Healthcare IT Market Forecast, Size and Gross Margin Analysis by 2020

08th July 2020 - The size for global Healthcare IT Market was worth USD 41.2 billion in 2013 which is anticipated to grow at a CAGR of more than 12.7% during the forecast period. The factors driving the growth of the market are increasing rate of adoption of Computerized Physician Order Entry (CPOE), increasing incidences of chronic diseases, increasing patient base worldwide and advances in technologies in this sector.

Reduction in operational costs, reduction in errors in medical centers, and an increase in effective outcomes is anticipated to fuel the healthcare IT market growth. Additionally, supportive government initiatives for improvement of healthcare infrastructure and integration of information technology with existing establishments are anticipated to boost the market growth during the forecast period.

Moreover, the advent of interoperable systems and cloud computing for detection and identification of infectious diseases and tracking the prevalence and incidence rates of chronic diseases are expected to contribute towards the market growth. This is also expected to encourage governments to increase investments associated with adoption of these systems.

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The introduction of advanced technologies in software such as ambulatory care management systems, electronic health records, hospital information systems, electronic medical records, e-prescribing systems and patient management systems, is anticipated to drive the market growth during the forecast period. Additionally, increasing demand for e-healthcare system, medical record systems, and computerized physician order entry is projected drive market growth during the forecast period. Rising adoption of software systems such as clinical trial management system, clinical decision support system, and data mining is estimated to further boost the demand.

The global healthcare IT market is fragmented by presence of companies such as Carestream Health McKesson Corporation, Agfa Healthcare, GE Healthcare, Philips Healthcare, Carestream Health eClinicalworks, E-MDS Inc., Hewlett-Packard, and Athenahealth Inc. The market is characterized by constant strategic mergers and acquisition and collaborations. Key players are capitalizing on the untapped markets in order to intensify the competition.

North America dominated global healthcare IT market accounting for more than 40.0% of total market revenue. The prominent market driver is the existence of advanced medical facilities, supportive government initiatives such as the launch of incentive programs for EHR by Medicare and Medicaid, increased patient awareness along with increased expenditures in this region. Increasing number of private healthcare service providers, for instance, Sana & Helios and existence of well-established healthcare infrastructure are growth drivers of this market in Europe.

Asia Pacific healthcare IT market is projected to grow at a remunerative CAGR during 2013 to 2020 owing to the increased frequencies of chronic diseases in the pediatric and geriatric population, increasing awareness about the convenience and cost effectiveness of these technologies and increasing healthcare expenditure.

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Healthcare IT Application Outlook (Market Revenue in USD Million, 2012 - 2020)

• Electronic Health Records

• Computerized Provider Order Entry Systems

• Electronic Prescribing Systems

• PACS

• Lab Information Systems

• Clinical Information Systems

• Telemedicine and Telehealth

• Others