A report by Transparency Market Research (TMR) presents a detailed overview of the global healthcare IT market. The report is titled “Healthcare IT (Provider and Payer) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023”.
The report analyzes the various elements of the healthcare IT market, the market featuring information technology solutions aimed at the digitization the healthcare industry. The information technology industry has offered a variety of solutions with the help of which many legacy healthcare systems and innumerous processes have become automated and computer controlled. The rising integration of such solutions in the modern-day healthcare industry has led to a significant reduction in response time, errors in data storage and processing, and has led to efficient delivery, management, and storage of the vast amount of data in the healthcare industry.
The increasing awareness regarding numerous benefits offered by IT in healthcare has fuelled demand for healthcare IT solutions in the past few years and healthcare IT represents one of the fastest growing sectors of healthcare industry these days.
The report analyzes all the important elements of the market on a global as well as a regional level. For the purpose of study, the market is segmented on the basis of four criteria: delivery mode, application, component of healthcare IT system, and geography.
On the basis of application, the market is segmented into provider and payer. On the basis of delivery mode, the market is segmented into on-premise, web-premise, and cloud-premise. Component-wise, the healthcare IT market is segmented into services, hardware, and software.
The report states that the rising pressure for reducing healthcare costs, the rising demand for digitized healthcare records for making healthcare services more effective, high return on investment from healthcare IT solutions, rising prevalence of a number of chronic diseases, and flourishing medical tourism in Asian countries are some of the key factors driving the global healthcare IT market.
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However, some factors such as the fragmented nature of market, high costs incurred in replacing legacy healthcare systems with digital solutions, and high cost of maintenance of healthcare IT solutions as compared to the manually operated ones are hampering the overall growth of the market to a certain extent. Furthermore, the diverse nature of regulatory scenario in developed and developing countries also adversely impacts the growth of the global healthcare IT market.
The market is highly competitive and features the presence of a large number established and new companies. Some of the key companies in the market are McKesson Corporation, GE Healthcare, NextGen Healthcare Information System LLC, Epic Systems, Cerner Corporation, Siemens Healthcare, Philips, Carestream Health, Inc., Allscripts, Medical Information Technology, Inc., Athenahealth Inc., and Hewlett-Packard.