Healthcare IT Market Analysis, Growth Aesthetics and Forecast to 2023
Market Synopsis:
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.
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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 Companies 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.
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.
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.
Competitive Landscape:
IBM (U.S.),Allscripts Healthcare Solutions, Inc. (U.S.),GE Healthcare (UK),Epic Systems Corporation (U.S.),McKesson Corporation, (U.S.),Oracle Corporation (U.S.),3M Health Information Systems (U.S.),Spok Inc. (U.S.),CSI Healthcare IT (U.S.),Koninklijke Philips N.V. (The Netherlands),Wolters Kluwer (Netherland),athenahealth, Inc. (U.S.),Syntel Inc. (U.S.),McKesson Corporation (U.S.),Cerner Corporation (U.S.),United Healthcare Group (U.S.),Cognizant Technology Solutions Corporation (U.S.),Anthelio Healthcare Solutions Inc. (U.S.),Lexmark Healthcare (U.S.),Orion Health (New Zealand),Conifer Health Solutions (U.S.),Infor, Inc. (U.S.),Kronos Incorporated (U.S.), and Dell Technologies (U.S.) are the key players in the global healthcare IT market.
Segmentation:
The global Healthcare IT Market Companieshas 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 segmentedinto healthcare providers, healthcare payers, research centers, third-party administrators and government institutions.
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 thehealthcare 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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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.