Healthcare IT Market Insights
Market Research Future Report has gathered its latest reports on the global healthcare IT market stating that the market will expand at a noble note while registering a CAGR of 15% until the year 2023. The healthcare IT market growth is majorly attributed to the mounting demand for safety among patients & data accuracy need for shortening healthcare cost, as well as the implementation of various healthcare policies. These promote the use of healthcare IT services in healthcare facilities.
Generally, healthcare IT relates to health and health care while supporting all essential health information and its management across computerized systems. It also includes the secure exchange of health information between consumers, providers, payers and quality market. Moreover, technology is used to advance patient care, communicate with doctors to share information about health and taking actions that will improve every individual patient’s quality of life.
Presently, services and technology have become the fastest-growing profit pool in the healthcare industry since the past years — such a trend driven by the significant potential of technology-based and -enabled innovations. The introduction of substantial technological advances such as recording advanced analytics, machine learning, digitization, the Internet of Things have eventually found numerous applications in healthcare and thus, presents outstanding opportunities to address in the future owing to ample of expenditure by key market players.
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Healthcare IT Market Key Players
Here are the names of some of the best players who are contributing to the global healthcare IT market. They are Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), McKesson Corporation, (U.S.), Oracle Corporation (U.S.), Infor, Inc. (U.S.). Cognizant Technology Solutions Corporation (U.S.), athenahealth, Inc. (U.S.), Dell Technologies (U.S.), McKesson Corporation (U.S.), United Healthcare Group (U.S.), GE Healthcare (UK), Koninklijke Philips N.V. (The Netherlands), Wolters Kluwer (Netherland), IBM (U.S.), 3M Health Information Systems (U.S.), Conifer Health Solutions (U.S.), Kronos Incorporated (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Lexmark Healthcare (U.S.), Orion Health (New Zealand), CSI Healthcare IT (U.S.), Syntel Inc. (U.S.), Spok Inc. (U.S.), and others.
Global Healthcare IT Market: Drivers & Trends
To the current time, most of the healthcare services and technology companies have focused on managing medical costs and quality or on increasing effectiveness and efficiency in administrative functions. On this, the healthcare IT market is predicted to cultivate at an immense rate owing to the overall demand for improved healthcare facilities along with technological advancements in this field, globally. As there are several wireless technologies available in the market such as Bluetooth, WLAN, WMAN, WWAN, ZigBee technology, Radio Frequency Identification (RFID), and others which are immensely used in healthcare roofs, which in turn, is driving the healthcare IT market at an exponential rate.
With that, the factors such as rising need to manage regulatory compliance through healthcare IT solutions, support of government for healthcare IT solutions, and high return on investment for HCIT solutions are expected to create a lucrative market way for expansion at a higher CAGR over the forecast period. However, the high cost of deployment and unwillingness among medical professionals to adopt advanced healthcare IT tools could be a constraining factor for the market to grow.
Healthcare IT Market Segmentation
According to Market Research Future Reports, the global healthcare IT market has been segmented by categories of products and services, component, and end-user.
By the mode of products and services, the global healthcare IT market is segmented into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services, and others.
By the mode of component, the global healthcare IT market is segmented into services, software, and hardware.
By the mode of end-user, the global healthcare IT market is segmented into healthcare providers, healthcare payers, research centers, third-party administrators, and government institutions.
Healthcare IT Market Regional Outlook
In the current scope of the study, regionally, the healthcare IT market has covered major regions of Americas, Europe, Asia-Pacific, and the Middle East and Africa.
Among them, Asia-Pacific has observed a vast market potential for the healthcare IT market. Countries such as India and China are counted to be rapidly growing countries, followed by South Korea as the government in these rapidly developing regions have taken various efforts to improve healthcare services and provided with better infrastructure. Here, healthcare IT acts as a bridge between all healthcare entities, minimizes manual errors, and curbs expenditures. Even the Indian healthcare industry is currently expected to surge at a CAGR of 24% in the forecast period. As the healthcare IT market in India is still at its nascent stage, the demand for healthcare IT solutions is likely to cultivate during the forecast period owing to increasing incidence of chronic disorders, improving healthcare infrastructure, and growing demand for better healthcare services.
Whereas, Americas also account for holding a significant share of the global healthcare IT market followed by Europe owing to mounting consumerism in the healthcare industry, augmented economic growth of countries and rising focus on to control the healthcare cost.
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