Healthcare IT market is expected to grow over the forecast period owing to the increasing prevalence of chronic disorders such as diabetes, cardiovascular diseases, and cancer. The other drivers for this market are government initiatives to provide better healthcare facilities for its people and the need for excellent healthcare systems to curb expenses. The use of information technology in the healthcare sector is to develop, implement and improve information systems for the industry. The main objective of healthcare IT is to decrease paperwork, improvement of healthcare quality, enhance healthcare accuracy, increase efficiency and by reducing error while maintaining medical records.
The other benefits attached to this market are reducing healthcare costs by computerizing processes and helps in providing the real time data, so that these data can be retrieved as per the requirement. Till 2012, the global healthcare IT was valued at USD 36.15 billion and it is expected to grow at a double digit CAGR i.e. 14.2% during 2014 to 2020. As the popularity of the computerized physician order entry (CPOE) adaptation is increasing, so that error in regards to medical records could be controlled. Healthcare IT has a huge opportunity over the forecast period as it has an ability to identify and detect infectious and chronic diseases and will push government to expedite the adoption process.
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Application Insights
Healthcare IT market is segmented on the basis of application into computerized provider order entry systems, electronic health records, PACS, lab information systems, electronic prescribing systems, telehealth and telemedicine. Among these, telehealth and telemedicine are dominating the whole market. Telehealth is one the best example of collaboration between technology and healthcare. With the help of telecommunication technologies we can deliver the healthcare services and information. Increasing incidences of chronic diseases such as, hypertension, chronic obstructive pulmonary disease (COPD), asthma and diabetes is also the factor increasing the demand for home healthcare. Changing preferences of patients for avoiding hospital stays is also a major factor driving this market. There had been a lot of technological advancements introduction in the area of telecommunication such as, TEEVE (Tele-immersive environment for everybody) and SIP (session initiation protocol). As of 2013, electronic health records witnessed the largest revenue share as it constantly records and update the patient information, based on the encounters reported by healthcare establishments. This system is user friendly and interoperability are the significant features of this system. Additionally, it is very effective tool during the case of emergency as it provides real time information.
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Regional Insights
Geographically, the Healthcare IT market is studied with respect to four regions such as North America, Europe, Asia Pacific and RoW. Among these North America is dominating the whole market as it has strong presence of R&D, and increasing sophisticated healthcare infrastructure. U.S government has implemented industry friendly initiatives and introduction of incentive programs such as, EHR (electronic health records) by Medicare and Medicaid. In the recent years Europe has shown the tremendous growth. The privately held hospitals such as Helios and Sana, covers huge opportunities for future growth and with high unmet medical needs in European countries, such as Russia and Poland will drive the European healthcare IT market. Asia Pacific market is expected to show fruitful CAGR during the forecast period owing to the rapidly developing healthcare infrastructure are improving patient awareness, and various government initiatives.
Competitive Insights
The major market players in the Healthcare IT market are, Philips Healthcare, Agfa Healthcare, Mckesson Corporation, Carestream Health, GE Healthcare, E-MDS Inc., eClinicalworks, Athenahealth Inc., Carestream Health and Hewlett-Packard.
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