Robust Growth at 15% CAGR to be Witnessed in Global Healthcare IT Market from 2020 – 2028
Digital Healthcare Market Size is set to witness spiraling demand in the next couple of years. The recently published report by Market Research Future (MRFR) states that the global healthcare IT market will exhibit growth at 22.25% CAGR during the forecast period 2020 – 2028.
The large-scale penetration of electronic gadgets, bullish trend in the healthcare sector, rising demand for better healthcare facilities, etc. are the factors responsible for the growth of the market. The initiatives undertaken by the governments to escalate digitalization of healthcare sector are also fueling the demand for healthcare IT. The innovations introduced and implemented by the major market players assuring efficiency, saving in time, and, cost-effectiveness have pushed the adoption of the technology all across the world.
The major restraints hampering the growth of the market are high deployment costs, reluctance by medical professionals to adoption of advanced healthcare IT, etc.
Global Healthcare IT Market Segmentation:
By products and services, the global healthcare IT market can be segmented into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services, and others.
The sub-segments under Healthcare provider solutions can be categorized into two major segments, viz. clinical solutions and nonclinical-healthcare IT solutions.
The clinical solutions segment is bifurcated into electronic health records/electronic medical record systems, picture archiving and communication systems and vendor neutral archive systems, computerized physician order entry systems, clinical decision support systems, e-prescribing solutions, radiology information systems, radiation dose management, specialty management information systems, medical image analysis systems, population health management solutions, patient registry software, healthcare IT integration systems, practice management systems, laboratory information systems, mobile health applications, telehealth solutions, and, infection surveillance solutions.
The nonclinical – healthcare IT solutions segment has been further segmented into pharmacy information systems, medication management systems, healthcare asset management software, Workforce Management Systems (WFM), revenue cycle management solutions, medical document management solutions, financial management systems, Healthcare Information Exchange (HIE), supply chain management solutions, healthcare analytics, and, Customer Relationship Management (CRM).
Healthcare payer solutions segment is segmented into pharmacy audit and analysis systems, claims management solutions, analytics and fraud management solutions, member eligibility management solutions, provider network management solutions, billing and accounts (payment) management solutions, customer relationship management solutions, population health management solutions, and, others.
HCIT outsourcing services segment has been segmented into provider HCIT outsourcing services market, payer IT outsourcing services, operational IT outsourcing services, and, IT infrastructure management services.
By component, the global Digital Healthcare Industry can be segmented into services, software, and, hardware.
By end-user, the global healthcare IT market is segmented into healthcare providers, healthcare payers, research centers, third-party administrators, and, government institutions.
Healthcare providers segment is further segmented into hospitals, ambulatory care centers, home healthcare agencies, nursing homes, assisted living facilities, diagnostic, imaging centers, and, pharmacies. Healthcare payers segment has been segmented into private payers, and, public payers.
By region, the market has been segmented into Americas, Europe, Asia Pacific, and the Middle East and Africa. North America market accounts for the largest share of the market owing to its early adoption of technology. The growth in this region can also be attributed to the large-scale prevalence of prominent players in the market. Other factors responsible for the expansion of market in this region are increased research & development activities, technological advancements, etc.
Europe holds the second spot among regional markets and is expected to thrive saliently throughout the assessment period. The mass penetration of social media into healthcare IT has fueled the demand in this region. According to the Medtech Media, over 31% of healthcare providers are using social media for professional networking in this region. Asia Pacific trails Europe in terms of market share and will exhibit the fastest growth during the projection period. The factors contributing towards the growth in this region are initiatives taken by governments, booming healthcare sector, increased healthcare expenditure, the presence of emerging economies, etc. Middle East & Africa market will see an upward trend in market growth due to the thriving healthcare sector, rising demand for better healthcare facilities, increased prevalence of chronic diseases.
The key players profiled by MRFR in its report are Cerner Corporation (U.S.), McKesson Corporation, (U.S.), Infor, Inc. (U.S.), athenahealth, Inc. (U.S.), McKesson Corporation (U.S.), GE Healthcare (UK), Wolters Kluwer (Netherland), 3M health Information Systems (U.S.), Kronos Incorporated (U.S.), Lexmark Healthcare (U.S.), CSI Healthcare IT (U.S.), Spok Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), United Healthcare Group (U.S.), Koninklijke Philips N.V. (The Netherlands), IBM (U.S.), Conifer Health Solutions (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Orion Health (New Zealand), Syntel Inc. (U.S.), and, Epic Systems Corporation (U.S.). The players cross the healthcare IT spectrum employ strategies such as innovative collaboration, agreements, partnerships, acquisitions & mergers, etc. to gain a competitive edge.
Royal Philips, a pioneer in health technology, has forged a long-term strategic partnership with Jackson Health System, one of the leading public health systems in the U.S., based on an Enterprise Monitoring as a Service (EMaaS) model. By the application of the software as a service model, the partnership is expected to re-invent how health systems adopt technology. The model has been designed to enhance the safety of patients and seamless monitoring across the network for a per-patient fee. The unique model will standardize monitoring of the patients at all acuity levels for each care setting across its network.
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