The Market For Global Healthcare IT Market Is Expected To Grow At CAGR 12.5% From 2017 To 2024.
Data Bridge Market Research new Insight’s on “Global Healthcare It Market is projected to reach 340.9 billion by 2024, from USD 131.0 billion in 2016 growing at a CAGR of 12.5% during the forecast period of 2017 to 2024”.
The market is segmented By Product (EHR, RIS, PACS, VNA, CPOE, MHealth, Telehealth, Healthcare Analytics, Supply Chain Management, Revenue Cycle Management, CRM, Claims Management, Fraud Management), By End User (Providers (Hospitals, ASC’s, Home Healthcare, Diagnostic Centers, Pharmacies), Payers (Private, Public)), By Geography (North America, Europe, Asia-Pacific, South America, Rest of the World) – Trends and Forecast to 2024
The actual calculation year for the report in 2016, while the historic data is for 2015 and the forecast period is still 2024.
Global Healthcare IT Market: Recent Developments
There is a growing inclination across the globe towards the adoption of healthcare IT technologies due to the increasing need to deliver quality care to patients while curtailing escalating healthcare costs. These robust IT solutions are designed to streamline workflow in healthcare systems, reduce expenses, and facilitate compliance with stringent regulatory guidelines. They offer several benefits such as increased patient safety, better patient care, reduced healthcare costs, and high returns on investment (ROIs) through automated workflows.
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Global Healthcare IT Market Categories: Segmentation
The global healthcare IT market is broadly divided into three segments—healthcare provider solutions, payer solutions, and HCIT outsourcing services.
The healthcare provider solutions market is further segmented into clinical solutions and non-clinical solutions. The clinical solutions segment covers EHR/EMR, PACS and VNA, CPOE RIS, CDSS, specialty information management systems, healthcare IT integration systems, practice management systems, radiation dose management systems, radiology information systems, medical image processing and analysis systems, laboratory information systems, digital pathology solutions, telehealth solutions, and mHealth solutions. In 2015, electronic health records accounted for the majority share of 31.7% in the global clinical solutions market. Some commercially available and widely preferred EHRs across the globe are EpicCare Ambulatory electronic medical record (Epic Systems); The Cerner electronic medical record (Cerner Corporation); InteGreat EHR and Paragon Community Plus (McKesson Corporation); AthenaClinicals (Athena Health, Inc.); and MEDITECH EHR (MEDITECH, Inc.)
The non-clinical solutions segment includes pharmacy information systems, medication management systems, healthcare asset management, workforce management systems, revenue cycle management, financial management systems, medical document management systems, healthcare information exchange, population health management, supply chain management, healthcare analytics, and customer relationship management.
The healthcare IT market is segmented based on the end-users into payers and providers. Providers include hospitals, ambulatory surgical centers, diagnostic centers, home healthcare and others. While payers include private and public healthcare reimbursement and insurance agencies. Hospitals are expected to dominate the market for healthcare IT solutions market.
The payer solutions segment includes pharmacy analysis and audit, claims management, fraud management, computer-assisted coding, care management, medical document management systems, payment management solutions, provider network management, member eligibility management, and other payer HCIT solutions. In 2014, the claims management segment accounted for the largest share of 26.2% of the global healthcare IT payer solutions market.
Global Healthcare IT Market: Geographic Segmentation
The healthcare IT market in the U.S. possesses lucrative growth opportunities, owing to the presence of several large hospitals and health systems, changing regulations, rising geriatric population, and increasing need to curtail healthcare costs in the country. A number of major global players are also based in the U.S., owing to which the U.S. is a center for innovation in the healthcare IT market. Europe is the second-largest healthcare IT market. Government initiatives in this region for eHealth and the need to improve the overall efficiency in healthcare organizations are driving market growth for Europe. In 2016, North America is expected to dominate the Global Healthcare IT market with 53.3% share.
Global Healthcare IT Market: Company Share Analysis
Some of the major players in the healthcare IT market include McKesson Corporation, Oracle Corporation, Allscripts Healthcare Solutions, Inc., Nextgen Healthcare, Greenway Medical Technologies, Practice Fusion, Athenahealth, Inc., Philips Healthcare, Infor, Inc., Epic Systems Corporation, GE Healthcare, Siemens Healthcare, Cerner Corporation, Agfa-Gevaert Group, EClinical Works LLC., and Carestream Health among other vernacular players..
Other Market Insights:
Global Laboratory Information Systems (LIS) Market, latest insights by Data Bridge Market Research states that the market is growing at CAGR of 10.1% in the forecast period 2017 to 2024, expected to reach USD 2.9 Billion by 2024.
Global Revenue Cycle Management (RCM) Market, latest insights by Data Bridge Market Research states that the market is growing at CAGR of 12.7% in the forecast period 2017 to 2024, expected to reach USD 133.6 Billion by 2024.
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