Over the past decade, healthcare IT systems have emerged as powerful tools to improve the quality of care to patients and minimize the cost of healthcare delivery for providers. The market has evolved, from the creation of electronic patient records in the form of EMRs/EHRs to the convergence of technologies to enable the meaningful use of electronic health information and develop interoperable solutions. The push towards predictable outcomes and a higher quality of care is one of the key factors driving innovation in healthcare information technologies. However, the high cost of HCIT solutions and lack of awareness on the benefits of HCIT solutions remain the biggest challenges to the wider adoption of healthcare IT solutions.
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The global healthcare IT market is poised to reach USD 228.79 billion by 2020 at a CAGR of 13.4% during the forecast period (2015 to 2020). The demand for healthcare IT solutions is fueled by the growing need to reduce healthcare costs while adhering to regulatory requirements for ensuring the safety, security, and confidentiality of patient information. While an increasing demand for IT solutions from healthcare providers is expected to be the biggest growth driver for this market, an increasing need for data management solutions and services from healthcare insurance providers is also expected to contribute to overall market growth.
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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 2015, the healthcare providers segment accounted for the largest share of the global healthcare IT market. The healthcare provider solutions segment is further segmented into clinical and non-clinical solutions. The growth of the healthcare provider solutions market is mainly driven by the increasing demand for clinical HCIT solutions. In this market, the clinical HCIT solutions segment is expected to grow at the highest CAGR during the forecast period.
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North American Healthcare IT Market by Product (EHR RIS PACS VNA CPOE mHealth Telehealth Healthcare analytics Supply Chain Management Revenue Cycle Management CRM Claims Management) by End User (Provider Payer ) – Forecast to 2020
The healthcare 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.
The North American Healthcare IT market is expected to grow at a CAGR of 13.5% during the forecast period (2015 to 2020). 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 North American healthcare IT market. 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 North American healthcare IT market during the forecast years.
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