Healthcare IT or healthcare information technology is the branch of IT which comprises designing, developing, generating and managing of information systems in the hospital clinics and several other healthcare industries. Healthcare IT delivers the countless opportunities and benefits to convert and advance the healthcare industry. The global healthcare IT market growth is principally driven by factors such as outpouring in requirement for telehealth and mHealth solutions from the large number of smartphone users, implementation of cloud technology concerned HCIT services, implementation of countless healthcare reforms such as patient fortification and inexpensive care act (PPACA), and speedy increase in aging population and subsequent growth in the number of chronic diseases.
According to the report analysis, ‘Healthcare
IT Market: Current Analysis and Forecast (2021-2027)’ states that the
market is principally propelled by shift from volume-based to value-based care,
increasing volume of patient data, technological improvements, government
mandates and financial incentives for implementation of HCIT solutions, growing
awareness of the value of digital health, and high return on IT investment in
the healthcare industry. In addition, growing incidence & prevalence of
chronic diseases linked with aging population, increasing concern to curtail
healthcare cost, and growing usage of big data further assists the growth of
this market. However, high installation and maintenance cost limits the growth
of the entire healthcare IT market to some extent.
Based on End user, the Healthcare IT market is sectored into
Healthcare Providers (Hospitals, Pharmacies, Diagnostic & Imaging Centers,
Ambulatory Care Centers, Others); Healthcare Payers (Private Payer, Public
Payer). The Healthcare Providers sector held the greatest share in the
Healthcare Information Technology Market during 2019 owing to the growing
chronic disease and augmenting the healthcare infrastructure. Healthcare
providers is set to be the wildest growing segment and is poised to account a
highest CAGR throughout the forecast period of 2020-2025.
Some of the major players functioning in the Healthcare IT market
are McKesson Corporation, Optum Health, International Business Machine
Corporation (IBM), Allscripts Healthcare Solutions, Inc., Athenahealth, Inc.,
Epic Systems Corporation, Dell Technologies Inc., GE Healthcare, Cerner
Corporation, Oracle Corporation, Cognizant Technology Solutions Corporation, and
Nuance Communications, Inc. These companies are functioning for registering the
great value of market share, obtaining the competitive edge, keep maintaining
the governing position, ruling across the globe, leading the highest market
growth and generating the great percentage of revenue by implementing the
policies of profit making and expansion strategies, improving the qualitative
and quantitative measures of such, delivering the better consumer satisfaction,
increasing the benefits and features of healthcare IT and delivering the better
consumer satisfaction.
In addition, the rising demand of patient safety and data
accurateness along with the increasing investment towards advancing healthcare
infrastructure are the foremost factors propelling the growth of the market. Increasing
healthcare costs and advanced efficiency of healthcare services by implementing
IT technologies such as Big Data, Artificial Intelligence (AI) is set to
further improve the overall market requirement
of healthcare information technology market throughout the review period
2020-2025.
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