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 centres, 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.
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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.
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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.
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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.