Nov 07, 2019- Million
Insights Market Research has published a new report titled ‘Healthcare IT Market – Global Industry Analysis, Size, Share,
Growth, and Forecast, 2018–2026.’ Healthcare IT market report helps analyze
trends and significant developments in the industry.
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.
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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.
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.
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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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