The healthcare industry is witnessing rapid technology enabled changes. Doctors and Physicians are leveraging digital technology to deliver better healthcare services and create effective system across the healthcare value chain. Healthcare information technology is expected to grow at a robust rate during the forecast period creating substantial opportunity for players across world. Emergence of various lifestyle and therapeutic application based apps has also boosted the market. Though the industry is expected to witness upward trajectories, industry leaders might face stiff competition from new entrants as well as changing technology dynamically. The industry leaders need to keep abreast with technology to differentiate them from rest.
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At present, the information technology has become an integral part of the healthcare settings or infrastructures as it help address the requirements of today and be prepared for tomorrow. Modern high-tech hospitals and other healthcare settings make available a unified matrix of patient records, imaging results as well as his medical history and related information. The healthcare (HC) IT services, which is provided by a range of global HC solution and service providers help furnish the right information at the right place at the right time. Therefore, healthcare information technology solutions and services help enable improved patient care with superior hospital management.
Process Execution and emergence of healthcare apps has drastically boosted healthcare information technology in last few years
Healthcare information technology is gaining prominence across the world owing to its added advantages including better access to patient information. Introduction of social media platform along with handy mobile devices has bridged the gap between payers and providers. Moreover, big data concept has led chained hospitals to understand the patient in more logical way thereby driving the market to its high potential.
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Increasing number of surgical interventions, rising demand for improved healthcare services, demand for high-tech hospitals and clinics and increasing patient population would further boost the healthcare IT services market globally. Demand for improved healthcare services are increasing due to increasing incidences of chronic health issues, such as hypercholesterolemia, diabetes and rising number of infectious diseases and rising geriatric population of the world.
Coherent Market Insights has segmented the industry into:
- By Application
- By End-use
- By Services
By end-use, healthcare information technology services can be categorized into four major segments – hospitals, laboratories, pharmacies, and other healthcare institutions.
On the basis of platform, healthcare information technology market is segmented into on-premise, web-based, and cloud based servers.
On the basis of services, healthcare information technology services are segmented as:
- Medical Imaging Professional Services
- Revenue Cycle Management Services for Hospitals
- Accountable Care Organization Services
- Document Management Services
- Business and Regulatory Support Services
- Managed Services
- Point-of-care Decision Support Services
- Evidence-Based Decision Support Services
- Ordering and Inventory Management Services
- Homecare & Hospice Support Services
- Medical Billing and Coding Services for Physicians
- Practice Consulting Services
- Patient Care Solutions & Services
- Other Medical-Surgical-Laboratory Services
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Need for integration of payers and provider to optimize cost and service efficiency is expected to reshape the healthcare IT industry in North America
Geographically, North America accounted for the largest market for healthcare information technology services followed by Europe. These regions dominate the overall healthcare IT services market owing to presence of healthcare infrastructure. However, Asia Pacific is expected to be the most lucrative market for different healthcare IT services due to the improving healthcare awareness, rise in healthcare expenditure, booming IT industry and patient demographics. Asia Pacific is mainly driven by China and India. As per the estimates, China and India are expected to account for over 50% of regional market by 2024.
Healthcare information technology services market is consolidated with leading players accounting for major share of the market
Some of the major players operating in the healthcare IT services market include, Carestream Health, Inc., Epic Systems Corporation, Cerner Corporation, GE Healthcare, McKesson Corporation, NextGen Healthcare Information Systems, LLC, Philips Healthcare, Merge Healthcare Incorporated, Agfa HealthCare NV, and Siemens Healthcare among others.
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