Healthcare IT (Provider and Payer) Market: Complete Study of Current Trends in the Market, Industry Growth Drivers
Healthcare IT is a combined term used for solutions offered by information technology in the healthcare industry. These solutions provide better data management and safe exchange of health information among consumers, governments, and insurers. There is a massive demand of general applications such as electronic health and medical record system and computerized physician order entry system along with specialized solutions such as data mining system, clinical trials management system, and clinical decision support system. In addition, software solutions such as ambulatory care management systems, hospital information systems, e-prescribing systems, EMR,EHR and patient management systems are being extensively adopted by clinics and hospitals to deliver better patient care. The benefits of adopting IT solutions in healthcare are decline in medical errors, reduction in healthcare cost, increased successful procedure outcomes, and rise in health care productivity. For instance, the U.S. government has passed several regulatory acts focusing on the adoption of e-healthcare by both public and private sector units, to decrease the massive healthcare costs.
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In addition, the introduction of cloud computing in the healthcare industry has further alleviated real-time communication and exchange of data. Healthcare IT market has been segmented on the basis of its delivery modes, applications, and components. On the basis of application, the world healthcare IT has been further segmented into provider (clinical information technology and non-clinical information technology) and payer, whereas the market by delivery mode has been further classified as web-premises, on-premises, and cloud-premises. The healthcare information technology by component comprises software, hardware, and services.
North America dominates the world healthcare IT market owing to growing demand of integrated healthcare IT system to achieve high return on investment, strong government support in terms of investment and incentives, enhanced patient consumerism for quality care and safety, and increase in aging population. However, Asia-Pacific is the fastest growing market and is expected to grow at the highest CAGR as healthcare organizations in the region are vigorously moving towards digitization to ensure patient care and safety, and to streamline workflow systems in large healthcare organization.
Globally, the factors driving the growth of healthcare IT (provider and payer) market are increase in pressure to decrease healthcare cost, high amount of return on investment while using healthcare systems, growing demand to incorporate healthcare systems, rise in CPOE(Computerized Physician Order Entry)adoption in order to reduce medication errors, reimbursement from the U.S. government, increase in medical tourism in the Asian region, increase in aging population, and rise in incidences of chronic disorders. However, a few factors hampering the growth of the healthcare IT market are the fragmented nature of the HCIT market, rising cost of healthcare IT solutions and high maintenance of the healthcare IT systems. Furthermore, uneven regulatory environment in developed countries such as Germany, the United States, and the United Kingdom, and developing countries such as India, China, and Brazil are major barriers to the growth of the world healthcare IT market.
World Healthcare IT market is highly competitive and mature due to the participation and presence of many established as well as new players in this market. Some of the key global participants present in the world healthcare IT market include GE Healthcare, Epic Systems, Philips, McKesson Corporation, NextGen Healthcare Information System LLC, Siemens Healthcare, Cerner Corporation, Allscripts, Carestream Health, Inc., Hewlett-Packard, Athenahealth Inc., and Medical Information Technology, Inc.
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