According to a report published by Grand View Research, Inc.; the healthcare IT market is expected to reach a valuation of around USD 104.5 billion by 2020.
Factors such as high prevalence of chronic diseases, rise in global patient base, increasing need to minimize errors in a medical facility, and supportive government efforts for development of healthcare infrastructure can propel the market during the forecast period (2012 to 2020). Additionally, growing geriatric population and rise in demand for home healthcare among the patients can create more opportunities in the market.
Increasing geriatric population prone to chronic diseases resulting into high patient base is triggering the demand for sophisticated healthcare facilities. Furthermore, increasing number of patients requiring home healthcare acts as an effective growth driver for this market.
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U.S. Healthcare IT market, by application, 2012 – 2020 (USD Billion)
Growing demand for improved healthcare facilities and development of technologically advanced systems are likely to fuel the market growth. Increasing use of cloud platform and interoperable systems to identify and detect infectious diseases and tracking incidence is expected to support the development of integrated healthcare system solve the problems associated with traditional system. Additionally, launch of advanced software solutions such as hospital information systems, patient management system, ambulatory care management systems, EMR, EHR, and e-prescribing system can drive the market in the coming years. High demand for e-healthcare system and increasing adoption of computerized physician order entry (CPOE), and medical record system is anticipated to boost the market during the forecast period. Furthermore, rise in use of advanced software solutions such as data mining, clinical trial management system and clinical decision system can have positive impact on the market.
Worldwide healthcare IT market can be segmented on the basis of application and region.
Based on application, the market can be categorized into electronic health records (HER), computerized provider order entry systems (CPOE), electronic prescribing systems, PACS, lab information systems, clinical information systems, telemedicine and telehealth, and others.
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The telecommunication and telehealth segment estimated for over 40.0% share in 2013. Increasing demand for home healthcare facilities to avoid hospital stays and technological advancements such as session initiation protocol (SIP) and teleimmersive environment for everybody (TEEVE) are driving the segment growth.
The electronic health records (EHR) segment is anticipated to reach valuation USD 26.72 billion in 2020. This growth can be associated with growing demand for integrated information system in the field of healthcare IT and quick accessibility and low maintenance cost are considered as the key driving factors driving the demand for EHR systems. The application of EHR is anticipated to grow at a CAGR of 14.6% due to its interoperability and user-friendliness. In addition, the information in the system can be used to take decisions related to patient’s health in an emergency situation.
Geographically, the market can be divided into North America, Europe, Asia Pacific, and Rest of the World.
In 2013, North America dominated the market and estimated for 49.0% of overall revenue. Availability of advanced healthcare infrastructure, favorable government efforts such as launch of EHR incentive program by the Medicaid and Medicare, and high healthcare spending, and high patient awareness are driving the growth in this region. As per report by U.S. Centers for Disease Control and Prevention (CDC) in 2011, the number of patients requiring home healthcare was approximately 4.7 million in the U.S. and is on rise. This is also expected to supplement the market growth.
In 2013, market in Europe was valued at over USD 11.6 billion. Presence of established infrastructure and growing number of private medical care service providers are the major drivers in the region.
Asia Pacific is likely to exhibit lucrative CAGR during 2013 to 2020. This can be attributed to growing healthcare expenditure, high prevalence of chronic diseases in geriatric and pediatric population, growing disposable income, and growing awareness regarding convenience and cost-effectiveness of these technologies.
Key companies operating in the market include E-MDS Inc.; GE Healthcare; Athenahealth Inc.; Philips Healthcare; and Carestream Health Mckesson Corporation.
Participants in the market are mainly adopting mergers and acquisitions and strategic collaborations to gain traction in the market. Major participants are trying to gain competitive advantage by capitalizing on available unexploited opportunities.
Grand View Research has segmented the global healthcare IT market on the basis of application and region:
Healthcare IT Application Outlook (Market Revenue in USD Million, 2012 – 2020)
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Electronic Health Records
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Computerized Provider Order Entry Systems
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Electronic Prescribing Systems
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PACS
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Lab Information Systems
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Clinical Information Systems
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Telemedicine and Telehealth
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Others
Healthcare IT Regional Outlook (Market Revenue in USD Million, 2012 – 2020)
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North America
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Europe
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Asia Pacific
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Rest of the World
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