North America Healthcare IT Market

North American Healthcare IT Market Size (2023 to 2028)

The Healthcare IT market in North America is anticipated to grow with a CAGR of 16.03% from 85.08 Billion in 2023 to 178.93 Billion in 2028. The healthcare analytics market in North America is relatively competitive, with some big players holding a significant market share and the involvement of niche players. A common trend that has been noticed in the healthcare industry is non-competent healthcare institutions working with one another to maintain a population's wellbeing.

Currently, North America holds the largest share of the healthcare IT market in the global 2022. The emergence of big data and massive demand for different healthcare IT solutions to control the increasing patient information is escalating the need of the market. In addition, growing knowledge through developing communication between the patient and doctor impacts the demand positively in this region.

The healthcare IT market is driven mainly by steadily increasing healthcare spending, increasing the use of data-driven technology, implementing numerous healthcare reforms and evolving regulations, and increasing pressure on healthcare organizations to minimize healthcare costs with growing incidences of chronic diseases and the rising geriatric population. In addition to healthcare providers' demand for IT solutions, the increasing need for healthcare insurance companies to adequately maintain an in-depth database of claims and reimbursements is also anticipated to encourage the growth of the North American healthcare IT market in the coming few years.

The introduction by Medicare & Medicaid Services Centers of certain non-skilled in-home care services as part of the Medicare Advantage system has led many business players to create payer alliances to capitalize on this opportunity, thus promoting market growth. In addition, attractive insurance plans are pushing people to innovative treatment options that would create massive growth opportunities for clinical IT solutions. Also, the government's healthcare policies are creating lucrative market opportunities.

The high cost of implementing, sustaining, and updating services; the shortage of in-house IT professional personnel; and insufficient IT infrastructure hinder the market's growth. However, growing incidences of data breaches, the high cost of training staff, technical problems in implementing healthcare IT solutions, and interoperability problems are other significant reasons for the adoption of healthcare IT solutions throughout the North American region.

This research report segmented & sub-segmented the North America Healthcare IT Market into the following categories:

North American Healthcare IT Market - By Type:

• Electronic Health Records
• Computerized Provider Order Entry Systems
• Electronic Prescribing Systems
• PACS
• Lab Information Systems
• Clinical Information Systems
• Telemedicine
• Other Healthcare IT Services

North American Healthcare IT Market - By Country:

• The U.S.
• Canada
• Rest of North America

The United States and Canada shape the North American region's healthcare analytics market. Due to the existence of critical players providing innovative technologies, North America leads the Big Data analytics in the healthcare market. In this industry, vendors are continually innovating and developing solutions for Big Data analytics to meet the rising demands of end-users.

The U.S. accounted for North America's most significant healthcare IT industry share in the last few years. The large proportion of this country can be due to strict healthcare legislation and accreditation standards, high acceptance rates of HCIT systems, regulatory standards for patient safety, and a significant number of IT firms. In addition, the US is one of several developed nations focused on providing the best patient facilities and treatment protocols to incorporate Big Data for health care analytics. Various government departments and healthcare institutions depend on the technical deployment of predictive modeling on healthcare and clinical data to provide better treatment at reduced costs.

The U.S. dominates the North American healthcare IT market as a reason for the existence of a considerable number of elder people, integrated with refined healthcare infrastructure, high patient discretionary income, and massive obtainment of healthcare IT technologies which make up the growth in this country of this region.

Canadian healthcare IT market is followed by the U.S., which is expected to grow with the highest CAGR and quickest growth rate over the forecast period. The growth of Canadian healthcare IT is driven by the growing adoption of HER and reimbursement policies and the appearance of many specialized vital players in this region.

The most promising companies in the North American Healthcare IT Market are Cerner Corporation, Oracle Corporation, Mckesson Corporation, Philips Healthcare, Novarad Corporation, GE Healthcare, Carestream Health, eclinical works, EPIC Systems Corporation, Siemens Healthcare (Siemens AG), Athenahealth Inc. and Allscripts Healthcare Solutions, Inc.