Healthcare IT Market Forecasted Double-Digit Growth Rate Through 2024
Sarasota, FL -- (SBWIRE) -- 08/25/2017 -- Healthcare information technology is used to manage, control, and automate various tasks and processes in the healthcare organizations. Use of sophisticated technologies will offer efficient patient-centric approach along with restricted adverse impacts associated with the limited service expenses and nursing staff. It is the solution that is obtained by the information technology in the healthcare industry. It consists of proper health data flow among insurers, consumers, and governments. Healthcare IT also provides various applications which include computerized physician order entry system, electronic health, and medical record system along with specialized solutions that include clinical decision support system, clinical trials management system, and data mining system.
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The growth in the healthcare IT (HCIT) market is mainly attributed to the implementation of various health care policies, strategies to promote the use of HCIT in healthcare facilities, and increasing demand for patient safety & data accuracy. Increasing need for streamlining the day-to-day operations and limiting overhead expenses in order to offer efficient quality care services to the patient by adopting advanced technology globally is anticipated to drive the global market growth. The introduction of mHealth applications and proliferation of the mobile devices are collectively adding benefits to the market growth. The complexity associated with the installation and use of the healthcare IT coupled with privacy issues are posing a challenge to the growth of the healthcare IT market.
The healthcare IT market is segmented based on component, end user, application, and geography. The component segment of the market is classified into software and hardware. According to the end user, the market is categorized into payers and providers. Depending on the application, the market is segregated into the clinical information system, electronic health record, telemedicine and telehealth, computerized provider order entry system, and electronic prescribing system, and others. The geographical distribution of the market is encompassed into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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Asia-Pacific has the largest market for healthcare IT industry; China and India are rapidly growing economies, which are followed by South Korea. The government in such rapidly developing economies is focusing on improving health care services and provide better infrastructure, this positively influences the market. Rising prevalence of the chronic disorders, growing demand for the healthcare IT solutions & services, improving healthcare infrastructure will rise the market growth in coming years in Asia Pacific. Healthcare IT services help to reduce error, limit overhead expenses, and build a bridge between complete healthcare entities in North America. Increasing government support & investments, improving healthcare infrastructure, and rapid demand for better healthcare is anticipated to fuel the global healthcare IT market growth in Europe.
Market Competitive Players
Major players in the global healthcare IT market include Athenahealth, Inc., United Healthcare Group, Koninklijke Philips N.V., McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Inc., Oracle Corporation, GE Healthcare, and Epic Systems Corporation. Other influencing players include 3M Health Information Systems, Spok Inc., Kronos Incorporated, Wolters Kluwer, Wipro Technologies, Anthelio Healthcare Solutions Inc., Syntel Inc., Conifer Health Solutions, CSI Healthcare IT, IBM, Orian Health, and Lexmark Healthcare.
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Global Healthcare IT Market by Geographical Analysis: North America( U.S.), Europe( UK, France, Germany), Asia-Pacific (China, Japan, India), Latin America( Brazil), Middle East and Africa
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