According to the Graphical Research new growth forecast report titled North America Healthcare Information Technology Market size is set to exceed USD 181.3 billion by 2026. Growing government initiatives in the region to promote the healthcare IT industry has elevated the market growth. Several programs, federal policies and government initiatives in the region have led to the progress of health IT industry.
According to the World Health Organization (WHO), in Canada, Congestive Heart Failure Telehealth project was implemented in the province of Nova Scotia to increase access to clinical care for communities in the rural areas. Additionally, Health Canada collaborated with on-reserve Aboriginal communities in the province of Saskatchewan to provide nurses with access to tools and point-of-care through handheld technologies. Moreover, the federal government has been implementing various policies and initiatives in the U.S. such as the Affordable Care Act (ACA) and authorized the Department of Health and Human Services to release data to promote transparency for healthcare service providers. Furthermore, the Food and Drug Administration (FDA) and Federal Communications Commission (FCC) has signed a memorandum to promote the collaboration and improve the efficacy pertaining to broadband and wireless enabled medical devices. Therefore, the above-mentioned factors will drive the healthcare IT market growth in the future.
Increasing utilization of EHR (Electronic Health Record) has elevated the growth of the market in North America. According to a recently published article, around 85% of the Canadian primary care physicians and over 79 % of community specialists currently use electronic health records for patient encounters. In addition, laboratory test results for around 97% of Canadians are available electronically accessible by authorized clinicians. Increase in number of major market players operating in the region have developed several software for electronic health records (EHR), thereby augmenting the market growth. Moreover, the Health Information Technology for Economic and clinical Health Act (HITECH), has set rapid adoption of interoperatable EHR in the healthcare system as a critical national goal and incentivized EHR adoption in the U.S. Furthermore, the rising adoption of software solutions, data mining and clinical trial management systems will drive the demand for adoption of electronic health records (EHR). Hence, attributing to the above-mentioned factors, the healthcare IT market will foster in the forthcoming years.
However, reduced availability of healthcare IT services to the remote population and lack of skilled healthcare professionals in some regions of North America may hamper the healthcare IT market growth.
mHealth segment is expected to witness a lucrative growth at 17.1% over the estimation time period. The high growth of the segment can be attributed to increase in awareness regarding mHealth solutions and rapid adoption of mHealth services by the healthcare facilities. A large proportion of population in North America region has access to mobile phones and internet services, thereby resulting in more access to mHealth services. Additionally, the trend to stay fit and healthy is also constantly increasing among the American population leading to an upsurge in the adoption of mHealth solutions such as smart watches and smart wearable devices. According to the Healthcare Information and Management Systems Society (HIMSS), around 64% of adults in the U.S. use an app to measure health metrics. Increase in prevalence of obesity among the American population has augmented the adoption of mHealth for weigh management. Moreover, higher prevalence of diabetes in the region and self-management of diabetes along with adoption of mHealth services has augmented the market growth. The use of remote patient monitoring in Canada has also proven to be cost-effective attributing to reduction in emergency visits to the hospital. Furthermore, recent technological advancements in the region pertaining to mHealth gadgets have also fostered the business growth. Hence, the aforementioned factors will augment the healthcare IT market growth over the projection time period.
Healthcare providers segment held the largest revenue share and was valued at over USD 41,730 million in 2019. The high market size of the segment can be attributed to rise in development of innovative and well-structured hospitals with improved infrastructure. Additionally, the provisions by healthcare information technology including Electronic Health Records (EHRs) has enabled the healthcare providers to record patient information for prolonged time duration with security and has eased the workflow of the healthcare providers in the region. Moreover, telehealth has enabled the healthcare providers to reach patients residing in the remote areas. The quality of patient care by the healthcare providers has also improved by utilizing the services of healthcare information technology, thereby enhancing the patient experience. Furthermore, the introduction of technologically advanced and, smart diagnostic and monitoring tools has reduced the exertion experienced by healthcare providers, thereby augmenting the adoption of healthcare IT services. Hence, the above-mentioned factors will foster the growth of the healthcare IT market in the region.
U.S. dominated the North America healthcare information technology market and was valued at around USD 61,700 million in 2019. The high market size of the country can be attributed to the rise in demand for improved patient safety, continuously growing healthcare expenditure along with rise in government initiatives engaged in promotion of healthcare information technology. Additionally, presence of major industry players actively operating in the region increases the adoption of healthcare information technology services. With introduction of EHR services in the region, there has been an exponential rise in growth of healthcare information technology market. According to the Centers for Disease Control and Prevention, around 86% of physicians in the U.S. use EHR (Electronic Health Record). Moreover, the advancements in healthcare information technology pertaining to the reduced exposure to the coronavirus have increased the number of users. Therefore, these factors will significantly propel the growth of the North America market in the future.
Some of the major industry players involved in North American healthcare information technology market include Cerner Corporation, Allscripts Healthcare Solutions, Inc., Epic Systems Corporation, International Business Machines Corporation (IBM), Philips Healthcare, McKesson Corporation, Oracle Corporation, GE Healthcare, Siemens Healthineers, and eClinical works among others. The market players are proposing strategic acquisitions, mergers, partnerships and collaborations for garnering maximum market share and strengthening their industrial presence. For instance, in June 2020, Siemens Healthineers announced a 10-year digital health partnership with Geisinger Health System to provide it with latest diagnostic imaging and artificial intelligence enabled applications. The strategic move will assist the company in strengthening their industrial presence and expanding their customer base in the market.
North American Healthcare IT market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2015 to 2026, for the following segments:
Market Share, By Solutions 2015-2026 (USD Million)
- Radiology information systems
- Electronic health record
- Picture archiving and communication systems
- Computerized physician order entry
- Vendor neutral archives
- Healthcare analytics
- Supply chain management
- Customer relationship management
- Fraud management
- Revenue cycle management
Market Size, By End-use, 2015-2026 (USD Million)
- Healthcare Providers
- Diagnostic and imaging centers
- Ambulatory clinical units
- Healthcare Payers
The above information is provided for the following region and countries:
- North America