Healthcare information technology includes the planning, creation, development, use and maintenance of healthcare information systems. They have the ability to improve the medical care and public health. They can also decrease the costs, decrease error, and improve patient satisfaction. Today, the value of health IT is due to the combination of evolving technology and increasing government policies that affect patient care performance. These healthcare IT uses hardware, software, or other infrastructure so they can record store, protect, clinical, and other. This healthcare IT consist of electronic medical records, electronic prescribing, personal healthcare records, and electronic health records. The importance of health IT today is due to the combination of evolving technology and increased government policies impacting the quality of patient care.
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Some of the factors responsible for the growth of Healthcare IT Market:
- Prevalence of chronic diseases: Chronic diseases are those condition which lasts more than 3 months and get worse over the time. For older adults, chronic diseases tend to occur and can usually be managed but not cured. Some of the common types of the chronic disease such as cancer, stroke, diabetes, and arthritis. This disease is getting very common with the age. Early diagnosis is very important so that one can manage chronic disease. The main factor due to which there is increase in the number of chronic disease are rising urbanization and changing lifestyle of the people
- Increasing government initiatives on healthcare IT sectors: Government is also planning to take different steps and initiatives so they can encourage healthcare IT. The main aim of these initiatives is to provide better medical care and facilities to the patients. The National Rural Health Mission (NRHM) is an Indian health program for rural India. The mission intends to provide universal access to fair, affordable and high-quality healthcare that is accountable and responsive to people's needs at the same time
The Global Healthcare IT Market is segmented on the basis of products & services into HCIT outsourcing services, healthcare provider solutions and healthcare payer solutions. The clinical solutions are further sub segmented into electronic health records medical image processing and analysis systems, picture archiving and communication systems, radiology information systems, laboratory information systems, vendor neutral archive, computerized physician order entry, clinical decision support systems, specialty management information systems, healthcare IT integration systems, practice management systems, radiation dose management and others. The non-clinical solutions are also sub segmented into healthcare information exchange, revenue cycle management solutions, financial management systems, population health management solutions, medical document management solutions, pharmacy information systems, workforce management systems and healthcare analytics. Providers are further sub segmented into hospitals, home healthcare, diagnostic centres, ambulatory surgical centres and pharmacies. Payers are further sub segmented into public and private.
Some of the launches and acquisition in Healthcare IT Marketare:
- In September 2019, Apollo Hospitals Group announced the launch of their Drone healthcare delivery solutions. The hospital must develop and use drone technology to provide medical aids and organs. This launch will help the company to strengthen their position in the market
- In September 2018, Narendra Modi announced the launch of their new Healthcare scheme Ayushman Bharat. This will help them to provide better healthcare services to more than 10 crore families both in urban and rural areas. The system at public hospitals and empaneled private hospitals will be cashless and paperless
“According to Data Bridge Market Research, global healthcare IT Market was valued at USD 90,373.80 million by 2017 and is projected to register a healthy CAGR in the forecast period 2018 to 2025”
Some of the prominent players in the market are Epic Systems Corporation; McKesson Corporation; Cerner Corporation.; Allscripts Healthcare, LLC; Carestream Health; Agfa-Gevaert Group; Athenahealth; eClinicalWorks; General Electric; Greenway Health, LLC; Infor; Koninklijke Philips N.V.,; Oracle; Practice Fusion, Inc; among others
Increasing usage of healthcare IT solution in outpatient care facilities along with the increasing shift towards patient centric monitoring will drive the market growth. Strong returns on investment in IT services for healthcare is another factor boosting this market growth.. All the aforementioned factors contributes towards the growth of the market
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