Healthcare IT Market Overview
The healthcare IT market 2020 can procure an approximate growth rate of 15% between 2018 and 2023 (evaluation period), estimates MRFR (Market Research Future). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
COVID-19 Impact on Healthcare IT Market
The novel coronavirus has thrown a curveball at the healthcare industry, with the pandemic having caused large number of deaths across the globe. However, digital healthcare or healthcare IT has emerged as the perfect solution for the public health emergency, in line with the rising use of advanced surveillance systems, increased deployment of wearables to track physiological parameters, novel diagnostic, interactive chat services for SARS-CoV-2 related information and telehealth.
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The spread of the COVID-19 pandemic has prompted regulatory bodies and healthcare institutions to opt for alternative methods to offer services while also curbing their exposure to the infection. Healthcare IT has helped not only control the spread of the novel coronavirus but has also brought down the significant burden SARS-CoV-2 has been putting on the industry. The shortage of hospital beds, physicians and other medical staff has also fostered the demand for healthcare IT, as the latter has helped reduce unnecessary physical contact. These factors ensure that the healthcare IT market observes smooth progress in the following years.
Healthcare IT Market Top Boosters and Barriers
HER or electronic health record has become one of the most essential aspects of the health IT infrastructure. The system enables medical professionals to keep patients’ information in an organized manner and letting them access patient medical records from anywhere. A few other important components of healthcare IT include health information exchange and personal health record. The significant rise in the adoption of these software solutions and technologies has proved to be quite favorable for the healthcare IT industry in recent years. Also, the rising availability of wireless technologies such as WLAN, Bluetooth, WWAN, WMAN, Radio Frequency Identification (RFID), zigbee technology, and more works as a prominent growth booster in the global market.
The rising popularity of the cloud technology in healthcare IT has been the result of the growing need for efficient exchange of information and communication in real-time. Besides, various governments across countries have been giving the green light to several regulatory acts that promote the use of innovative healthcare IT solutions. Therefore, the healthcare IT market can observe phenomenal expansion rate as more and more organizations become aware about the benefits of these systems. A few other encouraging factors can be the need to comply with regulations via healthcare IT solutions, need to bring down healthcare costs and significant return on investment for HCIT solutions.
Sensing the remarkable growth scope of the healthcare IT industry, a number of companies are expected to gain entry in the coming years. Their active involvement along with the robust presence of several established firms renders the global market quite competitive. Many of these vendors are spending considerably on rigorous research and development activities to launch innovative products as well as services in a bid to capture a bigger share in the market. A case in point, in October 2020, Epic Systems announced that close to 190 medical facilities will launch Epic EHR in New York, as the need to address the challenges posed by the COVID-19 outbreak soars. Hospitals are now able to quickly and accurately share patient medical records with other organizations as well as providers that make use of the Epic Systems EHR.
Healthcare IT Market Segmentation
The healthcare IT industry has been segmented depending on products and services, component, and end-user.
With respect to products and services, the market has been considered for healthcare payer solutions, HCIT outsourcing services, healthcare provider solutions, and more.
The components studied in the report are hardware, services as well as software.
Government institutions and research centers, healthcare providers, healthcare payers, third-party administrators, are the top market end-users.
Healthcare IT Market Regional Study
The geographical distribution of the market covers Europe, MEA/Middle East and Africa, America and APAC/Asia Pacific.
With the highest gains in the global market, America is charging ahead backed by factors such as the massive pool of modern medical technologies and well-equipped healthcare systems. Fast return of investments, federal mandates and rising adoption of big data in the healthcare sector also enhance the market size in America.
APAC is projected to speed through at the fastest rate in the years to come, by virtue of the improving economy status and the growing need to bring down the healthcare costs. Rising adoption of digitization in the healthcare industry in India, South Korea and China also benefits the market. Other than that, governments are putting massive efforts in modernizing the existing healthcare technologies and services to bolster patient care across the region, which gives a boost to the healthcare IT market.
Healthcare IT Market Renowned Firms
Dell Technologies (U.S.), Lexmark Healthcare (U.S.), Orion Health (New Zealand), Cognizant Technology Solutions Corporation (U.S.), Koninklijke Philips N.V. (The Netherlands), Cerner Corporation (U.S.), Infor, Inc. (U.S.), United Healthcare Group (U.S.), Spok Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), IBM (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Conifer Health Solutions (U.S.), McKesson Corporation, (U.S.), McKesson Corporation (U.S.), 3M health Information Systems (U.S.), GE Healthcare (UK), CSI Healthcare IT (U.S.), Kronos Incorporated (U.S.), Wolters Kluwer (Netherland), Syntel Inc. (U.S.), Athena Health, Inc. (U.S.), Epic Systems Corporation (U.S.), are some of the top firms in the healthcare IT industry.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Healthcare IT Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Healthcare IT Market Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Healthcare IT Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Healthcare IT Market Factor Analysis
LIST OF TABLES
Table 1 Healthcare IT Industry Synopsis, 2018–2023
Table 2 Healthcare IT Market Estimates & Forecast, 2018–2023, (USD Million)
Table 3 Healthcare IT Market, By Region, 2018–2023, (USD Million)
Table 4 Healthcare IT Market, By Product & Services, 2018–2023, (USD Million)
Table 5 Healthcare IT Market, By Component, 2018–2023, (USD Million)
Table 6 Healthcare IT Market, By End-User, 2018–2023, (USD Million)
LIST OF FIGURES
Figure 1 Research Process
Figure 2 Segmentation For Healthcare IT Market
Figure 3 Segmentation Market Dynamics For Healthcare IT Market
Figure 4 Global Healthcare IT Market Share, By Product & Services 2016
Figure 5 Global Healthcare IT Market Share, By Component 2016
Figure 6 Global Healthcare IT Market Share, By End-User 2016
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