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COVID-19 Impact on Healthcare IT Industry:
The market for healthcare information technology is driven primarily by the rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs.
Market Size Estimation:
The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by product, end user, and region).
After arriving at the market size, the total healthcare information technology market was divided into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.
The global healthcare information technologies market size is projected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%.
The research methodology used to estimate the market size includes the following:
1. The key players in the industry and markets have been identified through extensive secondary research.
2. The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research.
3. All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.
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In-Depth Market Analysis:
The telehealth segment is expected to grow at the highest CAGR during the forecast period. The use of telehealth solutions facilitates remote doctor-patient consultations (telemedicine) and vital sign monitoring. These solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations.
The COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
Based on end-users, the market is segmented into healthcare providers, healthcare payers, and other end-users. In 2019, the healthcare providers segment will dominate the market. The large share of this segment is attributed mainly to the strong financial capabilities of hospitals for purchasing high-priced Healthcare IT solutions, and the large patient pool treated at hospitals.
Regional Growth Analysis:
The healthcare information technology market is segmented into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the healthcare information technology industry.
The large share of this region can primarily be attributed to the high adoption of telehealth solutions, the high number of positive COVID-19 cases & deaths in the US, a strong healthcare system and IT infrastructure, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the US can easily manufacture these devices.
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The key players in the global healthcare information technology market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US), among others
Recent Developments in Industry:
1. In April 2020, OptumServe, the federal health services business of Optum, partnered with the California state in the US to increase testing for COVID-19 in the state’s communities
2. In April 2020, UnitedHealth Research & Development and The Everett Clinic, part of Optum, led a research study which revealed that alternative swab materials and commonly available saline are effective for COVID-19 testing, providing more options for sample collection. These new findings, in conjunction with nasal sampling, allow for greater flexibility in obtaining samples, reduce the risk of infection to clinicians in collecting samples and reduce the need for clinicians to use protective equipment.
3. In April 2020, Cerner Corporation started offering complimentary access to critical de-identified COVID-19 patient data to selected health systems and academic research centers in the US, to help fight the pandemic. This will provide eligible healthcare researchers with free access to Cerner’s COVID-19 data set to support epidemiological studies, clinical trials, and medical treatments related to COVID-19, in line with the applicable laws and guidelines.
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