Healthcare IT Market: Current Analysis and Forecast (2021-2027)
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The Healthcare IT Market is projected to grow at a CAGR of XX % from 2019 to 2027 to reach $XX billion by 2027. The market is primarily driven by shift from volume-based to value-based care, growing volume of patient data, technological advancements, government mandates and financial incentives for adoption of HCIT solutions, increasing awareness of the value of digital health, and high return on IT investment in the healthcare industry. In addition, increasing incidence & prevalence of chronic diseases associated with aging population, growing concern to curtail healthcare cost, and rising use of big data further supports the growth of this market. However, high installation and maintenance cost hinders the growth of the overall healthcare IT market to some extent.
In March 2020, Siemens Healthineers announced launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. The platform comprises more than 5,000 institutes and 23,000 connected systems in over 60 countries. This helped the company to expand its business to untapped economies as well as customer base.
Expanding usage of AI technologies in surgical systems is owing to its advantages that range from the consolidation of databases to intraoperative video analysis this, in turn, is supporting the adoption of Healthcare IT. An article published in Annals of Surgery in 2018 stated that AI has proved to be beneficial in assisting radiologists and surgeons in reducing the lumpectomy rate by around 30% among patients having breast needle biopsies. These biopsies considered being high-risk lesions, but after the surgical excision, it has found to be benign. Hence, such instances signify the advantageous nature of artificial intelligence and allied technologies in surgical procedures.
Because of the progress and improvement in internet sourced technology, increasing occurrences of chronic sicknesses, and rising acceptance as well as encouraging consumer actions regarding the latest technology in healthcare, the Covid-19 pandemic has globally increased the demand as well as acceptance of virtual otherwise online medical consultancy. The pandemic boosted the acceptance of virtual health. Such as, the proportion of the customers or respondents, making use of virtual visits, improved as of 15.0% in 2019 toward 19.0% in the early months of 2020. An unexpected spike of about 28.0% was observed in April 2020. As a result, such occasions are expected to maintain the expansion of the market, in the near future. In February 2019, Oracle announced availability of its data center in UAE and Middle East. This data center offered cloud applications services to its customers across the region, thereby strengthening its market position in the Middle East. These strategic initiatives by key participants are anticipated to drive the market for Healthcare IT in the coming years.
Some of the operating in the market include 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, Nuance Communications, Inc.
Insights Presented in the Report
“Amongst Product Type, HER segment holds the major share.”
Based on product type, healthcare IT are segmented into EHR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM. The electronic health record segment accounted for market share of XX % in 2019 due to initiation of several favorable policies and programs by the government to integrate EHR systems. For instance, The New Health Information System (NSIS) implemented in Italy, aimed at establishing EHR system across the country to connect each level of care. Owing to the tactical plans by diverse companies in the market, rising alertness plus the acceptance of EHR in healthcare amenities, along with an escalating figure of plans sustaining its implementation, the section is expected to develop by a stable CAGR, during forecast period.
“Amongst Delivery mode, Web segment dominated the market during the forecast period.”
Based on Delivery mode, the healthcare IT market is segmented into web and cloud. Web & cloud-based solutions accounted for the largest share of the overall healthcare IT market in 2019 and is expected to grow at the double digit CAGR during the forecast period owing to its benefits such as on lower upfront cost, no maintenance cost, excessive storage flexibility, and greater security in private clouds.
“Amongst End-User, Healthcare providers segment dominated the market during the forecast period.”
Based on End-user, the Healthcare IT market is segmented into Healthcare Providers (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Care Centers, Others); Healthcare Payers (Private Payer, Public Payer). The Healthcare Providers segment held the largest share in the Healthcare Information Technology Market in 2019 owing to the increasing chronic disease and increasing healthcare infrastructure. Healthcare providers is set to be the fastest growing segment and is poised to register a highest CAGR during the forecast period 2020-2025.
“North America represents one of the largest markets of Healthcare IT market.”
