Healthcare IT solutions promise to modernize and streamline healthcare and to connect different stakeholders in the e-health market. Broadly defined, health IT refers to hardware and software, including electronic information systems, used to create, store, transmit, receive and analyze health information. These solutions help in improving the efficiency, cost-effectiveness, quality, and safety of medical care delivery in the healthcare systems across globe. “Meticulous Research” in its latest publication states that, the “global market for healthcare IT is expected to grow at a CAGR of 13.7% from 2017 to 2023 to reach $223,115.1 million by 2023.”
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This growth is primarily driven by the Increasing government initiatives to increase EHR adoption, growing pressure to curb healthcare costs, availability of big data in healthcare, increasing venture capital investments, rising focus on improving patient outcomes, and various technological advancements.
Healthcare institutions across globe are focusing to automate their systems and operational workflows, owing to several benefits of HCIT solutions such as reduced cost, efficient and streamlined transfer of health information, paper less environment, better decision making and reduced errors. Healthcare IT technology supports the maintenance and management of health information in electronic formats, enabling doctors and healthcare professionals to have immediate access to their patients’ medical information.
Healthcare informatics enables high quality and error-free care in efficient and effective ways. Electronic health records provide safer and more reliable prescriptions. They also help in legible and complete documentation of patients’ medical history. Moreover, HCIT solutions enables easier tracking of unforeseen drug interactions with connected healthcare IT systems as well as help to improve decision support. These factors are driving the adoption of HCIT solutions across globe.
As of March 2014, eligible providers participating in Meaningful Use have received USD 22.9 billion in EHR incentive payments since the program’s first payout in 2011. Moreover, over 370,000 providers have earned Meaningful Use incentives. The incentives are helping in faster adoption of healthcare IT solutions among the healthcare providers in the U.S. which is the largest healthcare IT market.
The report provides meticulous analysis of healthcare IT market on the basis of product (EMR, EHR, MHealth, PHM, LIS, RIS, VNA, PACS, RCM, analytics, EDI, SCM, HIE), component (software, service), delivery (web, cloud) & end user (hospital, payor, pharmacy, ambulatory, homecare), and geography.
The key players analyzed in the healthcare IT market are McKesson Corporation (US), Epic Systems Corporation (US), Cerner Corporation (US), Optum Health (US), GE Healthcare (US), Philips Healthcare (Netherlands), athenahealth, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Oracle Corporation (US), Cognizant Technology Solutions Corporation (US), Dell Technologies (US), Optum, Inc. (US), and Infor, Inc. (US).
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