Healthcare IT Market
Market Overview:
The worldwide healthcare IT market in 2018 was estimated at USD 75.080.5 million and is estimated at USD 15.0474.78 million in 2024, a CAGR of 12.29%. The increase in demand for paperless technology, the emergence of social media and its effect on the healthcare IT sector are some of the main factors that are accountable for the market’s present development. In addition, enhanced government financing, numerous associations initiatives to improve healthcare facilities and infrastructure, and a strong return on investment are the other factors that increase market growth.
The use of internet and social media has become essential in today’s evolving healthcare landscape to create a stronger knowledge of information technology in healthcare and its effect on health communication. Participation in social networking sites had more than quadrupled from 2005 to 2017, and the adoption rate had gone up high, showing a beneficial effect on the market growth studied. According to CMS, the US National Health Expenditure represents about 18% of GDP Gross Domestic Product , which is expected to reach about 20% by 2020. The majority of the growth is anticipated to be fuelled by public sector spending, specifically by Medicare and Medicaid. Medicaid and social security are expected to exceed government revenues. Thus, increasing investments in healthcare are likely to drive product innovation and technology acceptance, which, in turn, may propel the market studied, globally.
Report Portfolio:
Healthcare IT is defined, according to the U.S. Department of Health and Human Services, as the application of information processing involving both computer hardware and software for the storage, retrieval, sharing, and use of healthcare information, data, and communication and decision-making knowledge. The primary objective of the health information technology industry is to keep records of the health information of clients and deliver it to physicians, patients, or their families in a secure and effective manner.
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Key Market Trends: –
Services Sub-segment is anticipated to maintain its highest market share in the Component Segment:
Services are thought to have the biggest market size in the component segment of the healthcare IT market and are anticipated to experience a CAGR of 12.77% over the forecast period.
The sub-segment of services includes support and maintenance as well as professional services. The sub-segment of services retained the biggest market share in 2017 and is anticipated to expand substantially over the forecast period. The quantity of information has been steadily rising since the application of IT in healthcare; data storage and maintenance costs have risen over the past few years. In addition, there is a lack of qualified IT experts in healthcare organizations to manage this enormous quantity of information. As a result, the growing price, together with the absence of qualified experts, has forced several organizations to opt for the maintenance and support services supplied by healthcare IT firms.
In addition to the maintaining and supporting services, analytics, which holds a significant market share, is also being provided by the leading players, such as IBM, GE Healthcare, Philips, etc. With the emergence and introduction of cloud-based technology in healthcare, the share of the services sub-segment has gone up significantly.
North America Dominates the Market and is Expected to do the Same in the Forecast Period:
North America, being the developed region, is currently dominating the market for healthcare IT and is expected to continue to hold the large market share for a few more years. The main variables responsible for the biggest market share of the region in the future are the well-established healthcare industry and the region s better reimbursement infrastructure. The United States holds the bulk of the North American region s market; this is due to the country s greater implementation of digital healthcare and increasing corporate investments.
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Competitive Landscape Report:
The market for healthcare IT is extremely competitive and is made up of several significant players. With regard to market share, the market is presently dominated by few of the main players. However, mid-size to smaller businesses are growing their market presence by introducing fresh services at affordable rates with technological advances and product innovations. Significant market share is held by companies such as GE Healthcare, Philips Healthcare, Siemens Healthcare, Cerner Corporation, and Allscripts Healthcare Solutions Inc.
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