Healthcare IT Market size Will Hit At A CAGR Of 15% By 2023, Covid-19 Impact Analysis, Industry Growth, Technology Trends, Top IT Company Share, SWOT Analysis, Cost Estimation

Healthcare IT Market Insight

Healthcare IT is a briskly growing market, witnessing a massive uptake of IT solutions by the increasing numbers of healthcare centers, worldwide. Moreover, substantial technological advancements escalate the market on the global platform, allowing rapid deployment of reasonably low-cost solutions.

According to a well-known research firm, Market Research Future (MRFR), the global healthcare IT market is projected to garner exponential accruals by 2023. In its recently published analysis, MRFR also asserts that the market would register a CAGR over 15% throughout the forecasting period (2017 – 2023).

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Additionally, the aggregate demand for improved healthcare facilities drives healthcare IT market, prompting the demand for data systems management. Various advantages that healthcare IT (HCIT) offers, including high ROI and reduced expenditures are propelling the growth of the market.

Moreover, increasing demand to curtail healthcare costs and government support for HCIT solutions, would foster the market growth over the forecast period. Also, the ever-increasing population and urbanization provide a significant impetus to the market growth, augmenting the demand for automated procedures while prompting the need for quality healthcare more than ever.

Improving economic conditions, worldwide, would certainly play a vital role in the growth of the market, enabling access to the quality of life & improved healthcare.

Conversely, the high cost associated with the development & maintenance of healthcare IT tools, reluctance among medical professionals towards the adoption, and other technical complexities are factors impeding the market growth to an extent.

Nevertheless, substantially significant investments and the increased government funding transpired in R&D activities for advancing the technology would support the growth of the market over the assessment period.

Impact of Covid-19 Outbreak on Healthcare IT Market

Healthcare IT has attained the position that it has been wanting to for a long time due to COVID-19. Remote monitoring, AI-powered assessment apps and devices, and telehealth platforms have all become a new norm.

Before the start of COVID-19, healthcare IT remained just a concept. As per a study showed in the US alone, 82% of consumers did not use such services due to the lack of improper infrastructure and awareness. Additionally, its reliability and effectiveness were also questioned.

However, with the spread of coronavirus, healthcare institutions and regulatory bodies had to turn to alternative ways of providing healthcare while limiting exposure to the virus. Various organizations and institutes, such as The Academy of Family Physicians and the American Medical Association (AMA), released related guidelines in support of promoting Healthcare IT or digital healthcare. For instance, AMA stated that Medicare administered by the Centers for Medicare & Medicaid Services (CMS) would temporarily pay clinicians to provide telehealth services for beneficiaries residing across the entire country. Additionally, the Trump Administration and the Department of Health and Human Services (HHS) also waived off potential HIPAA penalties for good faith use of telehealth during the emergency.

Healthcare IT not just helps to curb the spread of the virus by limiting exposure but also helps reduce the inevitable burden that virus outbreaks can place on an already stretched health service. There is a shortage in the number of physicians and hospital beds. Here healthcare IT comes as a savior in reducing unwanted physical contact.

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Global Healthcare IT Market – Segmentations

The report is segmented into four market dynamics to widen the scope of understanding,

By Product & Service: Healthcare Provider Solutions (hospitals, ambulatory care centers, home healthcare agencies, nursing homes, assisted living facilities, pharmacies, diagnostic & imaging centers, others), Healthcare Payer Solutions (private payers and public payers), and HCIT outsourcing services, among others.

By Component: Software, Services, and others.

By End-user: Healthcare Providers, Healthcare Payers, Research Centers, and others.

By Regions: Europe, North America, Asia Pacific, and Rest-of-the-World.

Global Healthcare IT Market – Geographical Analysis

North America would continue leading the global healthcare IT market, creating a larger revenue pocket. The presence of a large number of notable players capable of delivering a wide range of customized solutions and substantial investments is a significant factor driving the regional market growth. Additionally, factors, such as large technological advancements and the extensive uptake of software solutions for healthcare administration and high-quality health care systems are boosting the growth of the regional market. Moreover, the availability of modern medical technology and the complimenting resources foster market growth in the region.

The healthcare IT market in Europe takes the second lead globally. Advances in technologies and the augmented adoption of clinical management software among healthcare providers, mainly in the UK, Germany, and France are some of the key factors supporting the regional market growth. The resurging economy is playing a crucial role in the market growth in the region, increasing per capita healthcare expenses. Also, the adoption of social media platforms by healthcare providers is contributing to regional market growth.

The Asia Pacific healthcare IT market is emerging as a profitable market, heading with the high uptake of technology. The trending digitalized patient records in healthcare organizations is a key driving force behind the market growth in the region. The market in China, Japan, and India contribute to the growth of the regional market. These markets are driven by the augmenting demand for healthcare IT, increasing numbers of healthcare software solution providers, and increasing healthcare expenditures.

Global Healthcare IT Market - Competitive Analysis

The healthcare IT market appears to be highly competitive due to the presence of several well-established players. These players incorporate strategic approaches such as acquisition, collaboration, expansion, and technology launch in order to gain a competitive advantage and thus to maintain their positions in this market. Other strategies adopted by vendors are greater commercialization of their products through promotion initiatives and collaboration.

Healthcare IT Market Major Players:

Players heading the global healthcare IT market include Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions, Inc. (the US), Infor, Inc. (the US), Oracle Corporation (US), McKesson Corporation, (US), Dell Technologies (US), Athenahealth, Inc. (the US), Cognizant Technology Solutions Corporation (US), Koninklijke Philips N.V. (the Netherlands), IBM (US), and Conifer Health Solutions (US), among others.

Healthcare IT Industry Innovation/Industry/Related News:

August 13, 2019 ---- Comport Healthcare Technology Solutions (the US), IT services partner company released some new recommendations on the benefits of Cloud Object Storage when used for the healthcare industry. Object storage offers an additional way to store the massive amounts of data collected by healthcare organizations and organizations. Besides, Object storage provides a way to replace older, legacy options with a newer, more streamlined option.

Opting for object storage allows healthcare facilities to streamline the process of accessing data when required. This approach makes the patient data inaccessible to unauthorized users and always available for authorized personnel. Also, object storage allows providers to make the best choices for their data protection and to improve patient care continually.

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Contact:

Akash Anand

Market Research Future

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About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

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In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

NOTE: Our team of researchers are studying Covid-19 and its impact on various industry verticals and wherever required we will be considering covid-19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.

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