Healthcare IT Market Size & Share Growth, Industry Report, 2020, healthcare market research.#Healthcare #market #research
Healthcare IT Market Analysis By Application (Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Lab Information Systems, Clinical Information Systems, Telemedicine and Telehealth) And Segment Forecasts To 2020
Global healthcare IT market was valued at USD 41.2 billion in 2013. Key growth drivers of this market include growing adoption rate of Computerized Physician Order Entry (CPOE), increasing the prevalence of chronic diseases, growing global patient base, and technological advancements in this field.
Associated benefits such as operational cost reduction, minimizing errors in a medical facility and increased successful outcomes are expected to propel healthcare IT industry growth. In addition, favorable government initiatives pertaining to the development of healthcare infrastructure and incorporation of information technology in existing establishments are expected to fuel industry growth over the forecast period.
Furthermore, the introduction of cloud computing and interoperable systems for identification and detection of infectious diseases and tracking incidence and prevalence rates of chronic diseases will serve as a positive growth-rendering factor for this industry. This will encourage governments for increasing investments related to the adoption of these technologies.
The introduction of technologically advanced software, such as hospital information systems, ambulatory care management systems, patient management system, EHR, EMR, and e-prescribing systems, is expected to drive industry growth over the forecast period. Similarly, rising demand for the e-healthcare system, physician order entry by computerized systems, and medical record system is expected to drive healthcare IT market growth over the forecast period. Increasing adoption of software solutions such as data mining, clinical decision support system, and clinical trial management system is further expected to propel the demand.
U.S. Healthcare IT market, by application, 2012 – 2020 (USD Billion)
In 2013, telemarket and telehealth accounted for over 42.0% of the global market. Key factors attributing to its large share include high usage rates and benefits associated with it such as easy transfer of information through telecommunication technologies. Need for home healthcare facilities and shifting preferences to avoid hospital stays are the factors promoting this segment s growth.
Electronic Health Records market followed telecommunication in terms of share of revenue expected to reach USD 26.72 billion in 2020. According to the Healthcare Information and Management Systems Society, EHR are longitudinal records related to the patient health information. These records are updated by medical institutes. The application of EHR is expected to grow at a CAGR of 14.6% owing to the presence of factors such as user-friendliness and interoperability. Additionally, this system provides information, which helps in taking decisions related to patient s health in an emergency.
North America healthcare IT market was the largest regional industry with over 49.0% of the global revenue in 2013. The presence of sophisticated medical facilities, favorable government initiatives such as the introduction of EHR incentive programs by the Medicaid and Medicare, and high patient awareness levels coupled with relatively higher expenditures in this region are some of the prominent drivers.
In 2013, Europe market was valued at over USD 11.6 billion. Rising number of private medical care service providers such as Sana Helios and presence of well-established infrastructure are growth-imparting drivers for this industry.
The Asia Pacific medical care IT industry is expected to witness a lucrative CAGR from 2013 to 2020 due to the increased incidences of chronic diseases in geriatric as well as in pediatric population, rising awareness about the cost-effectiveness, convenience offered by these technologies, and rising medical expenditure.
Philips Healthcare, Agfa Healthcare, Hewlett-Packard, GE Healthcare, E-MDS Inc., Athenahealth Inc., Carestream Health eClinicalworks, and Carestream Health Mckesson Corporation are among key companies operating in this industry. This industry is consolidated in nature marked by constant strategic collaborations and mergers acquisitions. Players are striving to gain competitive advantage through capitalizing on available untapped opportunities.