Report Code: A00373 | Pages: 279 | Jul 2021 | 41453 Views | ||
Author(s) : Kishor S, Swapna S , Onkar S | Tables: 96 | Charts: 104 |
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Pandemic disrupted the entire world and affected many industries.
Get detailed COVID-19 impact analysis on the Healthcare It Market
Request Now !The global healthcare information technology (IT) market size was valued at $250,577.15 million in 2020, and is projected to reach $880,688.75 million by 2030, registering a CAGR of 13.3% from 2021 to 2030.
The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the healthcare IT market for R&D of vaccines and antiviral drugs. The market for healthcare information technology is primarily driven by the rising incidence of COVID-19 cases globally. The pandemic has amplified the need of telemedicine and mHealth technologies to become realities in the healthcare industry for accurate patient information, linked patient records, interoperability and cybersecurity continue to be at the forefront of healthcare concerns.
Healthcare IT or healthcare information technology is a branch of IT which includes developing, designing, creating, and maintaining of information systems in hospitals clinics and other healthcare industries. For improving and transforming healthcare, healthcare IT offers numerous advantages and opportunities such as improving clinical outcomes, reducing human errors, improving practice efficiencies, facilitating care coordination, and tracking data over time. The global healthcare IT market growth is largely driven by factors such as surge in demand for telehealth and mHealth solutions from the large number of smartphone users, adoption of cloud technology related HCIT services, implementation of various healthcare reforms such as patient protection and affordable care act (PPACA), and rapid increase in aging population and subsequent rise in the number of chronic diseases.
Increase in demand for quality healthcare services and solutions, surge in acceptance of mHealth and telehealth practices, rise in demand for improved patient safety and patient care, and increase in government initiatives to promote HCIT drive the growth of the global healthcare IT market. As increase in concerns regarding the patient data safety & security serve as the major roadblocks in the healthcare IT market due to the rise in cyber-attacks globally, safeguarding the patient information is a great challenge for healthcare companies. Increase in investment in the Asia-Pacific region offers huge market potential and boost the growth opportunities for the healthcare IT market.
Coronavirus (COVID-19) was recognized in late December in Hubei province of Wuhan city in China. This highly contagious disease, caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from humans to humans. The COVID-19 pandemic has resulted in nationwide lockdowns, thereby impacting every industry vertical. According to the report of the United Nations Human Rights, the COVID-19 pandemic has threatened all the members of the society. As a result, health care systems are affected, and the effective delivery of medical care and treatment to all patients has become a challenge worldwide. The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the healthcare IT market for R&D of vaccines and antiviral drugs. The market for healthcare information technology is primarily driven by the rising incidence of COVID-19 cases globally, government mandates, support, and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs. Due to social distancing the COVID-19 pandemic is providing opportunities for telehealth solutions, social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine and mHealth represents an attractive, effective, and affordable option.
By product type, the global healthcare IT market is categorized into healthcare provider solutions, healthcare payer solutions and HCIT outsourcing services. Healthcare provider solutions segment is categorized into clinical and non-clinical. healthcare payer solutions segment is categorized into pharmacy analysis and audit solution, claims management solution, fraud management solution, computer-assisted coding systems, payment management, provider network management solution, member eligibility management solution, customer relationship management solution, medical document management solution and others and HCIT outsourcing services segment is categorized into provider HCIT outsourcing services market, payer HCIT outsourcing services, operational HCIT outsourcing services, and IT infrastructure management services. Healthcare provider solutions is anticipated to be the largest growing segment during the analysis period due rise in adoption of electronic health records (EHR) and other hospital information systems by healthcare providers. The market is anticipated to experience significant growth because of rise in demand for quality healthcare services and solutions, increase in acceptance of mHealth and telehealth practices, surge in demand for improved patient safety and patient care, and increase in government initiative to promote HCIT, and surge in adoption of cloud technology in healthcare.
By end user, the global healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is further bifurcated into hospitals, ambulatory care centers, diagnostic and imaging centers, pharmacies, and others. The healthcare payers segment is further bifurcated into private payers and public payers. The healthcare providers segment is anticipated to be the largest growing segment over the analysis period. Whereas the healthcare payers segment is expected to register the highest growth rate from 2020 to 2030. In healthcare providers hospitals form the largest segment in the HCIT market. This is due to the demand for numerous HCIT solutions among hospitals in order to manage the increasing burden of managing patient information in hospitals. The rise in prevalence of chronic disease have opened avenues for the growth of the global healthcare IT market.
Asia-Pacific is expected to maintain its dominance during the forecast period due to The three major countries of Asia-Pacific considered in the report include the India, Japan, China and Rest of Asia-Pacific.
Whereas the North America is expected to register the highest growth rate from 2020 to 2030. Asia-Pacific is dominating the market of overall global healthcare IT and expected to dominate throughout the forecast period. This is due to the surging economies and government initiatives for the digitalizing and automating the tasks of different healthcare organizations including hospitals, pharmacies, nursing homes and other healthcare related organizations.
Key Benefits For Stakeholders
Key Market Segments
By Product
By End User
By Region
Healthcare IT Market Report Highlights
Aspects | Details |
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By PRODUCT TYPE |
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By END USER |
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By Region |
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Key Market Players | GENERAL ELECTRIC COMPANY, KONINKLIJKE PHILIPS N.V., MCKESSON CORPORATION, ATHENAHEALTH INC., UNITEDHEALTH GROWP, ORACLE CORPORATION, CERNER CORPORATION, EPIC SYSTEM CORPORATION, INFOR, INC., ALLSCRIPTS HEALTHCARE SOLUTIONS INC. |
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This section provides various opinions of the top-level CXOs in the healthcare IT market. In accordance with several interviews conducted, the utilization of ultrasound devices is likely to witness a significant rise with increase in chronic diseases and surge in mHealth services and software. The healthcare IT market has piqued the interest of healthcare IT companies because of its rise in demand. The recently enforced “Affordable care act” by the U.S. government, is significantly driving the market growth.
According to a CXO, with the large number of smartphones, tablet & laptop users across the globe, the mHealth solutions & telehealth solutions are expected to grow rapidly in the near future. The growth in these solutions is mainly because they offer a very cost effective, convenient, and enhanced healthcare service.
Rapid growth was observed in the adoption of healthcare IT solutions such as EMR and other hospital information systems to provide improved healthcare services in emerging nations, and this is expected to offset the challenging conditions in mature markets such as North America and Europe. As per CXOs, although North America and Asia-Pacific are expected to dominate the global healthcare IT market during the forecast period, emerging countries in Latin America are expected to offer significant growth opportunities in the near future.
A. The total market value of global metagenomics sequencing Market is $250,577.15 million in 2020
A. The forecast period in the report is from 2021 to 2030
A. The market value of global healthcare IT Market in 2020 was $250,577.15 Million
A. The base year for the report is 2020
A. Yes, global healthcare IT companies are profiled in the report
A. The top companies that hold the market share in global healthcare IT Market are McKesson Corporation, Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Epic System Corporation, General Electric Company, Cerner Corporation, Oracle Corporation, Koninklijke Philips N.V., UnitedHealth Group and Infor, Inc.
A. The key trends in the global healthcare IT Market are increase in mHealth and telehealth practices, and improved patient safety and patient care.
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