[225+ Pages Report] According to the report published by Facts and Factors, global Healthcare in IT market was valued at approximately USD 185 Billion in 2019 and is expected to generate revenue of around USD 662 Billion by end of 2026, growing at a CAGR of around 20 % between 2020 and 2026.
Global Healthcare in IT Market: Overview
Healthcare is undergoing radical transformations all over the world. Singapore is seeing a surge in the number of health-related start-ups. Mobile health programs are assisting many countries in transitioning from conventional healthcare systems to technology-based care. The Mexican government is fighting diabetes in a multifaceted manner, including the establishment of community glucose testing centers and soda taxes. Saudi Arabia is overhauling the entire healthcare system, reconsidering where and how care is provided. The dynamic power of technology is driving conventional care models — siloed and static – into new models that are more effective, accessible, convenient, and highly valuable in anticipating and addressing health care needs. Healthcare IT is becoming more common in a number of healthcare environments to increase productivity and quality of care while also helping in cost containment. In developing economies, healthcare IT companies can face challenges such as cybersecurity, workforce shortages, and limited technological infrastructure. However, regulatory policy relaxations and positive government measures would allow companies to resolve these challenges. The healthcare IT sector is at the epicenter of a global pandemic that has never been seen before. Few systemic factors that affected the healthcare IT industry during the COVID-19 outbreak were virtual care & data technology and IT systems like digitalization and analytical technologies. Furthermore, industry participants concentrating on R&D projects will contribute to advancements in healthcare information technology.
Global Healthcare in IT Market: Growth Factors
Growing geriatric population; rising hospital equipment costs, especially for advanced treatment and care; and growing demand for home healthcare services are all expected to boost IT service adoption. Furthermore, the increasing prevalence of chronic diseases such as cancer, diabetes, and heart failure is driving demand for a variety of IT-based services in this market. Healthcare IT benefits such as reducing errors in a medical facility, lowering operating costs, and increasing the rate of good results are expected to drive business growth. According to a recent AMA survey and data cited in an article published in Healthcare IT News in 2020, the acceptance of healthcare IT services has increased in recent years. According to the survey, remote monitoring for better treatment increased from 13% in 2016 to 22% in 2019. Furthermore, increasing mobile penetration and internet access is expected to drive IT adoption and development in the healthcare sector. According to the Mobile Economy 2020, the number of unique mobile subscribers was about 5.2 billion in 2019 and is projected to hit 5.8 billion by 2025. Furthermore, the number of internet users rose from 250 million in 2018 to nearly 3.8 billion in 2019. Furthermore, advances in mobile and internet-related technology for enhancing disease detection, care, and patient interaction and satisfaction are expected to drive the industry. The digitization in the healthcare industry, as well as demand for value-based care and increasing costs of providing healthcare services, will likely accelerate the growth of the healthcare IT market during the forecast period of 2020-2027. On the other hand, the high integration of the healthcare IT sector to solve issues with big data management and its security would further fuel the numerous opportunities that will lead to the growth of the healthcare IT market during the forecast period.
Global Healthcare in IT Market: Segmentation
The global Healthcare in IT market is segmented on the basis of product as healthcare provider solutions, non-clinical solutions, healthcare payer solutions, provider healthcare it outsourcing services, payer healthcare it outsourcing services, operational healthcare it outsourcing services. In the healthcare provider solutions segment, non-clinical solutions are projected to expand at the fastest CAGR. Technological advancements in the area of information technology have resulted in the creation of personalized software systems to meet the needs of healthcare providers. This is increasing end-user acceptance of healthcare IT solutions. Furthermore, reimbursement reductions, revenue loss due to a lack of proper documentation, and strict quality control regulations are driving the non-clinical segment sector. By End Users, the market is divided into healthcare providers and healthcare payers. During the forecast period, the healthcare provider segment is expected to grow at the fastest pace in the healthcare IT market in terms of products and services. This is due to government efforts to improve the quality of patient care, as well as the need to control rising healthcare costs and improve healthcare service performance. By Application, the market is divided into electronic health records (EHRs), computerized provider order entry systems, electronic prescribing systems, pacs, laboratory information systems, clinical information systems, telehealthcare. During the forecast era, the fastest-growing application segment is expected to be e-prescribing systems. Rising demand for better patient care and a decline in the occurrence of medical and prescribing errors are two major factors driving market demand for e-prescription systems.
Global Healthcare in IT Market: Regional Analysis
North America accounted for the largest market share of the global market in 2020, and this trend is projected to continue during the forecast period. The growing adoption and implementation of IT services and solutions by healthcare providers in order to provide better patient care at lower costs is driving the regional market. Furthermore, the presence of professional human resources, as well as the increase in the number of hospitals, advanced research centers, and universities, is fueling the market growth.
Global Healthcare in IT Market: Competitive Players
Major players in the market are McKesson Corporation, United Healthcare Group, Allscripts Healthcare Solutions, Inc, Athenahealth, Inc, Epic Systems Corporation, GE Healthcare, Cerner Corporation, Oracle Corporation Koninklijke Philips N.V, Infor, Inc
Global Healthcare in IT Market: Regional Segment Analysis
KEY REPORT POINTERS & HIGHLIGHTS:
Table of Content
Industry Major Market Players
Our Analysts and Consultants are working ceaselessly to congregate, identify, analyze, and portray the Actual Impacts of COVID-19 Global Pandemic in each of our published as well as ongoing research reports to Redefine and Revise Current and Future Market Trends, Growth Rates, And Market Size Projections across the Globe as well as in different Regions and individual Countries.
Still haven't found what you're looking for? Speak to our Custom Research TeamLearn More