- 10 December 2019 18:51
Which Major Factors Hampering the Growth of Healthcare IT Market?
Healthcare IT Market size was valued at USD 163.3 billion in 2018 and set to exceed USD 445.9 billion by 2026, market is expected to witness approximately 15.4% CAGR from 2019 to 2026.
Growing demand for adherence of regulatory guidelines is a key factor driving the growth of global healthcare IT market. Rising initiatives by governments for high return on investment, e-health coupled with rising needs to retrench escalating costs of healthcare. Moreover, scarcity of knowledge of in-house information technology domain as well as reluctance among various end users to adopt new trends are some major factors hampering the growth of healthcare IT market.
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Favorable government initiatives for encouraging adoption of information technology in healthcare services will boost industry growth in the future. For instance, the U.S. government passed Health Information Technology for Economic and Clinical Health (HITECH) Act, providing funds worth USD 20 billion for setting up electronic health records. Such government initiatives should propel the Healthcare IT market growth.
Increasing demand for lowering cost of healthcare services by implementation of healthcare IT network will foster industry growth in the future. Inefficient processes in healthcare settings leads to loss of about 50% of the revenue earned by healthcare providers, ultimately leading to high healthcare cost. Implementation of healthcare IT services reduces errors in processes and manages the data efficiently, thereby lowering overall healthcare service cost. Aforementioned factors will propel healthcare IT market growth in the future.
Healthcare IT refers to the offering of IT solutions to the healthcare industry. Healthcare IT solutions provide improved management of data and safe exchange of health related information with government, patients, consumers and insurers. Healthcare IT solutions witness a massive demand for general applications including medical record system and electronic health along with computerized physician order entry system. It also provides specialized solutions such as clinical trials management system, data mining system and clinical decision support system. Moreover, several software solutions such as e-prescribing systems, hospital information systems, ambulatory care management systems, patient management systems, etc are being widely adopted by hospitals and clinics in order to deliver improved and efficient care for patients. The advantages of adopting healthcare IT solutions result in reduction in healthcare cost, decline in medical errors and increased successful medical procedure outcomes coupled with growth in productivity of health care.
For example, the government of U.S. passed various regulatory norms and acts thus focusing on endorsement of e-healthcare by both private and public sector units, hence decreasing the healthcare costs. In addition, the commencement of cloud computing in healthcare industry has further attenuated the overall real-time exchange of data. Owing to the fast transformation witnessed in developed economies such as the US in North America and EU5 countries in Europe, the outsourcing of information technology to several other countries wherein relatively cheaper solutions can be achieved has been greatly exploited by key market players. Other countries such as China, India, Singapore and Indonesia are declared as the major information technology outsourcing centers, thus serving other nations in keeping down the their IT expenses. The key areas where healthcare IT solutions can be deployed include pharmaceutical research, biomedical research, proteomics and genetics as well as life science information technology, bio-simulation, disease research, biotechnology and others. Application of healthcare IT in forensics and insurance is a rising trend.
Key players operating in the global healthcare IT market include Allscripts Healthcare Solutions, Inc., McKesson Corporation, Epic Systems Corporation, Athenahealth, Inc., Siemens Healthcare, GE Healthcare, Carestream Health and Cerner Corporation among others.
Analysis Period: 2015 to 2026
Historic Data 2017 to 2018
Base Year: 2018
Forecast Data: 2015 to 2026
- Electronic health record market is expected to reach USD 98.2 billion by 2026. - Healthcare payer market is estimated to grow at 15.8% CAGR across the forecast timeframe.
- UK healthcare IT market is estimated to reach USD 24.6 billion by 2026.
- China healthcare IT market presents a lucrative growth opportunity at a robust CAGR of 19.5%.
Market By Product Type
· Healthcare provider solutions
o Clinical solutions
o Non-clinical solutions
· Healthcare payer solutions
o Analysis and audit
o Claims management
o Fraud management
o Computer-assisted coding systems
o Payment management
o Provider network management
o Member eligibility management
o Customer relationship management
o Medical document management
o Other (general ledger & payroll management)
· Healthcare IT outsourcing services
o Payer healthcare IT outsourcing services
o Provider healthcare IT outsourcing services
o IT infrastructure management services
o Operational healthcare IT outsourcing services
Market By End User
· Healthcare providers
o Diagnostic & imaging centers
o Nursing homes
· Healthcare Payers
o Public payers
o Private payers
Market By Geography
· North America
o Rest of Europe
o Rest of Asia-Pacific
· Latin America
o Rest of Latin America
· Middle East and Africa (MEA)
o South Africa
o Saudi Arabia
o Rest of MEA
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