Healthcare IT Market Impact and Opportunities During Coronavirus Lockdown and Forecast Assessment 2021-2027 | Cerner Corporation, eClinicalWorks, LLC, Epic Systems Corporation

Report Ocean releases its latest report on the global Healthcare IT Market. A combination of information gathered from first-hand sources, qualitative and quantitative assessments of industry analysts, and insights from experts and participants across the value chain is used to calculate the global Healthcare IT Market.

Global Healthcare IT Market Overview

Health information technology (HIT) refers to the area of healthcare that deals with the IT systems that healthcare professionals utilize for handling patient data. In simple words, it refers to the computerized systems used by healthcare providers, patients, or their attendants for storing, sharing, and interpreting health information. Information technologies play a crucial role in communications. Healthcare Information Technology standards, patient privacy rights, and well-being call for a reliable, stable, and secure network that is simple to use. At the same time, it should be but opaque enough and well-protected from unauthorized users, hackers, and the like.

The global healthcare IT market was at USD 66.23 Billion in 2019 and is projected to reach USD 125.23 with a CAGR of 10.7 % by 2026.

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Growth Drivers

 Increasing prevalence of chronic diseases

Chronic diseases such as heart ailments, cancer, and diabetes are rising worldwide owing to an increase in the elderly population, changes in lifestyle, deteriorating environmental factors, and pollution. Such chronic conditions call for long-term medical attention. Moreover, a majority of chronic diseases are also potentially debilitating. In response to these growing concerns, some health care organizations are instituting chronic disease management (CDM) with the help of healthcare IT.

These programs will help reduce the incidences of preventable hospitalizations and also prevent adverse events by managing the health of patients with chronic conditions more effectively and comprehensively. Many organizations are implementing health information technology (health IT) to facilitate their chronic disease management programs. This would drive the market growth in the forecast timeframe.

Artificial intelligence to integrate with Healthcare

With time, the demand for performing tasks promptly and effectively, while providing valuable insights, is growing by leaps and bounds in the healthcare industry. The companies are looking to integrate Artificial Intelligence (AI) with the latest technology to analyze big data sets with predictive analysis. 30% of the healthcare cost is associated with administrative tasks. With AI, some of these tasks can be automated to reduce labor costs and save money. Fitness products such as FitBits and Smart Watches use AI technology to analyze data and alert users and their physicians about potential health issues and risks. Moreover, by integrating AI in healthcare research studies, researchers are trying to analyze the neurological codes.

For example, by using Brain-computer interfaces (BCIs) backed by AI, researchers are trying to decode the neural activities associated with the intended movement of a particular body part so as to control the movement of that particular body part manually. This shows how much AI can contribute to the healthcare IT market in the upcoming years. IT giants like IBM and Google are already using AI for the healthcare industry. For example, IBM’s Watson is used for determining the treatment location for cancer patients, while Google Cloud’s Healthcare API makes it easier for HealthCare apps to collect, store and access the health data of the customers.

The reports include an in-depth analysis of macroeconomic indicators, market trends, and underlying factors, as well as market attractiveness by segment. The reports include a qualitative impact map of different market factors. COVID-19 (Corona Virus) had an impact on the product industry chain based on upstream and downstream markets, on regions and countries, and the future development of the industry.

The reports on the Global Healthcare IT Market provide readers with a better understanding of the market and competitive landscape to support better decision-making. Report contents include an overview of participants, revenue results, sales volume, gross margin, capital investment, and global Healthcare IT Market growth rates.

Researchers gather and validate the market size and demand information with market experts. They also examine the geographical distribution of the Healthcare IT Market. Top manufacturers, distributors, traders, and dealers use these market studies to gain insights into the industry. It will provide an overview of the product, the market, the driving forces, the risks and opportunities, and the research findings.

Impact Analysis of COVID-19

A detailed study of Covid-19 impacts the Healthcare IT Market is provided in the report.

The World Health Organization has declared Covid-19 a global health emergency due to its impact on thousands of people worldwide. The Coronavirus disease, which already affects these groups, had affected Healthcare IT Market segments.

While the death toll continues to climb, the economic damage is already evident, making this the world's worst economic shock in decades.

Chaos can lead to several undesirable outcomes, including restaurant closings, flight cancellations, travel restrictions, indoor event venues losing permits, customer confidence eroding, stock markets fluctuating, and citizens becoming anxious.

The report extensively examines the fundamental aspects of the Global Healthcare IT Market, including its future prospects and competitive landscape. The Porter's Five Forces analysis of the Healthcare IT Market provides insight into the factors influencing its growth. This market study breaks down the Healthcare IT Market into segments, regions, and players in order to present an accurate picture of the current market environment. The study also includes macroeconomic and microeconomic analyses. Several graphs and charts appear in the report effectively.

Regional Overview

An analysis of the Healthcare IT Market at the country level looks at segments classified as potentially high-growth, countries with the largest market share, and countries with the best growth prospects. Among the regional breakdowns in the Healthcare IT Market study are North America (USA, Canada), South America, Asia Pacific (China, Japan, India, Korea), Europe (Germany, UK, France, Italy), Other countries.

Leading Competitors

The leading prominent competitors in the global Healthcare IT Market are:

Key significant players for the global healthcare IT market are Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Carestream Health, Inc, Cerner Corporation, eClinicalWorks, LLC, Epic Systems Corporation, GE Healthcare Limited, McKesson Health Solutions LLC, Philips Healthcare Informatics, Inc., amongst several others.

Scope of the Report

The global Healthcare IT Market segmentation focuses on:

By Application

●      Electronic Health Record

●      Computerized Provider Order Entry Systems

●      Electronic Prescribing Systems

●      PACS, Laboratory Information Systems

●      Clinical Information Systems

●      Tele-Healthcare, Others

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