Healthcare Information Technology Market Size in North America 2020 | Latest Insights, Covid-19 Impact Analysis, Growth Rate, Future Trends and Forecast to 2026

The North America healthcare information technology market size is expected to witness a meritorious growth by recording a valuation of more than USD 181.3 billion by 2026. Healthcare information technology is an evolving field supported by the ongoing technological development and increasing adoption of technologies pertaining to patient safety. It facilitates enhancement of clinical outcomes, improvement in practice efficiencies, reduction in human errors, etc. which is transforming the healthcare sector significantly. This technology is reportedly gaining a massive traction in North America owing to the increasing government initiatives to promote the adoption of healthcare IT in the region.

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Speaking of the ongoing government initiatives, federal government in the US has been implementing several policies and initiatives in the country, for example, introduction of the Affordable Care Act and authorization to the Department of Health and Human Services to release data for providing transparency for healthcare service providers.

Likewise, the Food and Drug Administration (FDA) signed a memorandum with Federal Communications Commission (FCC) to enhance the efficacy pertaining to wireless and broadband enabled medical devices. Such initiatives are deemed to positively influence the business space in the near future.

Besides these efforts, presence of advanced healthcare IT infrastructure in the country coupled with numerous innovations and increasing systematic approaches towards healthcare IT is driving the industry expansion in the US. This is evident from the establishment of The American Medical Informatics Association (AMIA), The Healthcare Information and Management Systems Society (HIMSS), as well as several technical and IT standardization bodies. On account of these factors, in 2019, US healthcare information technology market had recorded an appreciable valuation of around USD 61,700 million.

Growing adoption of Healthcare information technology in the region is supported by the heightened application of Electronic Health Record (EHR). As per a recently published article, nearly 85% of the primary care physicians in Canadian sub-continent and around 79 % of the community specialists use EHR for patient encounters. While in the US, there has been a significant rise in the deployment of interoperable EHR in the healthcare systems driven by the introduction of the Health Information Technology for Economic and clinical Health Act (HITECH). With such increasing demand, Electronic health record (EHR) segment is projected to record a robust CAGR of 14.4% through 2026.

Healthcare IT has several end-users who are largely segmented into healthcare providers and healthcare payers. Of these, healthcare payers are expected to bring immense growth potential to the industry significantly. In 2019, healthcare information technology market in North America had recorded a substantial valuation of over USD 27,500 million from healthcare payers segment. This can be credited to the rising collaborations aimed at the adoption of healthcare IT solutions along with increasing investment in the development of innovative healthcare IT tools.

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Apart from the above-mentioned growth factors, strategic initiatives and development of advanced products by the key healthcare information technology market players are also opening new growth avenues for the business expansion in the region. For instance, in 2020, AthenaHealth announced the launch of a new EHR-embedded telehealth tool. According to the company, this tool enables practitioners to perform virtual visits without needing to download any software or third-party app.

Table of Contents (ToC) of the report:

Chapter 1   Methodology

1.1    Methodology

1.2    Market definition

1.3    Forecast parameters

1.4    Data sources

1.4.1    Secondary

1.4.1.1    Paid sources

1.4.1.2    Unpaid sources

1.4.2    Primary

Chapter 2   Executive Summary

2.1    North America Healthcare Information Technology market 360synopsis, 2015 - 2026

2.1.1    Country trends

2.1.2    Solution trends

2.1.3    End-use trends

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