Market Research Future published a research report on “Healthcare IT Market Research Report – Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023.
Market Scenario
The global healthcare IT market is anticipated to garner a CAGR of 15% during the forecast period (2018-2023), Market Research Future (MRFR) unveils in a detailed report.
The global Healthcare IT Market has witnessed a tectonic surge over the past few years as it allows the exchange of information related to health electronically among organizations. Technologies like WLAN, WMAN, Bluetooth, Zigbee technology, RFID, and others are among them. Healthcare IT is considered a vast field and applies IT for designing, creating, using, and maintaining the data systems in healthcare. The collective demand for enhanced healthcare facilities and technological advancements in healthcare are propelling the growth of the healthcare IT market across the globe. Factors such as growing need to curb healthcare costs, increased need to manage regulatory compliance with the help of IT solutions, high ROI for HCIT solutions, and government support for HCIT solutions are encouraging the market growth. Moreover, the ever-increasing population is triggering the demand for automated procedures, thereby encouraging the need for quality healthcare.
On the contrary, the reluctance among the medical professionals to embrace advanced IT tools for healthcare and high cost of deployment are some of the major concerns likely to restrict the market growth in the coming years.
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Key Players
Some of the key players in the global healthcare IT market 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: Segmental Analysis
The global healthcare IT market is segmented on the basis of component, products and services, and end user.
By products and services, the healthcare IT market is segmented into healthcare payer solutions, healthcare provider solutions, HCIT outsourcing services, and others. Of these, the healthcare provider solutions segment is likely to gain prominence due to the surging demand for enhanced patient safety and patient care, need for integrated healthcare systems, and strict regulations associated with healthcare provider solutions.
By component, the healthcare IT market is segmented into software, services, and hardware. Of these, the services segment is likely to expand at a significant rate as services are procured at regular intervals for maintaining, upgrading, and managing the existing software and hardware infrastructure.
By end users, the healthcare IT market is segmented into healthcare payers, healthcare providers, third-party administrators, research centers, and government institutions.
Regional Frontiers
Geographically, the healthcare IT market spans across Europe, America, Asia Pacific, and the Middle East and Africa.
Considering the global scenario, America acquired the largest share due to the presence of high-quality healthcare systems, along with modern medical technology. The huge availability and uptake of software solutions for healthcare administration are further encouraging the market growth. Healthcare IT companies in this region are capable of delivering a range of customized solutions, which further accelerates its growth.
Europe bags the second spot as healthcare providers across Europe are extensively using social media for professional networking. According to Medtech Media, around 31% of healthcare providers are using social media for professional networking. This is further creating growth opportunities for the market. The increased adoption of clinical management software among healthcare providers, coupled with advancing technology are some of the major factors promoting the market growth.
The Asia Pacific is likely to emerge as the fastest expanding region due to the accelerated economic growth, coupled with the surging need to control the increasing healthcare costs. Moreover, digitization of patient records among the healthcare organizations is contributing to the market growth.
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Intended Audience
- Healthcare IT solution providers
- Healthcare IT vendors
- Healthcare IT service providers
- Healthcare payers
- Academic research institutes
- Government institutes
- Market research and consulting firms
- Venture capitalists and investors
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