Healthcare IT Market Set to Record Exponential Growth by 2020

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.

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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.

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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.

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