Latest Research Report on Healthcare
IT Market begins with a deep
introduction and then delves broad into specific segments such as raw material,
application, end user, and region, policy study, value chain structure, and
upcoming trends in particular segments or regions. The report on Healthcare IT prepare
a case for investments in different regions based on a practical view of their
regulatory outline, manufacturing dynamics, and availability of skills and
resources in that region.
Healthcare IT Market Report
by Material, Application, and Geography – Global Forecast to 2020 is a
professional and in-depth research report on the world’s major regional Healthcare
IT Market conditions, focusing on the main regions (North America, Europe and
Asia-Pacific) and the main countries (United States, Germany, united Kingdom,
Japan, South Korea and China).
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Industry Insights
The market size for global
healthcare IT was worth USD 41.2 billion in 2013 which is anticipated to grow
at a CAGR of more than 12.7% during the forecast period. The factors driving
the growth of the market are increasing rate of adoption of Computerized
Physician Order Entry (CPOE), increasing incidences of chronic diseases,
increasing patient base worldwide and advances in technologies in this sector.
Reduction in operational
costs, reduction in errors in medical centers, and an increase in effective
outcomes is anticipated to fuel the healthcare IT market growth. Additionally,
supportive government initiatives for improvement of healthcare infrastructure
and integration of information technology with existing establishments are
anticipated to boost the market growth during the forecast period.
Moreover, the advent of
interoperable systems and cloud computing for detection and identification of
infectious diseases and tracking the prevalence and incidence rates of chronic
diseases are expected to contribute towards the market growth. This is also
expected to encourage governments to increase investments associated with
adoption of these systems.
The introduction of advanced
technologies in software such as ambulatory care management systems, electronic
health records, hospital information systems, electronic medical records,
e-prescribing systems and patient management systems, is anticipated to drive
the market growth during the forecast period. Additionally, increasing demand
for e-healthcare system, medical record systems, and computerized physician
order entry is projected drive market growth during the forecast period. Rising
adoption of software systems such as clinical trial management system, clinical
decision support system, and data mining is estimated to further boost the
demand.
Application Insights
Telehealth and tele- market
attributed for more than 30.0% of the global healthcare IT market, in 2016. The
factors contributing to this large share are high rates of usage and related
benefits such as ease of information transfer via telecommunication
technologies. The factors such as a need for home healthcare centers and the
shift in preferences to prevent hospital stay are fueling the telecommunication
segment growth.
Electronic health records
(EHR) accounts for second largest market after telecommunication in terms of
revenue share. As per Healthcare Information and Management Systems Society,
electronic health records are longitudinal records associated with health
information of a patient. Medical institutes update these records. The use of
EHR is anticipated to have lucrative growth due to factors such as
interoperability and user-friendliness. Moreover, these systems offer
information which aids in decision-making related to the health of a patient in
emergency situations.
Regional Insights
North America dominated
global healthcare IT market accounting for more than 40.0% of total market
revenue. The prominent market driver is the existence of advanced medical
facilities, supportive government initiatives such as the launch of incentive
programs for EHR by Medicare and Medicaid, increased patient awareness along
with increased expenditures in this region. Increasing number of private
healthcare service providers, for instance, Sana & Helios and existence of
well-established healthcare infrastructure are growth drivers of this market in
Europe.
Asia Pacific healthcare IT
market is projected to grow at a remunerative CAGR during 2013 to 2020 owing to
the increased frequencies of chronic diseases in the pediatric and geriatric
population, increasing awareness about the convenience and cost effectiveness
of these technologies and increasing healthcare expenditure.
Competitive Insights
The global healthcare IT
market is fragmented by presence of companies such as Carestream Health
McKesson Corporation, Agfa Healthcare, GE Healthcare, Philips Healthcare,
Carestream Health eClinicalworks, E-MDS Inc., Hewlett-Packard, and Athenahealth
Inc. The market is characterized by constant strategic mergers and acquisition
and collaborations. Key players are capitalizing on the untapped markets in
order to intensify the competition.
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