North American Healthcare IT Market worth $496.7 billion by 2027

Objectives of the Study:

# To define, characterize, and project the healthcare IT market in North America according to end user, component, product and service, and geography.

# To give comprehensive details about the main elements (drivers, constraints, opportunities, and challenges) affecting the market's growth.

# To strategically examine micromarkets in terms of their respective growth patterns, future potential, and market share contributions.

# To assess market prospects for stakeholders and give market leaders specifics about the competitive environment.

# To project the healthcare IT market's size in North America in relation to the three major nations—the US, Canada, and Mexico.

# To thoroughly examine the market shares and fundamental competencies of important players and profile them

# To monitor and assess events in the competitive market, including partnerships, agreements, acquisitions, new product/technology/service launches, and R&D efforts by the major companies.

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Projected Surge in Revenue Generation:

The global north american healthcare IT market in terms of revenue was estimated to be worth $193.2 billion in 2022 and is poised to reach $496.7 billion by 2027, growing at a CAGR of 20.8% from 2022 to 2027.

Major Growth Driving Factors:

The requirement to maintain regulatory compliance, the growing acceptance of mHealth, telehealth, and remote patient monitoring solutions as a result of COVID-19, and the growing adoption of e-prescribing, telehealth, and other HCIT solutions are the drivers driving the opportunistic market expansion. But security worries and interoperability problems are hindering the expansion of the worldwide market somewhat.

End Users:

In the North American healthcare IT market in 2021, healthcare providers make up the largest end-user sector.

Throughout the projection period, the healthcare providers segment held the biggest market share based on end users. Its substantial portion can be attributed to elements like strict government rules and the desire to enhance patient care while boosting operational effectiveness. This end-user market is expanding due in part to the growing number of patients, hospitals, and ambulatory care facilities as well as the hospitals' substantial purchasing power.

Geographical Growth Dynamics:

During the projection period, the US held the highest share of the North American healthcare IT market.

In terms of market share in 2021, North America led the way. The US accounts for a substantial portion of this, which may be explained by the region's widespread adoption of healthcare IT solutions, strict healthcare quality requirements, and the growing need to use healthcare IT solutions to slow down the rising expense of healthcare.

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Key Players:

Cerner Corporation (US), Veradigm, Inc. (Allscripts Healthcare Solutions, Inc.) (US), Mckesson Corporation (US), Koninklijke Philips N.V. (Netherlands), Optum, Inc. (US), Oracle (US), Change Healthcare (US), Cognizant (US), GE Healthcare (US), Siemens Healthineers (Germany), Epic Systems Corporation (US), Athenahealth (US), Infor (US), Dell Technologies, Inc. (US), CVS Health (US), IBM (US), EClinical Works (US), Nextgen Healthcare, Inc. (US), Greenway Health, LLC (US), Nvidia Corporation (US) are the major players in this market.

Different Growth Strategies Adopted by Them:

These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.

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