disposable income levels are some vital drivers of this market and growing EHR adoption are also contributing to its growth. Moreover, increasing number of supportive campaigns from the government also fuels the business expansion.
Prominent Players Covered in this North America Healthcare IT Market are: McKesson Corporation, Allscripts, GE Company, Siemens AG, Infor, Cerner Corporation, Greenway Health, Epic Systems Corp, and others.
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