Healthcare IT market size expected to exceed USD 230 billion by 2023

Healthcare IT market size is expected to exceed USD 230 billion by 2023 growing at a CAGR of over 14% from 2016 to 2023. It enables safer exchange of health related information in the midst of governments, insurers and consumers.

Asia Pacific healthcare IT market size is estimated to witness significant growth owing to increasing healthcare expenditure, increasing occurrences of chronic diseases, increasing per capita income, rising medical tourism, rapidly developing healthcare infrastructure as well as growing health awareness among middle-class residents in budding nations is likely to drive industry growth. Countries such as China, Brazil and India are expected to provide huge growth avenues to industry participants owing to increasing government focus on delivering economical, efficient and on time delivery of quality care through effective implementation of healthcare solution.

Europe healthcare IT market size was valued at USD 11.6 billion in 2013. Increasing number of healthcare service providers namely Sana & Helios accompanied by existence of well-established and sophisticated infrastructure facilities are estimated to propel the industry demand over the forecast period.

The growth in the industry can be subjected to rising need to comply with regulatory guidelines accompanied government initiatives for the eHealth market. Rising needs to limit intensifying healthcare costs and high return on investment is anticipated to drive the industry growth over the forecast period.

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The spur in the healthcare IT market can be mainly attributed to increasing adoption of numerous healthcare IT solutions by healthcare professionals to meet regulatory needs for patient’s safety and care. In addition, mounting need to improvise the quality of healthcare along with maintaining the operational efficiency of the healthcare organizations is estimated to positively impact the industry growth over the forecast period. Proliferating adoption of Computerized Physician Order Entry (CPOE), increasing global patient base and technological innovations is expected to boost the industry demand from 2016 to 2023. Moreover, benefits offered such as reduction in operational cost, lesser number of errors in medical facility along with ascending successful outcomes is anticipated to fuel the industry growth.

Advent of cloud computing along with interoperable systems used in detection and identification of infectious diseases and tracking occurrence and frequency rates of chronic diseases might serve as a vital rendering factor for the industry growth. In addition, introduction of sophisticated software’s such as ambulatory care management systems, hospital information systems, patient management system, e-prescribing systems, electronic medical record and electronic health record are likely to elevate the industry demand.

Rising implementation of software solutions namely data mining, clinical decision support system, and clinical trial management system is anticipated to positively impact the industry. In 2013, telehealth and tele market collectively accounted for around 42% of the industry share owing to significant usage and ease of information transfer with the help of telecommunication technologies offered by the system. The surge in the segment can be dedicated to shifting customer predilection to avoid hospital stays and rising demand for home healthcare facilities.

The healthcare IT industry can be segmented on the basis of product and end user. On the basis of product, the industry can be segmented into RIS, EHR, PACS, CPOE, VNA, mHealth, healthcare analytics, telehealth, supply chain management, CRM, fraud management, claims management and revenue cycle management. Based on end user the industry can be segregated as provider and payer.

North America healthcare IT market was the largest regional segment accounting for more than 45% of the global share in 2014. Presence of highly developed medical facilities, significant adoption of HCIT technologies along with encouraging government initiatives namely implementation of electronic health record systems and health information exchanges (HIEs) is expected to surge the industry demand. In addition, incentive programs by Medicare and Medicaid along with high patient awareness levels paired with reasonably high expenditures is also expected to drive the industry demand over the forecast period.

Key industry participants occupying major healthcare IT market share include Philips Healthcare, Hewlett-Packard, Agfa Healthcare, NextGen Healthcare Information System LLC, Allscripts Healthcare Solutions Inc, Siemens Healthcare, E-MDS Inc., GE Healthcare, Athenahealth Inc., Sap AG, McKesson Corporation, Carestream Health, EPIC Systems, Cerner Corporation, Oracle Corporation, eClinicalworks and Carestream Health McKesson Corporation.

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