Healthcare IT Market Overview —
The IT industry’s interference in the healthcare industry has helped in gaining diagnostic speeds and efficiency. Healthcare IT develops the solutions for effective data management, designing the software according to usage & demands, and maintaining data. On observing the current market trends, the global healthcare IT market is projected to grow with a 15 % annual growth mark during the survey period. This market is also capable of boosting patient care and safety, which has increased its adoption of IT solutions for healthcare.
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The economies are looking for speeding up the healthcare procedures with maximum efficiencies and minimum spaces for errors, which has boosted the market growth in recent times. Based on data collection and interpretation, smart technologies are capable of predicting disease outbreaks and patient densities, which helps define the regions with maximum patient counts and chronic diseases. Also, healthcare IT solutions are used for medicine dispensing, assisting the patients, and guiding them through other medical facilities.
Healthcare IT is a powerful solution for doctors and patients as well. Medical practitioners use this for effective patient management and assist the patients in getting appointments and better medicine intakes. Apart from the high usage and adoption, the global healthcare IT market is still struggling against the high implementation costs and limited awareness. With the expansion of this industry, the market is now capable of providing relatively cheaper solutions, but it will take time to reach the optimum levels.
Impact of Covid-19 Outbreak on Healthcare IT Market
Healthcare IT has attained the position that it has been wanting to for a long time due to COVID-19. Remote monitoring, AI-powered assessment apps and devices, and telehealth platforms have all become a new norm.
Before the start of COVID-19, healthcare IT remained just a concept. As per a study showed in the US alone, 82% of consumers did not use such services due to the lack of improper infrastructure and awareness. Additionally, its reliability and effectiveness were also questioned.
However, with the spread of coronavirus, healthcare institutions and regulatory bodies had to turn to alternative ways of providing healthcare while limiting exposure to the virus. Various organizations and institutes, such as The Academy of Family Physicians and the American Medical Association (AMA), released related guidelines in support of promoting Healthcare IT or digital healthcare. For instance, AMA stated that Medicare administered by the Centers for Medicare & Medicaid Services (CMS) would temporarily pay clinicians to provide telehealth services for beneficiaries residing across the entire country. Additionally, the Trump Administration and the Department of Health and Human Services (HHS) also waived off potential HIPAA penalties for good faith use of telehealth during the emergency.
Market Research Future (MRFR) collected data on several factors including implications of COVID 19 Impact on Healthcare IT Market and demographic challenges, showed how it could move forward in the coming years.
Healthcare IT market segments
The global healthcare IT activators market is segmented into four parts, which are:
Products & Services: Healthcare payer solutions, healthcare provider solutions, and healthcare IT services fall in this category.
Component: Hardware, software, and services are the major components of this market.
Delivery modes: These systems are available through on-premise and cloud-based delivery modes.
End-Users: Hospitals, clinics, nursing homes, pharmacies, and others are the major end-users.
Healthcare IT Market Regional Summary
America, Europe, Asia Pacific, and The Middle East & Africa are the major regions observed for the global healthcare IT market.
The American region is the current leader of this market and continues its dominance due to well-established healthcare facilities, demands for better alternatives, and other factors that are driving the market. The European region is the next biggest market due to emphasis on the adoption of the latest technologies, demand for efficient solutions, and other factors that are helping the market grow.
The Asia Pacific region is the next biggest market and will emerge as the fastest growing market due to the vast population, improving healthcare facilities, rise in budgets, needs for massive data management, and other factors.
The rest of the regions are still struggling to reach healthcare IT solutions due to weak healthcare structures and limited awareness.
Healthcare IT Market Key Players
Some of the key players in the global healthcare IT market are Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), McKesson Corporation, (U.S.), Oracle Corporation (U.S.), Infor, Inc. (U.S.). Cognizant Technology Solutions Corporation (U.S.), athenahealth, Inc. (U.S.), Dell Technologies (U.S.), McKesson Corporation (U.S.), United Healthcare Group (U.S.), GE Healthcare (UK), Koninklijke Philips N.V. (The Netherlands), Wolters Kluwer (Netherland), IBM (U.S.), 3M health Information Systems (U.S.), Conifer Health Solutions (U.S.), Kronos Incorporated (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Lexmark Healthcare (U.S.), Orion Health (New Zealand), CSI Healthcare IT (U.S.), Syntel Inc. (U.S.), Spok Inc. (U.S.), and others.
Healthcare IT Market Industry News
The global healthcare IT market is emerging as the helping hand for the healthcare industry, but factors like high costs and data security are the factors slowing the market’s speeds. The American region is the current market leader, but the Asia Pacific region will emerge as the fastest-growing market during the survey period.
TABLE OF CONTENT
Chapter 1. Report Prologue
Chapter 2. Healthcare IT Market Introduction
Chapter 3. Healthcare IT Market Research Methodology
Chapter 4. Healthcare IT Market Dynamics
Chapter 5. Healthcare IT Market Factor Analysis
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