U.S. Healthcare IT Market Worth $149.17 Billion by 2025: AMR

U.S. Healthcare IT Market Worth $149.17 Billion by 2025: AMR

PR Newswire

PORTLAND, Oregon, Feb. 25, 2020

Favorable policies and regulations by governments for better healthcare infrastructure and safety measures taken by healthcare organizations to improve patient care propel the growth of the U.S. HCIT market

PORTLAND, Oregon, Feb. 25, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Healthcare IT Market by Product Type (Healthcare Provider Solutions, Healthcare Payer Solutions, and HCIT Outsourcing Services) and End User (Healthcare Providers and Healthcare Payers): U.S. Opportunity Analysis and Industry Forecast, 2017–2025." According to the report, the U.S. healthcare information technology (HCIT) market garnered $61.01 billion in 2017, and is estimated to garner $149.17 billion by 2025, registering a CAGR of 11.7% from 2018 to 2025.

R&D activities & favorable government policies to grow U.S. healthcare IT market

Favorable policies and regulations by governments for better healthcare infrastructure and safety measures taken by healthcare organizations to improve patient care propel the growth of the U.S. HCIT market. However, surge in gap of supply and demand in the healthcare industry restrains the market growth. On the other hand, collaborations of leading market players with local players would offer new opportunities in coming years.

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Based on product type, the healthcare provider solutions segment accounted for nearly two-thirds of the total share in terms of revenue in 2017, and is estimated to continue to dominate during the forecast period. Moreover, it is estimated to register the highest CAGR of 14.5% from 2018 to 2025. This segment offers lucrative opportunities, owing to increase in demand for fast billing systems along with integrated healthcare systems for lowering down manual errors.

Clinical solutions accounted for the largest market share of the U.S. HCIT market in 2017, accounting for more than half of the total share. This segment is estimated to register the highest CAGR of 17.5% during the forecast period, owing to favorable government regulations and rise in investments for raising the adoption of HCIT clinical solutions. Moreover, the non-clinical healthcare IT solutions segment is estimated to maintain a steady growth rate throughout the forecast period.

Increased clinical efforts for lowering down healthcare expenditure and surge in demand for accuracy led the healthcare providers segment to account for more than two-thirds of the total share in 2017. This segment is estimated to maintain its lead position throughout the forecast period, growing at a CAGR of 12.6% from 2018 to 2025. Contrarily, the healthcare payers segment is estimated to register the steady momentum throughout the forecast period.

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Major Market Players:

They have adopted various strategies including expansions, mergers & acquisitions, joint ventures, partnerships, collaborations, and others to consolidate its position in the industry.      

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