Healthcare IT Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Healthcare IT Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : July, 2020 | Healthcare IT | PPT format

Report Digest


Global Healthcare IT Market: Snapshot

The global healthcare IT market is brimming with opportunities as health information technology has revolutionized patient care and healthcare services across the world. Healthcare IT provides secured sharing of patient information for healthcare providers to better manage patient care. Healthcare IT uses electronic health records (EHRs) in place of paper medical records to maintain patient health information.

Healthcare IT is an umbrella term that comprises an array of technologies to store, share, and analyze health information. It involves the design, development, implementation, and maintenance of information systems for the healthcare industry. Apart from improved medical care and lower costs, these systems that are automated and interoperable also optimize reimbursement for ambulatory and inpatient healthcare providers.

Owing to its several advantages, more and more healthcare providers are employing health IT for improved patient outcomes. In addition, Health IT enables two-way communication. Patients can use health IT to communicate with their doctor, care giver to share information about health and act as per instructions to improve the quality of life. Health IT enables patient to be a part of the team that is in charge of their health.

The electronic health record (EHR) is the principal component of the health IT infrastructure. It allows doctors to track health information easily and enables them to access patient information out of their office. Apart from this, other vital components of the health IT infrastructure are personal health record and health information exchange. The inception of HITECH Act in 2009 has greatly influenced the implementation of EHR.

Global Healthcare IT Market: Overview 

Healthcare IT solutions are being increasingly acknowledged for their ability to provide better data management, reduce medical errors, and cut down the healthcare costs. The advent of the cloud technology has further facilitated the exchange of data and real-time communication. Owing to their benefits, several governments worldwide are showing green lights to regulatory acts focusing on the adoption of advanced healthcare IT solutions. Thus, the global healthcare IT market is expected to tread along a phenomenal growth track with the rising awareness regarding their benefits. 

The common modes of delivery of these solutions are cloud-premises, on-premises, and web-premises. The components used in healthcare IT are software, services, and hardware. There is a massive demand for software solutions such as hospital information systems, ambulatory care management systems, electronic health and medical record systems, and patient management systems from clinics and hospitals to deliver better patient care. 

The research report is compiled using data from various paid and unpaid sources such as journals, presentations, and white papers. It presents an in-depth analysis of all the important parameters of the global healthcare IT market, including its dynamics, vendor landscape, and region-wise outlook. 

Global Healthcare IT Market: Drivers and Restraints 

Globally, governments are allocating large funds for the advancement of healthcare infrastructure. They, along with several private organizations, are emphasizing on improving the quality of care and clinical outcomes. This, in turn, is promoting the adoption of healthcare IT solutions worldwide. Moreover, the soaring need for managing regulatory compliance is working in favor of the global healthcare IT market. 

Despite the cost-effectiveness, the high installation and maintenance costs of these solutions are hampering the growth of the market. Furthermore, the uneven regulatory environment in developed and developing countries is hindering the growth of the market. The dearth of skilled IT professionals in the healthcare sector is also keeping the market from realizing its utmost potential. 

Global Healthcare IT Market: Geographical Segmentation 

The key regions studied in the report are Asia Pacific, North America, Europe, and Rest of the World. The domicile of a large number of IT giants along with the high adoption of smart technologies across healthcare infrastructure is making North America a prominent destination for key players in the global market. Strict legislative and accreditation requirements regarding healthcare coupled with stringent regulatory requirements regarding patient safety are propelling the growth of the region. 

Asia Pacific is expected to rise at a tremendous CAGR during the review period. The growth of the region can be attributed to the rising consumer spending on healthcare, expanding medical tourism sector, and increasing government initiatives to create eHealth platforms. The growing adoption of healthcare IT solutions and increasing number of private hospitals in rural areas in countries such as India, China, and Taiwan are contributing to the growth of the region. Healthcare setups in the region are vigorously moving towards digitization to streamline workflow systems and ensure patient safety and care. 

Global Healthcare IT Market: Competitive Landscape 

With the immense growth prospects of the global healthcare IT market, a large number of new players are anticipated to venture into this market. Their participation and the presence of many established players is rendering the market highly competitive. Key players in the market are investing sizeable amounts in research and development of innovative products and services to consolidate their presence in the market. Several players are also focusing towards customization to cater to the specific needs of customers. 

Some of the prominent global participants in the healthcare IT market are Athenahealth Inc., Epic Systems, GE Healthcare, McKesson Corporation, Philips, Siemens Healthcare, NextGen Healthcare Information System LLC, Allscripts, Cerner Corporation, Hewlett-Packard, Carestream Health Inc., and Medical Information Technology Inc.

The study presents a granular assessment and quantitative evaluation of:

  • Key growth factors and prominent trends
  • Size and share of key segments in overall market
  • Key challenges and winning imperatives
  • Factors shaping competitive landscape
  • Insights into how contours of market will change in coming years
  • Technological advances
  • New avenues and imminent investment pockets
  • Regulatory landscape shaping current and future strategies of companies

The region-wise assessment includes market dynamics in:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.

The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:

  • Which key factors will shape the competitive landscape?
  • Which trends will stimulate research and development activities in different geographies?
  • Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
  • Which disruptions in market growth are likely to come with the new business models?
  • Which are some of the recent overhauls in policies that may change the course of the market significantly?
  • Which are the geographies that will form sizable sources of new streams to new and established players alike?
  • How are top players likely to realign their strategy to counter the forces of competition?
  • Which key strategies emerging players are likely to focus on to consolidate their position?
  • Which changes in end-user preferences might affect the status quo held by the leading players?
  • Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?

Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.