Healthcare IT Market to Witness Steady Growth Based on Increasing Rate of CPOE Adoption And Growing Incidences of Chronic Diseases Till 2020 | Million Insights

Healthcare IT Market to Witness Steady Growth Based on Increasing Rate of CPOE Adoption And Growing Incidences of Chronic Diseases Till 2020 | Million Insights

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According to new report available with Million Insights, the healthcare IT industry is anticipated to grow at a significant CAGR of 12.7% over the forecast period as the scope and its applications are rising enormously across the globe.

The global Healthcare IT Market was worth USD 41.2 billion in 2013 which is anticipated to grow at a CAGR of more than 12.7% during the forecast period. The factors driving the growth of the market are increasing rate of adoption of Computerized Physician Order Entry (CPOE), increasing incidences of chronic diseases, increasing patient base worldwide and advances in technologies in this sector.

Reduction in operational costs, reduction in errors in medical centers, and an increase in effective outcomes is anticipated to fuel the healthcare IT market growth. Additionally, supportive government initiatives for improvement of healthcare infrastructure and integration of information technology with existing establishments are anticipated to boost the market growth during the forecast period.

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Moreover, the advent of interoperable systems and cloud computing for detection and identification of infectious diseases and tracking the prevalence and incidence rates of chronic diseases are expected to contribute towards the market growth. This is also expected to encourage governments to increase investments associated with adoption of these systems.

The introduction of advanced technologies in software such as ambulatory care management systems, electronic health records, hospital information systems, electronic medical records, e-prescribing systems and patient management systems, is anticipated to drive the market growth during the forecast period. Additionally, increasing demand for e-healthcare system, medical record systems, and computerized physician order entry is projected drive market growth during the forecast period. Rising adoption of software systems such as clinical trial management system, clinical decision support system, and data mining is estimated to further boost the demand.

Application Insights

Telehealth and tele- market attributed for more than 30.0% of the global healthcare IT market, in 2016. The factors contributing to this large share are high rates of usage and related benefits such as ease of information transfer via telecommunication technologies. The factors such as a need for home healthcare centers and the shift in preferences to prevent hospital stay are fueling the telecommunication segment growth.

Electronic health records (EHR) accounts for second largest market after telecommunication in terms of revenue share. As per Healthcare Information and Management Systems Society, electronic health records are longitudinal records associated with health information of a patient. Medical institutes update these records. The use of EHR is anticipated to have lucrative growth due to factors such as interoperability and user-friendliness. Moreover, these systems offer information which aids in decision-making related to the health of a patient in emergency situations.

Regional Insights

North America dominated global healthcare IT market accounting for more than 40.0% of total market revenue. The prominent market driver is the existence of advanced medical facilities, supportive government initiatives such as the launch of incentive programs for EHR by Medicare and Medicaid, increased patient awareness along with increased expenditures in this region. Increasing number of private healthcare service providers, for instance, Sana & Helios and existence of well-established healthcare infrastructure are growth drivers of this market in Europe.

Asia Pacific healthcare IT market is projected to grow at a remunerative CAGR during 2013 to 2020 owing to the increased frequencies of chronic diseases in the pediatric and geriatric population, increasing awareness about the convenience and cost effectiveness of these technologies and increasing healthcare expenditure.

Competitive Insights

The global healthcare IT market is fragmented by presence of companies such as Carestream Health McKesson Corporation, Agfa Healthcare, GE Healthcare, Philips Healthcare, Carestream Health eClinicalworks, E-MDS Inc., Hewlett-Packard, and Athenahealth Inc. The market is characterized by constant strategic mergers and acquisition and collaborations. Key players are capitalizing on the untapped markets in order to intensify the competition.

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Market Segments:

Healthcare IT Application Outlook (Market Revenue in USD Million, 2012 – 2020)
        • Electronic Health Records
        • Computerized Provider Order Entry Systems
        • Electronic Prescribing Systems
        • PACS
        • Lab Information Systems
        • Clinical Information Systems
        • Telemedicine and Telehealth
        • Others

Healthcare IT Regional Outlook (Market Revenue in USD Million, 2012 – 2020)
        • North America
        • Europe
        • Asia Pacific
        • Rest of the World

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