Healthcare IT Market is expected to grow 223.16 Billion USD By 2023
MeticulousResearch®, leading global market research company published a
research report titled “Healthcare IT Market By Product (EMR, EHR, MHealth, PHM, LIS, RIS, VNA, PACS, RCM, Analytics,
EDI, SCM, HIE), Component (Software, Service), Delivery (Web, Cloud) & End
User (Hospital, Payor, Pharmacy, Ambulatory, Homecare) – Global Forecast To
2023”.
According
to this latest publication from Meticulous Research®, the global
healthcare IT solutions market will grow at a CAGR of 13.7% from 2018 to 2023
to reach USD 223.16 million by 2023. Factors such as rise in demand of
paper-less technology, focus on improving quality of care, growing need to
manage regulatory compliance through healthcare IT solutions, government
support for healthcare IT solutions, rising need to curtail escalating
healthcare costs, growing need to improve quality of patient’s demographic,
financial and clinical information, integration of big data in healthcare, and
technological advancements are driving the global healthcare IT market.
Emerging
economies such as Latin America, Asia Pacific, & Africa provides
significant opportunities for various stakeholders in this market. However,
interoperability issues and data security & privacy issues are challenging
the growth of healthcare IT market to some extent.
Key
Market Segments to Watch
The
global healthcare IT market is mainly categorized by product (clinical &
non-clinical solutions), component (services, software, and hardware),
deployment mode (web & cloud based and on-premise), end user (healthcare
providers and healthcare payers), and geography. Clinical solutions segment is
further segmented into Electronic Health Record (EHR), m-heath solutions,
population health management solutions, care management systems, telemedicine,
laboratory information systems, computerized physician order entry, Clinical
Decision Support System (CDSS), patient registry software, E-Prescribing
systems, Radiology Information Systems (RIS), specialty information systems,
digital pathology system, PACS & VNA, and other solutions.
Non-clinical
solutions segment is further segmented into revenue cycle management solutions,
healthcare analytics, supply chain management solutions, workforce management
systems, electronic data interchange, medication management solutions, provider
network management solutions, HIE & interoperability solutions, customer
relationship management solutions, fraud management solutions, and other
solutions. On the basis of product type, non-clinical healthcare IT solutions
commanded the largest share in the global healthcare IT market in 2017, mainly
due to rising patient volume, increasing burden on healthcare systems across
globe, growing adoption of health information exchanges (HIEs) and EHR systems,
growing insured population and rising number of frauds related with claims, and
improved quality of care and clinical outcomes.
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On
the basis of deployment mode, web & cloud-based solutions accounted for the
largest share in the global healthcare IT market in 2017. This large adoption
is mainly attributed to the flexibility of working from remote areas,
affordability, and automated updating features of web-& cloud-based
solutions.
Based
on end user, healthcare providers segment commanded the largest share in the
global healthcare IT market in 2017, mainly due to the rising patient volume,
growing healthcare spending by many countries across globe, growing geriatric
population, and increasing adoption of healthcare IT solutions by various
healthcare providers. Hospitals segment accounted for the largest share in the
global healthcare providers market in 2017, primarily due to growing healthcare
infrastructure, rising number of tertiary/specialty care hospitals, rising
chronic disease population, increasing demand for quality healthcare,
affordable care act, growing demand to manage large patient data, and
increasing adoption of HCIT solutions.
North
America accounted for the largest share of the global HCIT market, mainly
attributed to the growing adoption of various healthcare IT solutions by
healthcare providers in order to meet the heightened regulatory requirements
for patient care and safety, increasing need to curtail soaring healthcare
costs, presence of leading HCIT vendors in this region, and growing need to
improve the quality of healthcare while maintaining the operational efficiency
of healthcare organizations. The Asia-Pacific market is estimated to register
the fastest growth during the forecast period, owing to the growing healthcare
infrastructural activities in the emerging countries such as China, India,
Thailand, Indonesia, and Vietnam.
Key
players in the global market
The
key players in the global healthcare IT market are McKesson Corporation (U.S.),
Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Optum Health
(U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), Athena health,
Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation
(U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies
(U.S.), Optum, Inc. (U.S.), and Infor, Inc. (U.S.).
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Meticulous Research®
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Market Research Pvt. Ltd. in 2013 as a private limited company under the
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Asia-Pacific, Latin America, and Middle East & Africa.
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Viren Shrivastava
AVP- Global Sales and Marketing
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Tel: +1-646-781-8004
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