Healthcare IT Market size is estimated to be $205 billion in 2019 and is growing at a CAGR of 13.2% during the forecast period 2020-2025. Increasing demand for healthcare provider solution along with electronic health records, personal health records, electronic prescribing managing hospitals, nursing home and pharmacies is a major factor driving the Healthcare IT Market during the forecast period 2020-2025. Futhermore, healthcare information technology refers to the multitude of technology tools used by physicians, nurses, health administrator, patient, government entities and others to compile, store and analyze and share health information. Health IT Tools include electronic health records (EHR), personal healthcare records, electronic prescription services, health related smart phones apps and more. Furthermore, the use of Personal Archiving and Communication System (PACS) has increased in healthcare organization to securely store and digitally transmit electronic images and clinically relevant reports. According to the USF Health Morsani College of Medicine the U.S. Bureau of Labour Statistics estimates that through 2024, the need for medical and health service managers is set to grow by 17 percent much faster than the average for all occupation.
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By Product Type- Segment Analysis
By Product Type the Healthcare Provider Solution held the largest market share in 2019. Increasing demand of healthcare provider solution, electronic health records, vendor neutral archive, personal health record, health information exchange and health information management to manage hospitals, pharmacies and others is a major factor driving the Healthcare IT Market during the forecast period 2020-2025. Furthermore, Electronic Health Records (EHR) enables physician to exchange information with one another remotely and in real time, making sure every clinician with an individual patient has current and accurate file. In addition these solution help organization improve patient safety and treatment effectiveness while simultaneously increasing their operational efficiency. Moreover, according to the physician press more than 83% healthcare professional have admitted that EHR has helped them to manage prescription order entry, patient records, clinical notes, medications, problem result and view lab result. Furthermore, more than 80% of small, rural and critical access hospitals have adopted a basic EHR with clinical notes.
By End-User- Segment Analysis
The healthcare provider segment is projected to be the fastest growing segment with a CAGR of 8% during the forecast period 2020-2025. This is owing to the quick access of patient records for more coordinated and efficient care. Securely sharing electronic information with patients and other clinicians. Furthermore helping providers such as hospitals to more effectively diagnose patients, reduce medical errors and providing safer care. Technological advancements and growing innovation of storing patients information on EHR is further contributing to its market growth.
Geography- Segment Analysis
North America accounts for 42% of the Healthcare IT Market share in 2019 followed by Europe and APAC. Increasing adoption of Healthcare information Technology along with controlled healthcare cost and a better healthcare infrastructure is a major factor driving the healthcare IT market. Furthermore, the presence of major healthcare companies such as Mc Kesson and United Health Group is further driving its market growth.
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Drivers –Healthcare IT Market
Increasing adoption of artificial intelligence in healthcare industry is a major factor driving the healthcare IT market. AI simplifies the lives of patients, doctors and hospital administrator by performing task that are typically done by humans but in less time and at a fraction of cost. Furthermore, it is being used to discover link between genetic codes, to power surgical robots or even to maximize hospital efficiency.
Increasing demand of better healthcare facilities is a major factor contributing to its market growth. Furthermore, increasing adoption of healthcare information technology enabling maintenance and management of health information in electronic formats and enabling doctors and professionals to have immediate access to patient information is driving the healthcare IT market during the forecast period 2020-2025.
Challenges – Healthcare IT Market
Lack of skilled professional is a major factor restraining the Healthcare IT Market during the forecast period 2020-2025. A constant rise of patients and a large amount of information is makes it difficult to carry out processing owing to the dearth of skilled professional. So, lack of skilled professional disrupts the smooth functioning of healthcare IT market and serves as a setback for its growth in the market during the forecast period 2020-2025.
Healthcare IT Market Industry Outlook
Product Launches, Merger & Acquistions, joint ventures and R&D activities are key strategies adopted by the players in the Healthcare IT Market. Healthcare IT Market top 10 companies are Tempus, Patientpop, Faltiron Health, Bswift, Strata Decision Technology, VillageMD, Realself, Quio, Collective Health and Transcend Insights.
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