Healthcare IT market will grow phenomenally by 2023, registering a double digit CAGR of 15% during the assessment period
Healthcare Information Technology (IT)/ (HCIT) refers to a vast field that applies IT for designing, creating, using, and maintaining the data systems in the healthcare sector. Healthcare sector is growing rapidly with the technological advancements and so is growing the data generation, by leaps and bounds. The collective demand for improved healthcare facilities is further fuelling the growth in the sector, prompting the demand for the data systems management.
In such a scenario, Healthcare IT Industry is exceeding helping them to manage regulatory compliance, allowing the exchange of health-related information electronically among numerous organizations. Among several technologies used in the healthcare IT include, Bluetooth, WLAN, WWAN, WMAN, ZigBee technology, and Radio Frequency Identification (RFID), among others.healthcare software companies
Needless to say that with the IT intervention, the healthcare sector is able to curtail a huge amount of expenditures which is predominantly driving the demand and the growth in the HCIT market. Additional factors such as advantages of HCIT including high return on investment are escalating the market on farther heights on the global platform.
Recognizing the rapid expansions the market is witnessing currently, Market Research Future (MRFR) in its recently published study report, asserts that the global Healthcare IT market will grow phenomenally by 2023, registering a double digit CAGR of 15% during the assessment period (2018– 2023).
The increasing need to curtail healthcare costs and government support for HCIT solutions, are some of the factors expected to drive the market over the forecast period. Simultaneously, a huge uptake of HCIT is propelling the market growth to an extent. Also, other factors contributing to the market growth include ever-increasing population & urbanization which fuel the growing demand for automated procedures, across the world, prompting the need for quality healthcare more than ever.
Improving economic conditions provide impetus to the market growth, enabling access to the quality life & improved healthcare worldwide. Substantial investments made into R&D activities by the market players along with the increased governmental interests and funding transpired for advancing the technology is paying off well creating a larger revenue pocket.
Conversely, the cost of development and maintenance which is slightly on a higher side along with the reluctance among medical professionals to adopt advanced healthcare IT tools and other technological complexities hamper the growth of the global Healthcare IT Market.
Healthcare Software Companies — Segments
Global Healthcare IT Market is segmented into four Key dynamics for an easy grasp and enhanced understanding.
By Products & Services: Healthcare Provider Solutions (hospitals, ambulatory care centers, home healthcare agencies, nursing homes, assisted living facilities, diagnostic and imaging centers, and pharmacies.), Healthcare Payer Solutions (private payers and public payers), and HCIT outsourcing services, among others.
By Components : Services, and Software, others.
By End-Users : Healthcare Providers, Healthcare Payers, and Research Centers.
By Regions : North America, Europe, APAC and Rest-of-the-World.
Healthcare IT Market — Geographical Analysis
North America Healthcare IT market backed by the presence of well-established players & investments accounts for the leading market, globally, holding the largest market share. Healthcare IT companies in the region are well-capable of delivering a range of customized solutions. Furthermore ample availability and extensive uptake of software solutions for healthcare administration, high-quality health care systems, and modern medical technology along with the availability of complimenting resources drive the regional market growth.
The Europe market stands the second largest market for Healthcare IT, globally, owing to the technological advancement and the augmented adoption of clinical management software among the healthcare providers mainly in the UK, Germany, and France coupled with the resurging economy in the region which is the consumers’ purchasing power. Furthermore, healthcare providers in the region are adopting social media technologies, which is supporting the market growth in the region.
The Asia-Pacific market is expected to register the highest CAGR in the years to come, owing to the growing market in the countries such as India, China, & Japan backed by the augmenting demand for healthcare IT, increasing healthcare expenditures and increasing number of healthcare software solution providers. These factors are also supporting the emerging trend of digitalization of patient records among healthcare organizations in this region.
Markets of the Gulf nations, mainly Saudi Arabia and UAE are expected to turn the tables in the MEA (the Middle East & Africa) market registering a remarkable growth. Healthcare IT market in Africa is expected to witness a sluggish growth due to unfavorable economic and political conditions.
Healthcare IT Market — Competitive Analysis
The global Healthcare IT market appears to be highly competitive and diversified with the presence of several technology giants, playing on the global level. These players are heavily investing in R&D, global expansion, advanced technologies and technology the launch to gain the competitive edge in the market.
Key Players:
Cerner Corporation (US), Epic Systems Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Oracle Corporation (US), McKesson Corporation, (US), Infor, Inc. (US), athenahealth, Inc. (US), Cognizant Technology Solutions Corporation (US), Dell Technologies (US), United Healthcare Group (US), McKesson Corporation (US), GE Healthcare (UK), Wolters Kluwer (Netherland), Koninklijke Philips N.V. (The Netherlands), IBM (US), Conifer Health Solutions (US), 3M health Information Systems (US), Kronos Incorporated (US), Lexmark Healthcare (US), Anthelio Healthcare Solutions Inc. (US), Orion Health (New Zealand), Syntel Inc. (US), Spok Inc. (US) and CSI Healthcare IT (US) are some of the leaders driving the Global Healthcare IT Market. Profiling them in its analysis MRFR finds out their strategies that place them at the forefront of competition.
Innovation/Industry/Related News:
July 17, 2018 — Tyde (Australia), a digital health start-up announced receiving the government’s highest level security accreditation for its ‘My Health Record-connected app’. With this Tyde has become the first digital consumer healthcare platform to achieve this recognition. Tyde is further poised to receive the gold standard status in August this year.
The Australian Signals Directorate, the nation’s cyber spy agency will finalize its Information Security Registered Assessors Program validation process following a rigorous process to determine Tyde’s security defenses.
July 17, 2018 — Health Catalyst (US), a data warehousing, analytics platform company launched its new hospital safety surveillance analytics. The new patient safety software can help detect the early risk of potential harm to patients while they’re in the hospital. The new surveillance module aims to help hospitals protect patient safety by deploying predictive analytics to monitor, predict and prevent inpatient risk.
June 25, 2018 — HCS (US), a leading provider of an all-in-one healthcare information technology platform demonstrated its Leading Clinical & Financial IT Platform at the Long Term & Post-Acute Care (LTPAC) Health IT Summit 2018, held at Washington D.C.
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