The healthcare information technology is fundamentally a support system for information management in the healthcare industry, through the use of various computer systems that allow for a safe & secure transmission of data between healthcare institute, service providers, and consumers. Healthcare IT integration brought about one of the most significantly important functionalities in the healthcare industry: advent of electronic health records. It automates, manages, and controls the different tasks & processes in healthcare organizations. Healthcare IT market growth is attributed to growing need to curtail healthcare cost, rising demand for patient safety & data accuracy; and implementation of a variety of healthcare policies promoting the use of healthcare information technology in healthcare facilities.
As per analysis, “Global Healthcare Information Technology Software and Services Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global healthcare information technology software and services market include Epic Systems, Cerner Corporation, Siemens Healthcare, GE Healthcare, Mckesson Corporation, Philips, Meditech, Allscripts and among others. Key companies in the global healthcare information technology software & services market are anticipated to focus on increasing the geographical presence through mergers & acquisitions to increase their revenues.
Based on type, healthcare information technology software and services market is segmented as clinical software and non-clinical software. Non-clinical software segment dominates the global market owing to reduction in reimbursements and loss of revenue caused by lack of proper documentation along with stringent regulations for quality management. In addition, based on application, market is segmented as healthcare payers and healthcare providers. Healthcare provider segment is expected to witness higher growth rate due to increase in government initiatives to improve the quality of patient care coupled with rise in need to control the growing healthcare costs as well as improve the efficiency of healthcare services during the forecast period.
The healthcare information technology software and services market is driven by growth in adoption of cloud technology related healthcare information technology services, followed by rise in awareness of advanced technologies, increase in aging population & subsequent rise in number of chronic diseases, rise in demand for Telehealth & mHealth solutions from large number of smart-phone users and implementation of various healthcare reforms. However, increase in concerns regarding the patient data safety & security may impact the market. Moreover, growth in Telehealth, Mhealth, & remote patient monitoring markets and rise in use of healthcare IT solutions in outpatient care facilities are leading opportunities for market.
By regional analysis, the North-America is a leading region in global healthcare information technology software and services market owing to growth in adoption of electronic health records & technological advancement and rise in incidence of various diseases across the region. The Asia-Pacific and European regions are estimated to witness higher growth rate due to increase in patient pool and surge in government initiatives over the forecast period. It is predicted that future of the global healthcare information technology software and services market will be bright as a result of rise in use of cloud-based services, increase in number of patients and rise in investments from healthcare IT players during the forecast period.
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Ankur Gupta, Head Marketing & Communications