High need for management of regulations, growing need for curbing healthcare costs, government support for hcit, and high returns on investments are major drivers of the market.
Overview
Healthcare it (hcit) is a segment of information technology responsible for the design, creation, and maintenance of systems in the healthcare space. It uses the latest technologies such as zigbee, bluetooth, radio frequency identification (rfid), wlan, wman, wwan, and others. The global healthcare it market report by market research future (mrfr) contains the various developments of the technology in the healthcare industry and its estimations for the period of 2018 to 2023 (forecast period). The impact of covid-19 and its aftermath on the use of healthcare it is included as well.
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Market scope
The global healthcare it market can reach a stupendous valuation by exhibiting a cagr of 15% over the forecast period.
High need for management of regulations, growing need for curbing healthcare costs, government support for hcit, and high returns on investments are major drivers of the market. The rise in digitization of patient records and other paperwork can bode well for the market. Adherence to new policies pertaining to insurance and compliance will be made easier with the help of hcit.
The propagation of the covid-19 virus has led to implementation of hcit systems across the medical industry. For instance, american medical association (ama) announced it would pay clinicians a stipend for providing telehealth services. Hcit can assist patients in home quarantine and preventing unnecessary physical contact. The development of medical applications for tracing patients of covid-19 is one of the biggest benefits of hcit.
Hesitation among healthcare workers and high costs of installation can hamper market growth.
Market segmentation
The healthcare it industry has been considered for products and services, component, as well as end-user.
With respect to products and services, the healthcare it market caters to hcit outsourcing services, healthcare payer solutions, healthcare provider solutions, and others.
The major components discussed in the report are software, hardware, and services.
The top industry end-users are healthcare providers, research centers, healthcare payers, government institutions and third-party administrators.
Regional insight
The american market for healthcare it is in the lead, primarily due to the large-scale healthcare expenditure coupled with the frequent deployment of the latest medical technologies. The us market should perform incredibly well in the coming years, thanks to the soaring need to follow the strict regulatory guidelines, government efforts with respect to ehealth, and the growing need to curb the mounting healthcare costs.
Europe could be the second strongest contender in the global market, owing to the rising pressure to bring down the huge healthcare costs coupled with the frequent technological advances in terms of it in the healthcare industry. Local firms’ efforts to bolster their solution and service portfolio for enhanced profit margins could also work in favor of the european market in the years to come.
Asia pacific could attain the fastest cagr in the coming years, with the rapid development in healthcare infrastructure paired with the expanding number of healthcare it firms in china and india. Increasing funds obtained by the research and development centers, rise in reforms that aim to improve the healthcare infrastructure and the financial assistance provided by the government can further warrant significant prospects for the apac market.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Healthcare IT Market Introduction
2.1 Definition
2.2 Scope of the Study
2.2.1 Research Objective
2.2.2 Assumptions
2.2.3 Limitations
Chapter 3. Healthcare IT Market Research Methodology
3.1 Introduction
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Healthcare IT Market Dynamics
4.1 Drivers
4.2 Restraints
4.3 Opportunities
4.4 Challenges
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Healthcare IT Market Factor Analysis
5.1 Porter’s Five Forces Analysis
5.1.1 Bargaining Power of Suppliers
5.1.2 Bargaining Power of Buyers
5.1.3 Threat of New Entrants
5.1.4 Threat of Substitutes
5.1.5 Intensity of Rivalry
5.2 Value Chain Analysis
5.3 Investment Feasibility Analysis
5.4 Pricing Analysis
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