Global Healthcare IT Market Is Predicted to Augment Owing to Growing Healthcare Costs: Ken Research

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.

Region wise, North America constitutes a foremost market for disposable medical device sensor and created revenue of USD XX million during 2020 due to the existence of well-established players in the region, evolving investment in healthcare R&D by players etc., However, the Asia Pacific region would augment at the greatest CAGR during the review period.

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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Global Healthcare IT Market

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Healthcare denotes to medical or disease diagnosis, treatment and anticipation, and several other physical and mental impairments. Together with information technology (IT the healthcare industry functions to administer, control, and mechanize functions in medical organizations. In the health and wellness field, the usage of modern methods delivers an efficient patient-centered method to medical care and enables smooth contact between physicians, patients, and several other interested individuals. Computerized physician order entry systems, electronic health management, and medical record keeping are also encompassed in the healthcare IT infrastructure. Governments across the world are contributing in digital health to improve health service quality and to establish and enforce several roadmaps and national strategies.

According to the report analysis, ‘Global Healthcare IT Market: Market Segments: By Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions and HCIT Outsourcing Services); By Component (Services, Software and Hardware); By Application (Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems and Tele-healthcare); and Region – Global Analysis of Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030’ states that to strengthen Chronic Disease Management (CDM) owing to the increasing prevalence of chronic diseases globally, the implementation of healthcare IT systems has obtained traction during recent years. The market growth is boosted by increasing demand for preventive care coupled with an augment in funding for multiple eHealth start-ups. Incessant changes in the infrastructure of the network and growing coverage of the network further create multiple growth opportunities for market players. Moreover, the increasing requirements for cost-cutting healthcare and workflow productivity propels demand for remote monitoring solutions, which in turn has a constructive effect on business growth.

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In addition, some of the foremost factors accountable for the current growth of the market studied are the rise in requirement for paperless technology, the advent of social media, and its impact on the healthcare IT industry. The other aspects contributing to the growth of the sector comprise increased government support, numerous measures taken by associations to improve healthcare facilities and infrastructure, and a robust return on investment.

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Not only has this, since the healthcare industry is moving towards the digitization, electronic medical record (EMR) systems are becoming progressively popular. The growth of the EMR market is encouraged by several government initiatives, such as motivating the doctors to follow electronic health records, contributing in training healthcare information technology staff, and setting up regional extension centres to deliver the technical and other advice. Over the review period, growing healthcare spending is predicted to fuel the growth of the global electronic medical records market. It is also projected that the increasing prevalence of chronic diseases and the evolving healthcare sector in emerging economies will deliver market players lucrative growth opportunities over the review period.

During the forecast era, the Asia Pacific market is projected to enlarge at the highest CAGR. The growth of the APAC market is propelled by factors such as large patient populations, specifically in China and India, increasing per capita income, growing investments in the healthcare industry by foremost market players, and augmenting the knowledge of advanced technologies.

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