Healthcare IT Market SWOT Analysis, Growth Drivers, and Future Trends, 2013 - 2028

The global healthcare IT market has been estimated to display a significant growth in terms of revenue generation during the forecast period. Ever-increasing medical costs along with the rising inefficiencies that presently plague organizations, the healthcare IT industry is addressing these challenges by improving data sharing and partnerships across the industry value chain by incorporating intelligent analytics for revolutionizing managerial operations and patient outcomes.

“The growing number of healthcare organization has posed a major challenge regarding patient data and service cost management. This has helped healthcare IT players realize the significance of enhanced services in order to curtail the exorbitant operational costs, thus factoring growth of the market.”

The increasing popularity of electronic health records (EHRs), telehealth & telemedicine, mHealth, and digital pathology is contributing to market growth. The growing incidences of cybercrime and fraudulent activities have exposed the vulnerability of EMR and EHR systems, therefore, posing a major challenge for healthcare IT market growth. However, improved government funding on healthcare infrastructure is promising new avenues for repossessing their return on investment (ROI).

By products and services, the market has been segmented into Healthcare Provider Solutions (Clinical Solutions (Electronic Health Records, Picture Archiving and Communication Systems, Vendor Neutral Archive Systems, Clinical Decision Support Systems, Computerized Physician Order Entry Systems, Radiology Information Systems, ePrescribing Solutions, Radiation Dose Management, Specialty Management Information Systems) and Nonclinical Healthcare IT Solutions (Medication Management Systems and Pharmacy Information Systems)), Healthcare Payer Solutions, and HCIT Outsourcing Services.

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By component, Services, Hardware, and Software are the major classification. Based on end-user application, the Healthcare Providers (Hospitals, Home Healthcare Agencies, Ambulatory Care Centers, Pharmacies, Diagnostic and Imaging Centers), Healthcare Payers (Private Payers and Public Payers) and Others.

In order to study the span of the industry, the global healthcare IT market has been geographically segmented into the five key regions of North America, Europe, the Asia Pacific, the Middle East, and Africa, and Latin America.

Stakeholders and investors are increasing their spending on research and development activities to scale the latest technologies in their system engineering process. Healthcare IT vendors, healthcare payers, academic research institutes, market research and consulting firms, healthcare it service providers, government institutes, and venture capitalists and investors etc. have been identified as the primary target audience of the pain management devices market.

The competitive landscape of healthcare IT market encompasses an array of highly acclaimed contenders like Philips Healthcare, Agfa Healthcare, Hewlett-Packard, NextGen Healthcare Information System LLC, Siemens Healthcare, E-MDS Inc., Allscripts Healthcare Solutions Inc, GE Healthcare, Sap AG, Athenahealth Inc., McKesson Corporation, EPIC Systems, Carestream Health, Cerner Corporation, eClinicalworks Oracle Corporation, and Carestream Health Mckesson Corporation among others.

An imposition of incentive programs by Medicaid and Medicare has driven the industry demand encouraging implementation of health information exchanges (HIEs) and electronic health record systems. It has inspired patient loyalty, minimized healthcare costs, and the organizations have been able to efficiently manage hospital readmissions by accomplishing their business goals proactively and profitably. In short, the healthcare IT industry has helped in building multidimensional predictive software models, improved outcomes, making healthcare affordable and has empowered patients to make informed decisions.

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