Rising incidence of chronic illnesses and adoption of computerized physician order entry (CPOE) are expected to fuel growth of the global healthcare IT market. By 2020, revenues will increase from USD 41 billion in 2013 to 105 billion.
Healthcare IT reduces operational costs and medical errors. Increased governmental spending towards development of IT-compatible healthcare infrastructure will aid growth. Technological innovations in the healthcare IT space will also prove beneficial. Advanced software like patient management system, hospital information systems, e-prescribing systems will encourage adoption of healthcare IT. Moreover, trends like cloud computing and interoperability serve as enablers of growth.
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The global healthcare IT market is classified according to applications and geographies. There are eight application segments viz. electronic prescribing systems, electronic health records (EHR), lab information systems, computerized provider order entry systems, clinical information systems, PACS – picture archiving and communication system, telemedicine and telehealth, and others.
Telehealth and telemedicine each held over 41% of the total market in 2013. High usage rates and associated benefits are responsible for this high performance. An important advantage is the easy transfer of information via telecommunication technologies. Rising preference for home-based healthcare so as to avoid prolonged hospitalization is driving demand.
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EHR are projected to grow at a CAGR of 14.7% from 2014 to 2020. In 2020, they will contribute revenues worth USD 27 billion. Factors facilitating this growth include interoperability and user-friendliness. Information obtained from these records enables swift decision-making in medical emergencies. Low maintenance cost is another positive characteristic of this application.
Main geographical segments are Asia Pacific, Europe, North America, and Rest of the World (RoW). North America was the largest regional market in 2013. It generated almost half of the total global revenues that year. This was fueled by superior infrastructure and supportive government policies such as EHR incentive programs under Medicare and Medicaid. High patient awareness is also conducive to growth.
Europe’s share in global revenues in 2013 was USD 11 billion. Asia Pacific will register substantial growth over the next six years. Higher disposable incomes and healthcare spending are the chief growth contributors.
Key market players are Philips Healthcare, GE Healthcare, Agfa Healthcare, and Hewlett-Packard. Other notable vendors include Athenahealth Inc., E-MDS Inc., and Carestream Health eClinicalworks. Consolidation by way of collaborations, mergers, and acquisitions is the chief growth strategy. Participants compete by entering into untapped customer segments and markets.
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