The global Healthcare IT market is expected to grow at a CAGR of 13.4% during the forecast period (2015 to 2020). Healthcare IT industry is undergoing a major transformation due to the challenge of providing more cost-effective personalized care. The push towards predictable outcomes and higher quality of care is leading to convergence of information technologies.
Healthcare IT systems are emerging as powerful tools to create and maintain electronic health records (EHRs) for maintaining the workflows in the entire healthcare organization.
Majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information.
The growing adoption of health information exchanges (HIEs) and EHR systems and improved quality of care and clinical outcomes are some other factors driving growth of the global healthcare IT market.
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In addition to the demand for information technology solutions from healthcare providers, the growing need of healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years.
Healthcare IT Market Restraints
Healthcare IT Market Opportunities
Healthcare IT Challenges
Some of the major players in the healthcare IT market profiled in this report include
In 2014, North America commanded the largest share of the global Healthcare IT market, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. Developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asia-Pacific market, which is expected to grow at the highest CAGR of 15.4% during the forecast period.
Growth in the Asia-Pacific region is largely driven by the increasing government initiatives for eHealth, rising medical tourism, and growing demand for quality healthcare in this region. In addition, factors such as increasing per capita incomes in emerging countries such as China and India are driving the growth of the Asia-Pacific healthcare IT market.
In this report, the healthcare IT market is segmented by product, end user, and geography. By product, the healthcare IT market is segmented into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. In 2014, the healthcare providers segment accounted for the largest share of the global healthcare IT market.
This segment is poised to reach USD 157 billion by 2020, growing at a CAGR of 16.4% during the forecast period. The healthcare provider solutions segment is further segmented into clinical solutions and non-clinical solutions. In 2014, the non-clinical solutions segment accounted for the largest share of 53% of the global healthcare IT market. However, the clinical solutions segment is expected to grow at the highest CAGR of 19.8% during the forecast period, owing to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems.
The healthcare payer solutions segment covered in this report comprises pharmacy audit and analysis solutions, claims management solutions, computer-assisted coding solutions, customer relationship management solutions, fraud management solutions, care management solutions, provider network management solutions, member eligibility management solutions, medical document management solutions, payment management solutions, and other payer HCIT solutions. The HCIT outsourcing services segment is further categorized into provider IT outsourcing services, payer IT outsourcing services, operational IT outsourcing services, and IT infrastructure management services. Growth of the healthcare outsourcing services market is driven by the growing focus of healthcare providers and payers on minimizing operational costs of healthcare delivery and maximizing profit margins.
On the basis of end users, the healthcare IT market is segmented into healthcare providers and healthcare payers. The healthcare providers segment is further divided into hospitals; ambulatory care centers; diagnostic and imaging centers; home healthcare agencies, nursing homes, and assisted living centers; and pharmacies. The healthcare payers segment is further divided into public payers and private payers. Healthcare providers are the major end users of the healthcare IT solutions. This segment accounted for a share of ~73% of the healthcare IT market in 2014; owing to the increasing number of patients, hospitals, ambulatory care centers, and different healthcare delivery setups, worldwide. It also represents the fastest-growing end-user segment for healthcare IT products.
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The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
This report provides insights on the following pointers
• Market Penetration: Comprehensive information on product portfolios offered by top players in the healthcare IT market. The report analyzes the healthcare IT market by product and end user across all regions
• Product Development/Innovation: Detailed insights on upcoming trends, research and development activities, and new product launches in the healthcare IT market
• Market Development: Comprehensive information on the lucrative emerging markets by product, end user, and region
• Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the healthcare IT market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analyses of the leading players in the healthcare IT market
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