Technology Spending on Core Administration in Healthcare Market Size to Grow at a CAGR of 5.1% During the Forecast Period 2020–2025

Technology Spending on Core Administration in Healthcare Market size is estimated to be $27.8 billion in 2019, growing at a CAGR of 5.1% during the forecast period 2020-2025. With the increased use of electronic medical records (EMR), telehealth services and mobile technologies including tablets and smartphones, physician and patients can witness the benefits of technologies which in turn is boosting the market growth. Moreover, the ability to store, share and analyze health information is directly tied to improved technology. The use of technology increases provider capabilities and patient access while improving the quality of life for patients. Furthermore, advances in new technology, such as edge computing, IoT and cloud storage, are anticipated to generate sufficient prospects for propulsion of the market growth of Technology Spending on Core Administration in Healthcare. Moreover, the use of content delivery network and service-oriented architecture to provide service to the end-users is further contributing to its market growth. Besides this, developments by key players is another factor contributing to its market growth. For instance, Health Solution Plus Inc., an innovative provider of enterprise class software solution for health care payers and IT organization provides HSP iConnect introducing easier integration with broad based delivery and access from any web enabled and mobile device which provides the ability for health plans, their members and providers to access information in real-time and process claims in real-time in a secured environment.

Technology Spending on Core Administration in Healthcare Market Segment Analysis - By Deployment Model

By Deployment Model, the Technology Spending on Core Administration in Healthcare Market is segmented into Cloud-Based and On-Premise. Among these the cloud-based accounted for the largest market share in 2019 owing to the ease of storing huge amount of data. Cloud based is also expected to grow the fastest CAGR of 5.7 % during the forecast period 2020-2025. Moreover, the basic premise of cloud-computing is on demand owing to the availability of computer resources for data storage and computing power to store patient’s records. In addition, cloud computing allows healthcare providers to gain easy access to the patient data collated from numerous resources, share it with the important stakeholders and give out timely prescription and treatment protocols. It also diminishes the distance between the specialist allowing them to review the cases and give their views irrespective of the geographical limitation. Besides this, the patient’s data in the cloud also promotes interoperability among the various segments of the healthcare industry including pharmaceutical, insurance and payments which allows seamless transfer of data between the different stakeholders thus accelerating healthcare delivery and introducing efficiency in the process. Thus, these are key benefits of using cloud-based in healthcare which is turn is boosting its market growth.

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Technology Spending on Core Administration in Healthcare Market Segment Analysis - By End-User

By End-User the Technology Spending on Core Administration in Healthcare Market is segmented into Payers and Providers. Providers segment held the largest market share in the year 2019 owing to the quick access of patient records for more coordinated and efficient care. Moreover, a healthcare provider is basically a hospital or clinic that provides an in or outpatient medical service or procedure. Securely sharing electronic information with patients and other clinicians. Besides this, helping provider such as hospitals to more effectively diagnose patients, reduce medical errors and providing safer care. Technological advancements and growing innovation of storing patient’s information on EHR is further contributing to its market growth.

Technology Spending on Core Administration in Healthcare Market Segment Analysis - By Geography

North America accounted for the highest market share of 34% in the Technology Spending on Core Administration in Healthcare market in 2019 owing to the technological development, improved industrial infrastructure, presence of large dominant players and a higher rate of adoption of new technologies in the region. Moreover, Technology Spending on Core Administration in Healthcare in APAC is expected to grow at highest rate during the forecast period owing to the rising adoption of cloud-based services, IOT devices, big data analytics research and development activities across different end user verticals. Consequently, shifting the workloads to cloud by small, medium and large organization in order to improve the efficiency and productivity of business is boosting the market growth of Technology Spending on Core Administration in Healthcare.

Technology Spending on Core Administration in Healthcare Market Drivers

Growing adoption of IOT Devices

The Internet of Things (IOT) connects devices with other devices and humans in a variety of ways to gather analyze and act upon data. With the growth of IOT and introduction of IOT products, IOT results in IOT becoming a heavily dependent on cloud infrastructure to process, store and analyze the enormous amount of data gathered by sensors, trackers and monitoring devices in a broad range of ways.

Increase Demand of Storage Space

Increasing Demand of Storage Space in Healthcare Industry to provide a better quality of life to patients, is a major factor contributing to its market growth in the upcoming years. As it serves a large number of patients; there is a need for IT infrastructure that remains available throughout the year to accommodate internal and external services needed. The transfer of workloads to the cloud thus helps healthcare industry to ease their work by maintaining patient’s records thereby propelling the demand of Technology Spending on Core Administration in Healthcare market during the forecast period 2020-2025.

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Technology Spending on Core Administration in Healthcare Market Challenges

Data Security Issues

Data Security Issues serves as a setback for the growth of Technology Spending On Core Administration In Healthcare market during the forecast period 2020-2025. Small and medium-sized organization hesitate to adopt to Technology Spending On Core Administration In Healthcare owing to handle large amount of data and security concerns. Moreover, with the use Distributed-Denial of Service and Shared Technology Spending on Core Administration in Healthcare with organization leads to security issues is restraining its market growth.

Technology Spending On Core Administration in Healthcare Market Industry Outlook

Product Launches, Merger & Acquisition, joint ventures and R&D activities are key strategies adopted by the players in the Technology Spending on Core Administration in Healthcare Market. Technology Spending On Core Administration In Healthcare Market top 10 companies are Health Solution Plus Inc., ikaSystems Corporation Inc., HealthEdge Software Inc., Plexis Healthcare Systems, Trizetto Corporation, DST System Inc., UPP Technology, Evolent Health, Visiant Health and Healthaxis Group.

Developments:

July 2020: Burlington Massachusetts-based software company Health Edge Software Inc., acquired Alexander based software company The Burgess Group LLC.

Key Takeaways

The cloud-based accounted for the largest market share in 2019 owing to the ease of storing huge amount of data.

Providers segment held the largest market share in the year 2019 owing to the quick access of patient records for more coordinated and efficient care.

North America dominated the Technology Spending on Core Administration in Healthcare market in 2019 owing to the technological development, improved industrial infrastructure, presence of large dominant players and a higher rate of adoption of new technologies in the region.

Increase in the adoption of IOT devices to cloud infrastructure to process, store and analyze the enormous amount of data gathered by sensors, trackers and monitoring devices in a broad range of ways is further contributing to the market growth.

Related Reports :

A. Healthcare Information Systems Market

https://www.industryarc.com/Report/4339/Healthcare-Information-Systems-Market-Research-Report.html

B. Healthcare Provider Network Management Market 

https://www.industryarc.com/Report/16771/healthcare-provider-network-management-market.html

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