COVID-19 Epidemic to be a Boon to Global Healthcare IT Market?
The Global Healthcare IT (HCIT) Market was accounted for USD 323.83 Billion in 2021 and is estimated to reach USD 1,075.06 Billion in 2028, at the rate of Compound Annual Growth Rate (CAGR) of 18.7%. Healthcare IT is part of IT that involves developing, designing, creating, and maintaining information systems in hospital clinics and other health industries. To improve and transform healthcare, Healthcare IT offers many benefits and opportunities such as improving clinical outcomes, reducing human error, improving practice efficiency, promoting care relationships, and tracking data over time.
The growth of Global Healthcare IT Market is largely driven by factors such as the increasing demand for telehealth and mHealth solutions from a large number of smartphone users, the adoption of Healthcare IT services related to cloud technology, the implementation of various health care reforms such as patient protection and action, and the rapid increase in the number of elderly people with the increase in the number of chronic diseases. Due to the outbreak of COVID-19, treatments of all sizes are under great pressure, and health facilities around the world are overwhelmed by the large number of patients who visit them daily. The prevalence of coronavirus has further enhanced the need for more accurate diagnosis and treatment equipment in several countries around the world. In this regard, integrated care technology has proven to be very useful, as it allows healthcare providers to monitor patients using rarely digitally connected devices, such as home blood pressure monitors and pulse oximeters. The COVID-19 epidemic has also increased the need for social isolation between physicians and patients, further enhancing the need for IT healthcare solutions such as long-term patient monitoring and telehealth solutions as well as the need for accurate and timely exchange of patient’s health records.
Over the past few years, the amount of electronic data generated in the healthcare industry has grown to terabytes and petabytes. This is largely due to the digital integration of administrative, clinical, and financial information. As capacity grows about twice a year, it is expected to reach exabytes and even zettabytes in the coming years. The length of the data and its variability make healthcare data more complex compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly using analytics and data management solutions. Cost issues are also one of the major barriers to the adoption of IT healthcare solutions. The cost of maintenance and software upgrades for these systems is more than the cost of the software. Therefore, the high cost of distribution and care prevents small health organizations from investing in IT healthcare solutions.
The Healthcare IT Market has several segments based on product and services. These include healthcare provider solutions like clinical solutions, non-clinical solutions, medication management systems, workforce management solutions, financial management systems, healthcare information exchanges, medical document management solutions. Apart from these services such as healthcare payer solutions and Healthcare IT outsourcing services also form separate segments. The market can also be divided on the basis of components of services, software, and hardware. End users of the Healthcare IT Market comprises healthcare providers like hospitals, ambulatory care centers, home healthcare agencies & assisted living facilities, diagnostic & imaging centers, pharmacies and healthcare payers like private as well as public payers.
The Asia Pacific market for Healthcare IT is expected to grow at a very high Compound Annual Growth Rate (CAGR) during the forecast period. The high growth in the regional market could be attributed to the growth of medical tourism, the introduction of new ICT guidelines in Japan, investment and reforms to improve China's healthcare infrastructure, India's rapidly growing healthcare industry, and the implementation of IT programs in Australia and New Zealand. In addition, government programs for Healthcare IT adoption, growth in the elderly population, increased chronic illnesses, increased health care costs, and increased consumer purchasing power will also improve the market. Along with this, the regions of North America, Europe, Latin America, Middle East & Africa are also factored in the global market.
The major players in the Global Healthcare IT Market are Cerner (US), Optum (US), Change Healthcare (US), Cognizant (US), Philips Healthcare (Netherlands), Dell Technologies (US), Epic Systems (US), GE Healthcare (US), Allscripts (US), athenahealth (US), IBM (US), Oracle Corporation (US), eClinicalWorks (US), Infor (US), Conduent (US), Tata Consultancy Services (India), Conifer Health (US), Wipro Limited (India), Inovalon (US), Nuance (US), 3M (US), Carestream Health (US), InterSystems (US), Practice Fusion (US), Orion Health (US), and SAS Institute (US).
Browse the full Report - Healthcare IT Market by Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions, HCIT Outsourcing Services), by Component (Services, Software, Hardware), by End User (Healthcare Providers, Healthcare Payers), by Region (North America, Europe, Asia Pacific, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)