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Healthcare IT Market 2019 Highest Growth In Healthcare Sector With Industry Size, Share, Trend by 2023

Industry Updates:

In 2019, Amazon launched HIPAA (the U.S. Health Insurance Portability and Accountability Act of 1996)-compliant healthcare skills for Alexa. This would help consumers in asking the virtual assistant for booking an appointment and even accessing hospital post-discharge, and other things such as prescription delivery. This opens up a space for people following HIPAA in developing Alexa as per their requirement.

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Competitive Landscape:

Prominent players impacting strategic decisions of the global healthcare IT market are Cerner Corporation (U.S.), Orion Health (New Zealand), Allscripts Healthcare Solutions, Inc. (U.S.), Dell Technologies (U.S.), McKesson Corporation, (U.S.), IBM (U.S.), Oracle Corporation (U.S.), Infor, Inc. (U.S.). Cognizant Technology Solutions Corporation (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), United Healthcare Group (U.S.), Koninklijke Philips N.V. (The Netherlands), McKesson Corporation (U.S.), Wolters Kluwer (Netherland), GE Healthcare (UK), 3M Health Information Systems (U.S.), Conifer Health Solutions (U.S.), Anthelio Healthcare Solutions Inc. (U.S.), Lexmark Healthcare (U.S.), Kronos Incorporated (U.S.), Syntel Inc. (U.S.), Spok Inc. (U.S.), CSI Healthcare IT (U.S.), and others.

Healthcare IT Market Overview:

Several factors would influence the healthcare IT market to ensure profits in the coming years. In the process, they are including several technologies, mostly wireless, Bluetooth, WLAN, WMAN, WWAN, zigbee technology, Radio Frequency Identification (RFID), and others. Other than his, the demand for lessening the healthcare costs and high return against investments are going to influence the market substantially.

On the flip side, high deployment cost and lack of trained professionals can bring down the expected growth rate considerably. But the demand for providing excellent healthcare support could influence the healthcare IT market growth.

Segmental Analysis:

MRFR’s report on the global healthcare IT market segments the market by products and services, component, and end-user.

Based on products and services, the global healthcare IT market can be segmented into healthcare provider solutions, HCIT outsourcing services, healthcare payer solutions, and others. The healthcare provider solutions can be segmented into clinical solutions and non-clinical solutions. The clinical solutions are categorized into electronic health records/electronic medical record systems, healthcare IT integration systems, picture archiving & communication systems & vendor neutral archive systems, computerized physician order entry systems, clinical decision support systems, population health management solutions, e-prescribing solutions,, radiology information systems, radiation dose management, specialty management information systems, medical image analysis systems, laboratory information systems, patient registry software, practice management systems, mobile health applications, telehealth solutions, and infection surveillance solutions.

The nonclinical – healthcare IT solutions spans across medication management systems, revenue cycle management solutions, healthcare asset management software, financial management systems, pharmacy information systems, workforce management systems (WFM), medical document management solutions, healthcare information exchange (HIE), healthcare analytics, supply chain management solutions, and customer relationship management (CRM).

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The healthcare payer solutions segment comprises pharmacy audit & analysis systems, claims management solutions, analytics & fraud management solutions, population health management solutions, provider network management solutions, member eligibility management solutions, customer relationship management solutions, billing & accounts (payment) management solutions, and others. The HCIT outsourcing services segment encompasses provider HCIT outsourcing services market, operational IT outsourcing services, payer IT outsourcing services, and IT infrastructure management services.

By component, the global healthcare IT market can be segmented into services, software, and hardware.

By end-user, the global healthcare IT market is segmented into healthcare payers, healthcare providers, third-party administrators, research centers, and government institutions.

The healthcare providers can be divided into assisted living facilities, home healthcare agencies, hospitals, ambulatory care centers, nursing homes, diagnostic & imaging centers, and pharmacies. The healthcare payers’ segment can be segmented into private payers and public payers.

Regional Analysis:

MRFR’s region-specific analysis of the global Healthcare IT Market spans across North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). North America’s superior IT infrastructure and its association with healthcare give the regional market precedence over its peers. At the same time, high investment capacity is making it easier for healthcare service providers to integrate such an elaborate technology. Europe’s market stands second owing to similar reasons like that of North America. The APAC market, on the other hand, is enjoying the prospect of luring space for several market players.

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