The Healthcare IT market is growing rapidly, evolving pervasively mainly due to the extensive uptake of these solutions by the increasing number of healthcare centers, worldwide. Moreover, factors such as the huge technological advancements that allow rapid deployment of services of these low-cost solutions escalate the market on the global platform.
Acknowledging the pace at which the market is climbing up pervasively, Market Research Future (MRFR) in its recently published study report asserts that the global healthcare IT market will garner exponential accruals by 2023, registering a striking 15% CAGR throughout the forecasting period (2017 – 2023).
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The growth of the market is predominantly driven by the collective demand for improved healthcare facilities, prompting the demand for data systems management. Additional factors propelling the market growth include the various advantages of HCIT such as the high return on investment and reduction of the enormous amount of expenditures.
Moreover, factors such as the increasing need to curtail healthcare costs and government support for HCIT solutions, are expected to foster the market over the forecast period. Also, the ever-increasing population and urbanization provide a significant impetus to the market growth, augmenting the demand for automated procedures while prompting the need for quality healthcare more than ever.
Improving economic conditions, worldwide, certainly play a vital role in the growth of the market, enabling access to the quality of life & improved healthcare.
On the flip side, factors such as the high cost of development & maintenance, the reluctance among medical professionals to adopt advanced healthcare IT tools, and other technological complexities are impeding the market growth to an extent.
Nevertheless, substantial investments made into R&D activities and the increased government funding transpired for advancing the technology are expected to support the market growth over the assessment period, paying off well while creating a larger revenue pocket.
Key Players:
Key players leading the global healthcare IT market include Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (the US), Epic Systems Corporation (US), Oracle Corporation (US), Infor, Inc. (the US), McKesson Corporation, (US), Athenahealth, Inc. (the US), Dell Technologies (US), Cognizant Technology Solutions Corporation (US), IBM (US), Koninklijke Philips N.V. (the Netherlands), and Conifer Health Solutions (US) among several others.
Innovation/Industry/Related News:
January 22, 2019 –– Federal healthcare (the US), engaged in several initiatives designed to enhance healthcare delivery for its patient population announced that in this year’s HIMSS19, (to be held between February 11-15, 2019), it will be focusing on collaboration in the healthcare IT.
The goal is to show attendees is that the federal government is interested and engaged in promoting the health IT-related projects – and to showcase the funding opportunities available that stakeholders may want to explore.
This year’s theme of Federal Health IT Pavilion is – collaboration opportunities – how health IT community stakeholders can take advantage of collaboration opportunities with 11 key federal agencies. This specialty pavilion is a place where attendees can interact with federal government agencies that have robust health IT portfolios.
Healthcare IT Market – Segments
The MRFR analysis is segmented into four key dynamics for enhanced understanding.
By Product & Service : Healthcare Payer Solutions (private payers and public payers), Healthcare Provider Solutions (ambulatory care centers, hospitals, home healthcare agencies, assisted living facilities, nursing homes, diagnostic & imaging centers, and pharmacies.), and HCIT outsourcing services, among others.
By Component: Services, and Software among others.
By End-User: Healthcare Payers, Healthcare Providers, and Research Centers among others.
By Regions: Asia Pacific, North America, Europe, and Rest-of-the-World.
Healthcare IT Market – Geographical Analysis
The North American region will continue to lead the global healthcare it market for creating a larger revenue pocket. Factors such as the presence of several well-established players that are well-capable of delivering a range of customized solutions and the substantial investments made by them are driving the growth of the regional market.
Additional factors boosting the market growth include the huge technological advancements and the extensive uptake of software solutions for healthcare administration and high-quality health care systems. The availability of modern medical technology and the complimenting resources drive the growth of the regional market.
The healthcare IT market in the European region is expected to account for the second-largest market, following the North American market closely. Factors supporting the growth of the regional market include technological advancement and the augmented adoption of clinical management software among healthcare providers mainly in the UK, Germany, and France.
The resurging economy in Europe is playing an important role in the growth of the market, increasing consumers’ purchasing power and per capita healthcare expenditures. Furthermore, the adoption of social media platforms by the healthcare providers is supporting the market growth in the region.
The Asia Pacific region, heading with the high uptake of technology, is rapidly emerging as a profitable market for the healthcare IT. The ongoing trend of digitalization of patient records among healthcare organizations is one of the key driving forces behind the growth of the market in this region.
The market in India, China, and Japan heading with the augmenting demand for healthcare IT, increasing healthcare expenditures, and the increasing number of healthcare software solution providers predominantly contributes to the growth of the regional market.
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