Healthcare IT Market

The healthcare IT market is projected to reach USD 834.35 billion by 2029 from USD 420.23 billion in 2024, at a high CAGR of 14.7% during the forecast period. increasing returns on investments in healthcare IT solutions for hospitals and clinics are the main reasons for the growth of this market. As healthcare costs continue to rise, these IT solutions help improve efficiency and reduce expenses in healthcare settings and encourage the adoption of new technologies that enhance care while saving money. Moreover, the COVID-19 pandemic has really pushed the adoption of digital health tools such as e-prescribing, telehealth, and mobile health (mHealth) apps.

The Healthcare IT market is dominated by key players. The major players operating in this market are, Optum, Inc. (US), Cognizant (US), Koninklijke Philips N.V. (Netherlands), Oracle (US), GE Healthcare (US), Dell Inc. (US), Wipro (India), eClinicalWorks (US), SAS Institute Inc. (US), Inovalon (US), Infor. (US), Conifer Health Solutions, LLC. (US), Nuance Communications, Inc. (US), 3M (US), Merative (US), Epic Systems Corporation. (US), InterSystems Corporation (US), Veradigm (US), Salesforce, Inc. (US), CitiusTech (US), Conduent, Inc. (US), Carestream Health (US), Practice Fusion, Inc. (US), TATA consultancy services limited (India), Elsevier (Netherlands), MedeAnalytics, Inc. (US), Medecision (US), Surgical Information Systems (Georgia), Chartis. (US), and Clearwave Corporation. (Georgia).

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Optum, Inc.

Optum, Inc. (part of the UnitedHealth Group) provides HCIT solutions to healthcare payers, providers, employers, and government & life science companies. The company serves its solutions and services to more than 280 healthcare payers, 5,000 hospitals, and over 100,000 healthcare facilities in the US. The company focuses on forming strategic partnerships and driving innovation in digital health solutions to enhance patient care and reduce costs, especially in areas like value-based care and population health management. A notable example of their strategy is the recent completion of a USD 7.8 billion merger with Change Healthcare, which gives them access to data from millions of healthcare transactions and boosts their IT capabilities for the US population. And, according to an article from Becker's Health IT, in the last two years, Optum has invested USD 31 billion into acquisitions. These strategic steps have been critical in positioning Optum for rapid growth while also enhancing the capability of the company to offer better patient care and enhance operational efficiency throughout the US healthcare system.

Cognizant

Cognizant is an IT, consulting, and business process services company. The company provides digital services and solutions, consulting, application development, systems integration, application testing, application maintenance, infrastructure, and business processes. Cognizant operates major metropolitan areas across nearly 50 countries, and its headquarters is located in a leased facility situated at Teaneck, New Jersey, US. The company applies a global delivery model, which includes delivery centers around the world, involving both in-country, regional, and global facilities. The space owned and leased for its delivery centers now stands at over 24 million square feet for Cognizant, with its largest presence here being in India at 90% of its total delivery center square footage.

The company focuses on inorganic strategies. For instance, In July 2024 Cognizant partnered with Unitywater to sign a five-year deal that envisioned the upgrade of its digital infrastructure and the improvement of its operational efficiency in serving Queensland for more than 800,000 customers. Again, In December 2023, Cognizant acquired Thirdera, which is one of the ServiceNow partners, onboarded more than 940 associates, and thus created one of the biggest ServiceNow teams in the world with 2,400 specialists and 14,000 certifications. This move was to strengthen the efforts of digital transformation and to spur a USD 1 billion AI-driven automation business.

Oracle

Oracle Corporation, one of the world's largest technology companies, has revenue of about USD 53 billion for fiscal year 2024. It recently made a comprehensive acquisition of USD 28.4 billion in June 2022 to bolster its footprint in healthcare by acquiring Cerner Corporation. This allows Oracle to use advanced analytics and artificial intelligence in EHR. Oracle Health has extended its EHR contract with the VA until 2024 and announced new partnerships geared to improve patient care and operational efficiency through initiatives in cybersecurity and interoperability. Oracle's Health Data Warehouse has emerged as the greatest healthcare IT solution; users have attained a strong 417% return on investment (ROI) during five years. This continues to fuel growth for the company in healthcare.

Related Reports:

Healthcare IT Market by Solution (Provider, Payer; Clinical (EHR, PHM, PACs & VNA, Telehealth, RCM, CDSS); Nonclinical (Analytics, Pharmacy, Interoperability), Service (Claim, Billing, Supply), End user (Hospital, Payer) - Global Forecast to 2029

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