COVID-19 Impact on Healthcare Information Technology Market: Market Segments: By Product & Services (Healthcare Provider Solutions, Healthcare Payer Solutions and HCIT Outsourcing Services); By Component (Services, Software and Hardware); By Application (Electronic Health Records, Computerized Provider Order Entry Systems, Electronic Prescribing Systems, PACS, Laboratory Information Systems, Clinical Information Systems and Tele-healthcare); and Region – Global Analysis by Market Size, Share & Trends for 2014 – 2020 and Forecasts to 2030
Healthcare refers to medical or disease diagnosis, treatment and prevention, and other physical and mental impairments. Together with information technology (IT the healthcare industry operates to administer, control, and mechanize operations in medical organizations. In the health and wellness field, the use of modern methods provides an efficient patient-centered approach to medical care and allows for smooth contact between physicians, patients and other interested individuals.
Healthcare IT Market is expected to project a notable CAGR of 15.7% in 2030.
Healthcare IT Market to surpass USD 395 Billion by 2030 from USD 185 Billion in terms of value growing at a CAGR of 15.7% throughout the forecast period, i.e., 2020-30. In order to strengthen Chronic Disease Management (CDM) due to the growing prevalence of chronic diseases globally, the implementation of healthcare IT systems has gained traction in recent years.
Healthcare IT Market: Segments
Services Segment to grow with the highest CAGR of 12.2% during 2020-30
Healthcare IT Market is segmented by components as Hardware, services and software. The services segment is estimated to lead the market with a market share of over XX.X% in 2019. The volume of data has been rising continuously since the introduction of IT in healthcare; data storage and maintenance costs have risen over the last few years. In addition, to manage this huge amount of data, healthcare institutions lack trained IT professionals. As a result, rising prices, along with the shortage of trained personnel, have forced many institutions to opt for the maintenance and support services offered by IT companies in the healthcare sector
Healthcare IT Market: Market Dynamics
Rise in the Demand for Paper-less Technology
Some of the major factors responsible for the current growth of the market studied are the rise in demand for paperless technology, the advent of social media and its impact on the healthcare IT industry. The other factors contributing to the growth of the sector include increased government support, numerous measures taken by associations to enhance healthcare facilities and infrastructure, and a strong return on investment.
Lack of Skilled Labor
One of the major obstacles to the healthcare IT sector is the expense of implementation and maintenance of digital health applications such as EHR and EMR. The introduction of an EMR system could cost a single doctor up to millions of euros. In addition, high security risks and privacy problems are leading to a growing cost structure.
Healthcare IT Market: Key Players
- GE Healthcare
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence and SWOT Analysis.
- Philips Healthcare
- Siemens Healthcare
- Cerner Corporation
- Allscripts Healthcare Solutions Inc.
- Oracle Corporation
- SAS Institute Inc.
- Dell Technologies Inc.
- Mckesson Corporation
Healthcare IT Market: Regions
Healthcare IT Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC and MENA.
Healthcare IT Market in North America led the market with a lion share of more than 40.3% in 2019 and is projected to maintain its lead over the forecast period. The regional market is driven by the growing introduction of IT solutions and services by health care providers to provide improved patient care at lower prices, combined with the existence of major manufacturing hubs. In addition, an increase in the number of hospitals, universities, advanced research centers and manufacturers of medical devices has further propelled the growth of the market in this region. During the forecast era, the Asia Pacific market is expected to expand at the highest CAGR. The growth of the APAC market is driven by factors such as large patient populations, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and increasing knowledge of advanced technologies.
Impact of Covid-19 on Healthcare Information Technology Market
The COVID-19 pandemic offers enormous opportunities for solutions to telehealth, given that social distancing is the only current approach that has been developed so far that can mitigate exposure. Telemedicine represents a desirable, successful and inexpensive choice in this regard. In addition, to keep healthcare providers safe, this technology is of vital importance. The healthcare information technology market is mainly guided by the increasing incidence of COVID-19, the government mandate.
Healthcare IT Market report also contains analysis on:
Healthcare IT Market Segments:
By Product & Services:
- Healthcare Provider Solutions
- Healthcare Payer Solutions
- HCIT Outsourcing Services
- Electronic Health Records
- Computerized Provider Order Entry Systems
- Electronic Prescribing Systems
- Laboratory Information Systems
- Clinical Information Systems
- Healthcare IT Market Dynamics
- Healthcare IT Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Value Chain of the Market
- Market Drivers and Restraints
FAQs on Healthcare IT Market
? Which segment is anticipated to hold the largest market share?
? At what CAGR is the market anticipated to grow between 2020 and 2030?
? Who are the key players in the Healthcare IT Market?
? What could be the challenging factors in the growth of Healthcare IT Market?
? What are the growth drivers for the Healthcare IT Market?