(EMAILWIRE.COM, June 10, 2019 ) The healthcare IT market is projected to reach USD 390.7 billion by 2024 from USD 187.6 billion in 2019, at a CAGR of 15.8% during the forecast period.

The demand for healthcare IT solutions and services is driven by government mandates & support for healthcare IT solutions, rising use of big data in healthcare, high returns on investment for healthcare IT solutions, and the need to curtail escalating healthcare costs. However, IT infrastructural constraints in developing countries are expected to restrain the growth of this market during the forecast period.

Although, the global healthcare IT market is largely fragmented in nature with presence of number of small and mid-sized vendors operating at local and regional levels, Cerner Corporation (US), Optum (US), Cognizant (US), Philips Healthcare (Netherlands) and Epic Systems (US) are some of the leaders in the healthcare IT solutions market.

Cerner has a robust healthcare IT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs. Its key strength is its wide geographic presence and extensive distribution network across major markets.

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Approximately 89% of the company’s revenue is generated from North America. However, the company is focusing on expanding its operations in non-US markets and entering new markets through business expansions and inorganic growth strategies. For instance, in September 2016, Cerner opened Healthe, at its Cerner Center (an on-site health center), at the Manyata campus in Bangalore, India.

This helped Cerner to boost its presence in the Asian market. In February 2015, Cerner acquired Siemens health services for approximately USD 1.30 billion and took over its health information technology business unit (now known as “Cerner Health Services"). This acquisition strengthened Cerner’s client base; expanded its reach in European countries, such as Germany, Austria, Spain, Sweden, and Norway; and made the company a key player in the healthcare IT market.

Optum provides a variety of healthcare IT solutions such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. It also offers other healthcare IT solutions and services to help care providers and payers efficiently improve their clinical performance, quality of care, and establish consumer engagement. The company actively focuses on various inorganic business strategies such as acquisitions, partnerships, agreements, and collaborations to garner a larger market share.

For instance, in November 2017, The Advisory Board Company (US) was merged into Optum. This helped both the companies to increase their customer base and enhance their product and service portfolio. In November 2016, Optum collaborated with CVS Pharmacy (US), under which OptumRx’s pharmacy and clinical solutions were combined with CVS Pharmacy’s in-store health and wellness capabilities. This helped both companies drive better health outcomes and further modernize and enhance pharmacy care.

Cognizant is a key player in the healthcare IT market for software solutions and services. The company offers cloud-based software-as-a-service (SaaS) and performance improvement solutions to increase administrative efficiency and improve patient quality of care.

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The company has delivery centers located in 31 countries and business development offices in approximately 73 cities in 38 countries across the globe. The company receives a majority of its revenue from North America. However, it is also expanding its reach in Asia Pacific, the Middle East, and Latin America. The company’s Healthcare segment witnessed an increase of 10.1% in 2017, which is USD 392 million, compared to the previous year. This increase can be attributed to the growing demand for a broader range of services, including business process services and advanced data analytics and solutions including healthcare quality management.

Philips is a major player operating in the healthcare IT market. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates. The company has an established geographic presence and a strong sales and distribution network spread across the world.

The company strategically focuses on organic growth strategies such as expansions, product enhancements, and product launches to increase its share in the healthcare IT market. It invests in R&D activities to add technologically innovative solutions to its portfolio, which in turn helps it to strengthen its presence in the market. For instance, in 2017, the company invested nearly USD 1.19 billion in R&D activities, which is roughly 6% of the total revenue generated in 2017. In the past three years, Philips has launched a range of health information exchange solutions, telehealth solutions and services, clinical decision support systems, mobile accessories, and other healthcare IT solutions.

Apart from investing in R&D and product launches, the company focuses on collaborating and partnering with other market players to expand its presence globally and enhance its product portfolio. For example, in 2017, Philips partnered with Onelife Health GmbH (Germany) to co-develop Onelife’s Femisphere pregnancy and first-year-of-life guidance app. Similarly, in 2016, Philips partnered with the Medical University of South Carolina Health (US) to provide integrated patient monitoring systems, software and maintenance, training, and consulting services for better quality of care and reduced healthcare costs.

Philips also acquires small market players to further complement its portfolio of offerings and customer base in the healthcare IT market. In this regard, in 2015, Philips acquired Health & Parenting Ltd. (US), to add Health & Parenting’s apps to its uGrow digital parenting platform.

Epic Systems offers a wide range of EHR, revenue cycle and practice management, and population health management solutions. The company mainly operates in the North American market. It also has a presence in the Netherlands, the United Arab Emirates, Finland, Australia, Singapore, and Denmark. The company’s products are used in retail clinics, multispecialty groups, community hospitals, academic medical centers, integrated delivery networks, childrens organizations, safety net providers rehab centers, and patients’ homes, among other settings.

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The company is focusing on organic growth strategies such as product launches, enhancements, and expansions to remain at the forefront of the EHR market. Epic recently launched products such a Utility and Sonnet. These products are designed for smaller hospitals, physician offices, and post-acute care facilities that benefit from the reduced costs and a shorter implementation period. With the launch of these products, Epic will be competing effectively against EHR vendors serving small hospitals.

Over the past three years, the company has also adopted the inorganic growth strategy of agreements, partnerships, and collaborations to enhance its product portfolio and reach out to a larger consumer base. These developments help the company to meet the demand of its end-user base and remain relevant in the market.

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