IT-enabled Healthcare Market Recent Industry Developments And Growth Strategies Adopted By Players

Transparency Market Research (TMR) has released a market study detailing the development of the global IT-Enabled Healthcare Market from 2014 to 2020. The report is titled “IT-Enabled Healthcare Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020” and states that the said market will expand at a CAGR of 11.80% from 2014 to 2020. In terms of valuation, the market will increase from US$96.8 bn in 2013 to US$210.3 bn by 2020.

The objective of this study is to provide an in-depth strategic analysis, which includes market size and development forecasts of the IT-enabled healthcare market from 2012 to 2020. In addition, the dynamics and interrelationships of the various indicators are also scrutinized for a credible research analysis.The report states that the increasing number of e-health initiatives, elevated incidence of chronic diseases, and governmental support are some of the major reasons driving the IT-enabled healthcare market worldwide. On the contrary, compatibility issues of various healthcare applications and data breach issues are hindering the market’s growth, says the TMR report.

 

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The global IT-enabled healthcare market is divided on the basis of type into software and services. Between the two, it is the software segment that displays clear dominance, with the segment accounting for 74% of the global market in 2013. The sub-segments of the software segment are mHealth applications and healthcare system applications. In 2013, healthcare system applications held an outstanding 97% of the global IT-enabled healthcare market.Tele-health, mHealth, and healthcare system strengthening solutions are the segments of the services segment. Of these, it is the tele-health sector that registered the largest market share of 77% in the global market in 2013.

On the basis of end user, physicians, individuals, private/public healthcare institutions, and healthcare workers are the segments of the global market for IT-enabled healthcare. Private/public healthcare institutions recorded a significant 51% share in the global market in 2013.Geography-wise, the IT-enabled healthcare market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, North America was the dominant regional market for IT-enabled healthcare services, due to a combination of several reasons. Early adoption of technological advancements, presence of modern infrastructure, and knowledgeable workforce are the reasons for this. The ever-increasing geriatric population in the region, which needs consistent healthcare, is favoring the adoption of technology-driven healthcare for remote monitoring.

 

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The global IT-enabled healthcare market is classified into individuals, healthcare workers, physicians, and private/public healthcare institutions. The public/private healthcare institution accounted for the leading share in 2013. However, the individuals segments is likely to exhibit strong growth over the next couple of years. The growth of these two segments can be attributed to the growing awareness regarding a healthy lifestyle among consumers across the globe. In terms of type, software dominated the global IT-enabled healthcare market in 2013.

 

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The global market for IT-enabled healthcare has been segmented on the basis of region into Asia Pacific, North America, Europe, and the Rest of the World. North America emerged as the leading regional market in 2013 owing to the existence of modern infrastructure, intelligent workforce, and the early adoption of several technological advancements. The growth of the market in this region is also expected to be favored by the incessantly rising geriatric population in the region. Owing to the early acceptance and deployment of IT-enabled healthcare services in order to improve service and process, the market in Europe has reached a mature stage. However, Asia Pacific is expected to witness significant growth in the next couple of years. The Asia Pacific market for IT-enabled healthcare is expected to be aided by significant funds from the governments of the various countries of the region.

Some of the leading companies in the global IT-enabled healthcare market are AT&T, Aerotel Medical Systems, GE Healthcare, eHealth Technologies, Allscripts Healthcare Solutions, Siemens AG, Siemens AG, Johnson & Johnson Healthcare Systems, and McKeson.

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