Technology Spending Administration Healthcare Market: Present Scenario and the Growth Prospects with Forecast 2024
To encash the vast growth opportunities in the core administration segment in the healthcare industry, owing to various government norms like Obamacare or Affordable Care Act (ACA), competitors are also focusing on extensive product development to offer differentiated services.
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According to Transparency Market Research, the global technology spending on core administration in healthcare market sector will exhibit a 5.7% CAGR over the period between 2016 and 2024, rising from US$25,900 mn in 2015 to US$42,317 mn by 2024.
Of the key end users of core administration solutions in the healthcare industry, the payers segment accounted for over 88% of the overall market in 2015 and is expected to remain the key driver of technology spending on core administration in the healthcare industry throughout the forecast period. Geographically, North America dominated, accounted for over 50% of the overall funds spent on enabling technologically advanced core administration solutions in the healthcare industry in 2015. The trend is expected to remain strong over the forecast period as well.
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Rising convergence of a variety of digital platforms for managing and processing the ever-expanding healthcare data, continuously changing healthcare reimbursement reforms and regulations, and digitally empowered consumers are collectively making the healthcare administration space increasingly complex. While at one point cost competition is at the peak in the healthcare industry, payers (insurance agencies) are pressing healthcare providers to switch from a volume-based (payment for service) to a value-based reimbursement module (payment for value).
By requiring that healthcare providers deliver services at lowest costs to patients, value-based reimbursement modules entail more financial risks for providers and critically necessitate the effective management of core administrative processes to cut costs. The situation demands a robust IT infrastructure and an integrated platform wherein the payers can streamline workflows for provider contracting and engagement. In the next few years, the increased need for such platforms will emerge as one of the key drivers of technology spending on core administration in the healthcare sector.
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However, the overall global spending on technology for core administration in the healthcare sector is expected to be negatively impacted due to factors such as the presence of outdated technology and applications across several data collection and delivery nodes, continuously changing healthcare reforms, and ever-changing ways of financial transactions.
The inability of healthcare professionals in using complex or time-consuming features in technologically advanced digital healthcare applications is another key factor deterring the adoption of IT solutions for managing core administrative processes in the healthcare sector. The use of IT solutions by health professionals is growing at a steady pace globally, but it is not uniform. A substantial gap exists between the numbers of providers, which is relatively small presently, the number of consumers who actively use the Internet for any purpose, which is on rise at a rapid pace, and the much larger group of patients and healthcare providers that has not used it or cannot use it.
This review of the present and future scope of technology spending on core administration in healthcare is based on a recent report by Transparency Market Research, titled “Technology Spending on Core Administration in Healthcare Market - Global Industry, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
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