Healthcare IT (HCIT) is a segment of information technology responsible for design, creation, and maintenance of systems in the healthcare space. It uses latest technologies such as Zigbee, Bluetooth, radio frequency identification (RFID), WLAN, WMAN, WWAN, and others. The global healthcare IT market report by Market Research Future (MRFR) contains the various developments of the technology in the healthcare industry and its estimations for the period of 2018 to 2023 (forecast period). The impact of COVID-19 on Healthcare IT Market and its aftermath on the use of healthcare IT is included as well.
Healthcare IT Market Scope
Global healthcare IT market can reach a stupendous valuation by exhibiting a CAGR of 15% over the forecast period.
High need for management of regulations, growing need for curbing healthcare costs, government support for HCIT, and high returns on investments are major drivers of the market. The rise in digitization of patient records and other paperwork can bode well for the market. Adherence to new policies pertaining to insurance and compliance will be made easier with the help of HCIT.
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The propagation of the COVID-19 virus has led to implementation of HCIT systems across the medical industry. For instance, American Medical Association (AMA) announced it would pay clinicians a stipend for providing telehealth services. HCIT can assist patients in home quarantine and preventing unnecessary physical contact. Development of medical applications for tracing patients of COVID-19 is one of the biggest benefits of HCIT.
Hesitation among healthcare workers and high costs of installation can hamper market growth.
Healthcare IT Market Competition Outlook
key players of the global healthcare IT market are –
- Dell Technologies
- Cognizant Technology Solutions Corporation
- Allscripts Healthcare Solutions Inc.
- Oracle Corporation
- Lexmark Healthcare
- Epic Systems Corporation
- 3M Health Information Systems
- Infor Inc.
- Orion Health
- CSI Healthcare IT
- Syntel Inc.
- Anthelio Healthcare Solutions Inc.
- GE Healthcare
- United Healthcare Group
- Spok Inc.
- Wolters Kluwer
- Kronos Incorporated
- Cerner Corporation
- Koninklijke Philips N.V.
- McKesson Corporation
- Conifer Health Solutions
- Athenahealth Inc.
Healthcare IT Market Segmentation
Global healthcare IT market report has been segmented on the basis of products and services, component, and end-user.
On the basis of products and services, it can be segmented into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services, and others.
The clinical solutions are segmented into electronic health records/electronic medical record systems, computerized physician order entry systems, e-prescribing solutions, radiology information systems, picture archiving and communication systems and vendor neutral archive systems, clinical decision support systems, radiation dose management, specialty management information systems, patient registry software, medical image analysis systems, infection surveillance solutions, population health management solutions, mobile health applications, healthcare IT integration systems, practice management systems, laboratory information systems, and telehealth solutions.
The nonclinical – healthcare IT solutions are further segmented into workforce management systems (WFM), pharmacy information systems, medication management systems, healthcare asset management software, medical document management solutions, financial management systems, revenue cycle management solutions, healthcare information exchange (HIE), supply chain management solutions, healthcare analytics, and customer relationship management (CRM).
Healthcare payer solutions are categorized into pharmacy audit and analysis systems, claims management solutions, analytics and fraud management solutions, member eligibility management solutions, provider network management solutions, billing and accounts (payment) management solutions, customer relationship management solutions, population health management solutions, and others. HCIT outsourcing services are divided into provider HCIT outsourcing services market, payer IT outsourcing services, operational IT outsourcing services, and IT infrastructure management services.
On the basis of component, the global healthcare IT market can be segmented into hardware, services, and software.
On the basis of end-user, the global healthcare IT market is segmented into healthcare payers, healthcare providers, government institutions, research centers, and third-party administrators.
Healthcare providers are further segmented into nursing homes, assisted living facilities, hospitals, ambulatory care centers, pharmacies, home healthcare agencies, and diagnostic and imaging centers. Similarly, healthcare payers are also divided into private payers and public payers.
Healthcare IT Market Regional Analysis
Americas, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA) are regions taken into consideration with respect to the global healthcare IT market.
Americas held the largest market share and predicted to reign supreme till the end of the forecast period. This can be attributed to a remarkable healthcare system, rollout of HCIT policies, large number of patients, and the large workflow dedicated to patients. Europe follows the Americas with the second position in the market.
APAC is anticipated to showcase the fastest growth in the global healthcare IT market. This can be attributed to need to curb soaring healthcare costs and economic growth of countries. Efforts by governments of South Korea, India, and China for improving healthcare infrastructure to assist medical professionals and other support staff can facilitate growth in the market.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Healthcare IT Market Introduction
2.2 Scope Of The Study
2.2.1 Research Objective
Chapter 3. Healthcare IT Market Research Methodology
3.2 Primary Research
3.3 Secondary Research
3.4 Market Size Estimation
Chapter 4. Healthcare IT Market Dynamics
4.5 Macroeconomic Indicators
4.6 Technology Trends & Assessment
Chapter 5. Healthcare IT Market Factor Analysis
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