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Healthcare IT Market – Overview

Widespread usage of healthcare IT services has seen considerable expansion due to rising usage by healthcare preactitioners such as doctors and pharmacists to name a few. Market focused reports linked to the healthcare industry among others of late have been made accessible by Market Research Future which issues reports on this industry. The market for Healthcare IT is projected to expand with a CAGR of approximately 15 percent in the forecast period.

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The enhancements in the healthcare IT market have bought about ease of access to patient information for health professionals regardless of their location, thereby creating a broader scope of development for the market. As technology has developed, the demand for individuals to access their personal information has also increased which has led to the rapid expansion of the market. The requirement for managing regulatory compliance through healthcare IT solutions has led to the industry competitors investing a greater level of resources towards the development of the market.

Global Competitive Analysis:

The market has been led into a new period of growth as the market is normally in a state of mutability. The tone for development in the market has been altered to a great extent with the entry of new players and the changes in the mode of functioning of the established players. Localization is among of the more favored trends for growing the market portion of the competitors in the market. The ripple effects of the market’s growth have altered the competitive backdrop of the market. Portfolio development is being significantly endorsed by market competitors to achieve high growth rates. The ability to withstand their competitive edge is one of the key factors fuelling their efforts in this period. The room for development in the market seems to be promising through the forecast period. The mounting interest in change within the business has ultimately permitted the businesses to apply many situations accessible in the market. The odds for growing revenue inflow in the business are likely to multiply through the forecast period.

McKesson Corporation (U.S.), Cerner Corporation (U.S.), McKesson Corporation, (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Koninklijke Philips N.V. (The Netherlands),  Infor, Inc. (U.S.), Athenahealth, Inc. (U.S.), Dell Technologies (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Epic Systems Corporation (U.S.), United Healthcare Group (U.S.), GE Healthcare (UK), Wolters Kluwer (Netherland), IBM (U.S.) are a few of the major players in the global healthcare IT market.

Industry Segments:

The healthcare IT market globally has been segmented on the basis of component, products and services, and end-user.

The segment of products and services in the healthcare IT market can be segmented into healthcare payer solutions, healthcare provider solutions, HCIT outsourcing services, and others. The clinical solutions are segmented into picture archiving and communication systems and vendor neutral archive systems, electronic health records/electronic medical record systems, medical image analysis systems, patient registry software, specialty management information systems, healthcare IT integration systems to name a few.

The nonclinical – healthcare IT solutions are additionally categorized into medication management systems, pharmacy information systems, healthcare asset management software, Workforce Management Systems (WFM), revenue cycle management solutions, supply chain management solutions, Healthcare Information Exchange (HIE), healthcare analytics, and Customer Relationship Management (CRM).The healthcare payer solutions are categorized into claims management solutions, provider network management solutions, member eligibility management solutions, billing and accounts (payment) management solutions, and others.

HCIT outsourcing services are divided into payer IT outsourcing services, provider HCIT outsourcing services market, operational IT outsourcing services, and IT infrastructure management services. The market on the basis of component is segmented into software, services, and hardware. The market is segmented on the basis of end-users, into third-party administrators, healthcare payers, research centers, healthcare providers, and government institutions. The segment for healthcare providers comprises of nursing homes home, ambulatory care centers, diagnostic and imaging centers, healthcare agencies, assisted living facilities, hospitals, and pharmacies. Moreover, healthcare payers are also divided into private payers and public payers.

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Detailed Regional Analysis:

The healthcare IT market consists of the regions such as the Middle East and Africa, Asia Pacific, Americas and Europe. The Americas region is accountable for the leading market portion of the healthcare IT market globally due to the incidence of modern medical technology and high-quality healthcare systems in the country. The second largest market followed by the Asia Pacific region is the European healthcare IT market. Healthcare providers through the European region are embracing social media technologies, and which is driving the European healthcare IT market. The Asia Pacific region is estimated to display the fastest growth throughout the forecast period due to the enhanced economic growth of countries in the region and the growing need to control the elevated healthcare costs. These factors are also responsible for the developing trend towards the digitization of patient records among healthcare organizations in this region. Nations such as China and India are displaying rapid growth, followed by South Korea. Consequently, the government in these emerging economies have taken many efforts to mend the healthcare services and deliver better infrastructure. In these conditions, healthcare IT will act as a bridge that connects all minimizes manual errors, healthcare entities, and curbs expenses. Though the healthcare information technology industry in India is still in its emerging stage, the demand for healthcare IT solutions is estimated to rise during the forecast period. The Middle Eastern region is projected to develop at a stable pace due to factors such as growing occurrence of chronic disorders, refining healthcare infrastructure, and developing demand for better healthcare services.

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