The Global Healthcare IT Market size is expected to reach $125. 1 billion by 2027, rising at a market growth of 7. 7% CAGR during the forecast period. Recently, the healthcare industry has witnessed a transformation due to new and emerging technologies.
New York, Aug. 31, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Global Healthcare IT Market By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 – 2027” – https://www.reportlinker.com/p06131533/?utm_source=GNW
Large healthcare facilities like hospitals and physician offices have embraced these latest technologies to fulfill the changing regulatory compliance and to enhance the overall quality of care of patients. In today’s times, high-tech operations are putting modern technologies into the hands of skilled professionals. However, there are still many opportunities for hospitals and other healthcare units to adopt and use cutting-edge technologies.
The demand for healthcare IT is directly proportional to the increasing volume of patient data, surging technological know-how, and demand for rapid & effective healthcare processes and systems. Along with this, some of the main catalysts for the growth of the global healthcare IT market include increasing demand for patient safety & data accuracy, the requirement to cut down the healthcare cost, and installation of several healthcare policies supporting the utilization of HCIT in healthcare units.
The adoption of IT services is expected to boost with the increasing geriatric population, the rising cost of hospital tools mainly for complex treatment & care, and growing demand for better home healthcare services. Additionally, the demand for different types of IT-based services for the healthcare industry is driven by the increasing number of chronic diseases like diabetes, cancer, and heart failure. Moreover, the growth of the market would be propelled by the various advantages offered by healthcare IT like reducing errors in a medical facility, decrease in operational cost, and growing rate of successful outcomes. Along with this, some factors such as supportive initiatives by the numerous governments around the world for the developments of healthcare frameworks and deployment of IT solutions in the current facilities are playing a crucial role in boosting the healthcare IT market.
The global outbreak of the COVID-19 pandemic would have a positive impact on the global healthcare IT market. Digital healthcare services are in high demand due to the lockdown norms and restrictions on travel and hospital bans for non-elective and non-urgent procedures, combined with the unwillingness of individuals to visit hospitals and clinics with the fear of getting infected. The global healthcare IT market is augmented by the growing adoption of teleconsultation rather than fact-to-face doctor’s consultations during the global COVID-19 pandemic. Moreover, as the number of COVID-19 positive patients is increasing in the world, there is a massive requirement for the maintenance and storage of big data regarding patient information, financial analysis, medical reports, and others.
Based on Application, the market is segmented into Electronic Health Records, Clinical Information Systems, Laboratory Information Systems, Electronic Prescribing Systems, PACS, Tele-healthcare and Computerized Provider Order Entry Systems. E-prescribing system would witness the fasted growth throughout the forecast period. The growth & demand of e-prescription systems is driven by the increasing demand for better patient care and a decrease in the rate of medical and prescribing errors. In addition, the increasing deployment of EHRs in clinics, hospitals, and other healthcare units along with a surge in the number of prescriptions dispensed are boosting the growth of the segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the dominating region by obtaining the highest revenue share of the global healthcare IT market. The region would showcase a similar trend during the forecast period. The major factors responsible for the growth of this segment are the increasing adoption and installation of IT services and solutions by healthcare vendors for providing superior patient care at low costs. In addition to it, the regional market would be fuelled by the existence of leading manufacturing hubs and the increasing number of hospitals, advanced research centers, and universities.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; UnitedHealth Group, Inc. and Oracle Corporation are the major forerunners in the Healthcare IT Market. Companies such as Koninklijke Philips N.V., Cerner Corporation, and AllScripts Healthcare Solutions, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include UnitedHealth Group, Inc. (Optum, Inc.), Cerner Corporation, AllScripts Healthcare Solutions, Inc., Athenahealth, Inc. (Veritas Capital), Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., Epic Systems Corporation, Oracle Corporation, Conduent, Incorporated, and Infor, Inc.
Recent strategies deployed in Healthcare IT Market
Partnerships, Collaborations, and Agreements:
May-2021: Infor came into collaboration with Penn Highlands Healthcare (PHH), a six-hospital integrated health system in northwestern Pennsylvania. Under this collaboration, Penn Highlands Healthcare (PHH) selected Infor CloudSuite Healthcare & Infor Cloverleaf Cloud to escalate its future vision. Working with the core Infor implementation partner Bails, the shift to an advanced cloud architecture solution would offer PHH a clinically connected healthcare operations platform to build on its patient-centred network.
Mar-2021: Oracle partnered with Saama Technologies, an AI-powered clinical analytics cloud platform. This partnership focused on integrating Saama’s smart applications with the Oracle Health Sciences Clinical One platform. With the capability to boost validation of clinical trial data, Saama’s purpose-built clinical applications are technology-agnostic and allow biopharma to increase the power of AI with an Intelligent Clinical Cloud architecture.
Jan-2021: Athenahealth came into collaboration with Humana, a for-profit American health insurance company. This collaboration aimed to enhance health results for Humana’s members by delivering providers the information they require at the point of care to assist them to make informed decisions for their patients.
Dec-2020: Infor entered into a partnership with MphRx, a cloud-based platform. This partnership aimed to help healthcare companies to drive vaccine management for Coronavirus.
Nov-2020: Cognizant formed a partnership with Generis, a leader in content and information management systems. In this partnership, Cognizant leverage Generis’ flagship product, the CARA Life Science Platform, to allow customers to simplify their business processes on a single holistic Workspace, which covers RIM / Regulatory and Quality / QMS and Safety / PV & Clinical, and also enterprise-wide functionality like the Component-Based / Structured Content Authoring.
Oct-2020: Epic Systems teamed up with Lyft, a developer, marketer, and operator of a mobile app. This collaboration aims to boost Lyft’s
non-emergency medical transportation business via integration with Epic’s electronic medical record system. Lyft enables clinicians to schedule a ride for their patients from their health record and make it simple for health systems to gather information on the impact of their transportation programs.
Oct-2020: Epic collaborated with InterSystems, a privately held vendor of software systems and technology. Under this collaboration, Epic would utilize the InterSystems IRIS Data Platform starting with the release of its EHR. The usage of the IRIS platform would enable Epic clients to access huge datasets and offer improvements in asynchronous mirroring.
Oct-2020: Athenahealth entered into a partnership with RxRevu, a prescription decision-support company. This partnership aimed to bring patient-specific prescription pricing data to Athenahealth clients, enabling providers…