For a better understanding of the market dynamics of the Healthcare IT market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the rising per capita income.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
Customization Options:
The Healthcare IT Market can further be customized as per the requirement or any other market segment. Besides this, understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
In March 2020, Siemens Healthineers announced launch of teamplay digital health platform. The platform facilitates easy access to solutions for clinical and operational support. The platform comprises more than 5,000 institutes and 23,000 connected systems in over 60 countries. This helped the company to expand its business to untapped economies as well as customer base.
Expanding usage of AI technologies in surgical systems is owing to its advantages that range from the consolidation of databases to intraoperative video analysis this, in turn, is supporting the adoption of Healthcare IT. An article published in Annals of Surgery in 2018 stated that AI has proved to be beneficial in assisting radiologists and surgeons in reducing the lumpectomy rate by around 30% among patients having breast needle biopsies. These biopsies considered being high-risk lesions, but after the surgical excision, it has found to be benign. Hence, such instances signify the advantageous nature of artificial intelligence and allied technologies in surgical procedures.
Because of the progress and improvement in internet sourced technology, increasing occurrences of chronic sicknesses, and rising acceptance as well as encouraging consumer actions regarding the latest technology in healthcare, the Covid-19 pandemic has globally increased the demand as well as acceptance of virtual otherwise online medical consultancy. The pandemic boosted the acceptance of virtual health. Such as, the proportion of the customers or respondents, making use of virtual visits, improved as of 15.0% in 2019 toward 19.0% in the early months of 2020. An unexpected spike of about 28.0% was observed in April 2020. As a result, such occasions are expected to maintain the expansion of the market, in the near future. In February 2019, Oracle announced availability of its data center in UAE and Middle East. This data center offered cloud applications services to its customers across the region, thereby strengthening its market position in the Middle East. These strategic initiatives by key participants are anticipated to drive the market for Healthcare IT in the coming years.
Some of the operating in the market include 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, Nuance Communications, Inc.
Insights Presented in the Report
“Amongst Product Type, HER segment holds the major share.”
Based on product type, healthcare IT are segmented into EHR, mHealth, PHM, RIS, PACS, RCM, Healthcare Analytics, Telehealth, SCM. The electronic health record segment accounted for market share of XX % in 2019 due to initiation of several favorable policies and programs by the government to integrate EHR systems. For instance, The New Health Information System (NSIS) implemented in Italy, aimed at establishing EHR system across the country to connect each level of care. Owing to the tactical plans by diverse companies in the market, rising alertness plus the acceptance of EHR in healthcare amenities, along with an escalating figure of plans sustaining its implementation, the section is expected to develop by a stable CAGR, during forecast period.
“Amongst Delivery mode, Web segment dominated the market during the forecast period.”
Based on Delivery mode, the healthcare IT market is segmented into web and cloud. Web & cloud-based solutions accounted for the largest share of the overall healthcare IT market in 2019 and is expected to grow at the double digit CAGR during the forecast period owing to its benefits such as on lower upfront cost, no maintenance cost, excessive storage flexibility, and greater security in private clouds.
“Amongst End-User, Healthcare providers segment dominated the market during the forecast period.”
Based on End-user, the Healthcare IT market is segmented into Healthcare Providers (Hospitals, Pharmacies, Diagnostic & Imaging Centers, Ambulatory Care Centers, Others); Healthcare Payers (Private Payer, Public Payer). The Healthcare Providers segment held the largest share in the Healthcare Information Technology Market in 2019 owing to the increasing chronic disease and increasing healthcare infrastructure. Healthcare providers is set to be the fastest growing segment and is poised to register a highest CAGR during the forecast period 2020-2025.
“North America represents one of the largest markets of Healthcare IT market.”
For a better understanding of the market dynamics of the Healthcare IT market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of US$ XX million in 2020 owing to the rising per capita income.
Reasons to buy this report:
• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry
Customization Options:
The Healthcare IT Market can further be customized as per the requirement or any other market segment. Besides this, understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
- By product type
- By End User/Applications
- By Technology
- By Region
The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
Details
UMI-18826132
30-Jul-2021
168
30-Jul-2021
168
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