Healthcare IT Market Dynamics
Healthcare IT market 2020 can observe a fast track growth at a rate of approximately 15% between 2018 and 2023 (evaluation period). We will provide COVID-19 impact analysis with the report, along with all the extensive key developments in the market post the coronavirus disease outbreak.
Healthcare IT Market Primary Boosters and Restraints
The COVID-19 outbreak has overwhelmed the worldwide healthcare industry, with the pandemic not expected to reduce anytime soon. In this situation, digital health systems have emerged as the perfect solution for the worsening public health. Some of these include the development of advanced surveillance systems, rising use of wearables to track physiological parameters, novel diagnostics, clinical decision-making equipment & tools, telehealth, and the emergence of online chat services for the public that is interested in knowing more about the novel coronavirus.
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Digitalization, analytics technologies and cloud solutions are increasingly being leveraged in the healthcare industry, with SARS-CoV-2 bolstering their importance even more. Machine learning, internet of things/IoT, robotics, big data and AI/artificial intelligence are being increasingly used by the healthcare sector, especially since the lockdown has made contactless healthcare delivery mainstream. For instance, in August 2020, NIH launched MIDRC or Medical Imaging and Data Resource Center that is expected to use AI as well as medical imaging to boost COVID-19 diagnosis and treatment. The diagnostics center will also be utilizing machine learning algorithms that can facilitate accurate and faster assessment of the disease, thereby helping medical professionals enhance the patient treatment.
Over the years, virtual healthcare has become quite prevalent, particularly among the urban population. Further, IT solutions are gathering momentum in the healthcare community for establishing extremely effective and secure healthcare delivery models at a much affordable cost. The healthcare IT market also benefits from the increasing need to adhere to regulatory compliances via healthcare IT services, rising demand for lower healthcare costs, strong government support, and the massive ROI/return on investment.
Healthcare IT Market Segmentation
The healthcare IT market has been considered for products and services, component, and end-user.
Depending on products and services, the market has been split into HCIT outsourcing services, healthcare payer solutions, healthcare provider solutions, and others.
With respect to component, the global market caters to hardware, services and software.
Healthcare providers, third-party administrators, healthcare payers, government institutions and research centers are the prominent end-users in the worldwide market.
Healthcare IT Market Regional Outlook
The regional distribution of the healthcare IT market comprises Europe, MEA/Middle East and Africa, APAC/Asia Pacific, along with the Americas.
The biggest gainer in the global market remains the Americas, mainly due to the vast presence of advanced medical technologies and top-quality healthcare systems. Federal mandates, fast return of investments, rapid emergence of digitalization and big data enhances the market size in the region.
The healthcare IT market in Europe stands at the second spot, with the growing number of healthcare professionals utilizing social media for networking. The regional market is also favored by the expanding patient data volume, rapid increase in technological know-how, and the soaring demand for efficient and quick healthcare systems.
With the fastest expansion rate, APAC expects to speed through in the years ahead, in view of the fast improving economy and the need to curb the steep healthcare costs. The rising digitization trend across the healthcare industry in India, China and South Korea also induce market growth here. To add on to that, governments across the region are putting in efforts to upgrade the present healthcare services and deliver a more developed infrastructure.
The Middle Eastern healthcare IT market is advancing steadily, backed by the surging cases of chronic disorders, developing healthcare sector, and the heightened demand for advanced healthcare services.
Healthcare IT Market Top Companies
Cognizant Technology Solutions Corporation (U.S.), Syntel Inc. (U.S.), Lexmark Healthcare (U.S.), McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Infor, Inc. (U.S.), Koninklijke Philips N.V. (The Netherlands), Athena Health, Inc. (U.S.), Cerner Corporation (U.S.), McKesson Corporation (U.S.), United Healthcare Group (U.S.), GE Healthcare (UK), Oracle Corporation (U.S.), IBM (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Conifer Health Solutions (U.S.), Kronos Incorporated (U.S.), 3M health Information Systems (U.S.), Orion Health (New Zealand), CSI Healthcare IT (U.S.), Spok Inc. (U.S.), Dell Technologies (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Wolters Kluwer (Netherland), are some of the major firms in the global healthcare IT industry.
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