August 6, 2020

Regulatory Compliance Influence Healthcare IT Market Growth

Healthcare Information Technology (IT) is the convergence of healthcare sector and information technology. It is a diverse field that applies IT in various aspects of the healthcare system to improve clinical and patient outcomes. The global healthcare IT market is expected to expand at a CAGR of 15% over the forecast period of 2018-2023, predicts Market Research Future (MRFR) in an in-depth report.

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Healthcare IT resources have been witnessing high demand due to augmenting demand for enhanced healthcare services. Healthcare IT solutions not only facilitate streamlining of operations and workflows but also aid in the maximization of output.

The global healthcare IT market consists of regions, namely, the Americas, Europe, Asia Pacific, and the Middle East and Africa.

The growth of the global healthcare IT market can be accredited to the introduction of a cascade of innovative technologies coupled with government support towards the modernization of the healthcare sector. The emergence of mobile health and telehealth services have further complemented the market growth as they have found relevance in emerging parts of the world. Multiple governments across the globe are encouraging the use of healthcare IT means in order to provide increased access to healthcare solutions.

Management of massive amounts of healthcare data generated on a daily basis and the tedious task of maintaining records on paper has given rise to a pressing need to resort to digital or IT solutions for data processing. In addition, the proliferation of smart devices and internet has been a plus for the growth of the market.

Healthcare cost curtailment and regulatory compliance present a myriad of challenges to the healthcare sector which has led to higher investment in healthcare resources which further generates demand within the healthcare IT market.

On the other hand, the growth of the global healthcare IT market might be deterred by high deployment cost and reluctance on the part of medical professionals to adopt advanced healthcare IT tools.

Healthcare IT Market Segmentation

The global healthcare IT market has been segmented based products and services, component, and end user.

By product and services, the global healthcare IT market has been segmented into healthcare provider solutions, healthcare payer solutions, HCIT outsourcing services, and others.

By component, the global healthcare IT market has been segmented into services, software, and hardware.

By end user, the global healthcare IT market has been segmented into healthcare providers, healthcare payers, research centers, third-party administrators and government institutions.

Healthcare IT Market 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.

Healthcare IT Market Regional Analysis

By region, the global healthcare IT market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).

The Americas is at the forefront of the global healthcare IT market. Deployment of modern healthcare technology, high healthcare expenditure and the presence of key players in the region are factors driving the market growth.

Europe is the second largest market for healthcare IT. Increasing healthcare expenditure, and augmenting need to curb healthcare costs along with the spreading trend of digitization among healthcare organizations are influencing the market growth.

APAC market is expected to exhibit the highest CAGR over the forecast period due to improving economic conditions in developing countries and measures taken to curtail soaring healthcare costs. Deep penetration of digitization in the region and government initiatives towards the modernization of the healthcare sector are factors substantiating the growth of the market.

The MEA market is expected to expand at a steady pace due to factors such as increasing demand for healthcare services, high healthcare expenditure and improvement within the healthcare sector.

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Healthcare IT Market Industry Updates

January 2019- The US FDA released the Digital Health Innovation Action Plan which is a stepping stone towards a more streamlined approval process for artificial intelligence and other digital healthcare products.

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Akash Anand

Market Research Future

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