Healthcare IT Market - Global Industry Analysis and Forecast to 2020


Healthcare It  Market
  • To Be Published : Dec-2020 |
  • Status : Work in progress |
  • Format : Healthcare It  Market Healthcare It  Market Healthcare It  Market Healthcare It  Market

Importance of IT in healthcare has increased significantly, as it helps in managing healthcare data and boosts the growth of advanced healthcare activities. Moreover, increasing use of cloud-based services has also boosted demand in the global healthcare IT market. In this market, big data helps in effectively managing population health management programs through data analytics, and also reduces expenses on chronic health conditions. Sharing health data with academic researchers has increased with healthcare IT, as it helps in developing new medical therapies and drugs. Moreover, providing precision medicine (PM) can be easily on individual patients thorough cognitive computing. Integration of IT software solutions increases reporting, evaluation, and monitoring in the healthcare industry have grown substantially, thus making appropriate use of data as one of the healthcare technology trends. Additionally, healthcare IT is also estimated benefit from blockchain to get medical records through a streamlined and secure process.

Attributing to these factors various players offering healthcare IT services are coming up with new more advanced solutions. One of the leading players in the global healthcare IT market is CERNER CORPORATION. This company provides robust HCIT product portfolio designed for medium-sized and large-sized organizations. This is expected to help them with advanced software services and products designed for specific needs. As the company focuses on expanding its geographical presence, the company is growing its network in different regions by collaborating with other companies. CERNER has recently partnered with NeuroLogix Technologies (US) with an objective to integrate the Cerner’s HealtheAthlete health management system with C3Logix concussion management system. This step will help the company to enhance the quality of care given to athletes. Moreover, the company will gain a competitive edge, as they will be providing high-value services at a reduced cost to smaller hospitals, physician practices, and critical access hospitals.

Healthcare information technology (IT) is a vast field that involves the use of information technology for designing, creating, developing, using and maintaining information systems in the field of healthcare. Healthcare IT market is growing at a fast rate due to technological advancement in the field and increasing demand for improved healthcare facilities worldwide. Healthcare IT allows exchange of health-related information among organizations electronically. On the basis of applications, healthcare IT market can be segmented into clinical technology, non-clinical technology and payer technology. Various wireless technologies are available in the market such as radio frequency identification (RFID), bluetooth, WLAN, WWAN, WMAN, zigbee technology and others. Use of healthcare IT lowers the cost of treatment and reduces errors associated with healthcare facilities; thus improves the efficiency of the healthcare system.

 

On the basis of delivery mode, web-based technology has the largest market. However, cloud technology is growing at the fastest rate. This is due to various successful technologies being used in cloud technology, such as Saas, Paas, Iaas and others.  North America, followed by Europe, has the largest market for healthcare IT due to rise in incidence of various diseases, increasing adoption of electronic health records and technological advancement in the region. Asia is expected to show high growth rate in healthcare IT market in next few years due to rise in ageing population, increasing patient pool in the region and government initiatives sin the region.

 

Technological advancement, government initiatives, rise in investments from healthcare IT players, increasing number of patients are some of the key factors driving the growth for global healthcare IT market. In addition, increasing demand for better healthcare facilities and rising need for integrated healthcare systems are expected to drive the market for healthcare IT. However, high maintenance and service expenses, lack of experienced professionals and interoperability issues are some of the major factors restraining the growth for global healthcare IT market.

 

IT-enabled healthcare solutions for physicians, emerging markets such as China and India and innovation of some new information technology in healthcare are expected to offer good opportunities for growth of global healthcare IT market. In addition, shifting focus towards patient-centric healthcare facilities is anticipated to develop good opportunity for global healthcare IT market. Some of the trends that have been observed in healthcare IT market are increase in the use of mobile devices, rising adoption of electronic health records and wireless and cloud technology in healthcare. Some of the major companies operating in the global healthcare IT market are CERNER CORPORATION, Dell, McKesson Corporation, GE Healthcare, Agfa Gevaert NV, Siemens Healthcare, NextGen Healthcare Information Systems Inc., Epic Systems Corporation, Allscripts and CareFusion Corporation. 

 

Key points covered in the report

  • Report segments the market on the basis of types, application, products, technology, etc (as applicable)
  • The report covers geographic segmentation

    • North America
    • Europe
    • Asia
    • RoW
  • The report provides the market size and forecast for the different segments and geographies for the period of 2010 to 2020
  • The report provides company profiles of some of the leading companies operating in the market
  • The report also provides porters five forces analysis of the market.

Growing integration of technology in healthcare has emerged as a highly beneficial combination for the medical industry. The healthcare IT services are gaining demand owing to their benefits such as better management of healthcare data and improved healthcare facilities. The growing penetration of cloud-based services in healthcare are also boosting the growth of the global market. Advanced technologies such as Big Data have been facilitating the healthcare sector with the management of population healthcare programs, and data analysis which in turn reduces the expenditure on healthcare.

The adoption of healthcare IT solutions has increased the development of new medical drugs and therapies. Technologies such as cognitive computing have made personalized precision medicine a possibility. IT software solutions are gaining popularity in the healthcare sector for their benefits in different activities including reporting, monitoring, and evaluation. Another technology gaining traction in the medical industry is block chain which is making the medical records streamlined and secured.

IT Solutions Enhance Accuracy in Different Procedures

Healthcare IT is involved in multiple activities such as designing, developing, creating and maintaining information systems in the healthcare sector. The electric-based exchange of healthcare information is gaining reaction across the globe, creating a new revenue pool for the market players. The RFID wireless technology in healthcare IT is expected to generate major revenue in the market by the end of the forecast period owing to a high adoption rate. These solutions are experiencing accelerating popularity amongst the demographics in the back of the reduced cost of treatment. The reduction in the errors in different procedures in the healthcare sector accounts for the high adaption rate of these solutions in the healthcare end-uses.

Cloud Technology Gains Preference

Multiplicity in cloud technology such as SaaS and Paas makes cloud the emerging face of the healthcare IT sector. High adoption of these advanced technologies with increasing technological advancements is projected to generate lucrative opportunities in the global market during the forecast period. Buoyed by the favorable government initiatives and growing patient pool, the Asian market is expected to grow at a rapid pace in the coming years.

Market Challenges

The current challenges in the global market including high cost have been hindering the smooth pace of the market. The high expenses of servicing and monitoring of healthcare IT solutions are creating a challenge ahead of the market players. Lack of experienced professionals is the other major factor impacting the adoption rate of these advanced services. The healthcare IT market is still in an evolving phase and it is dealing with many interoperability challenges in the successful implementation of IT in the healthcare sector.

Competition Landscape

Prominent market players are exploring opportunities for innovations in the scaling economies such as China and India. The service providers are providing patient-centric healthcare solutions to enhance their customer database. They are developing cost-effective solutions to encourage the adoption of their products. Established payers profiled in the global healthcare IT market include GE Healthcare, Siemens Healthcare, Epic Systems Corporation, CareFusion Corporation, McKesson Corporation, Allscripts, Dell, and CERNER CORPORATION.

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