Dublin, Nov. 11, 2021 (GLOBE NEWSWIRE) -- The "Healthcare IT - Global Market Trajectory & Analytics" report has been added to ResearchAndMarkets.com's offering.
Global Healthcare IT Market to Reach $484 Billion by 2026
Services, one of the segments analyzed in the report, is projected to grow at a 15.2% CAGR to reach US$306.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 15.8% CAGR for the next 7-year period. This segment currently accounts for a 29.5% share of the global Healthcare IT market.
Rapid increase in applications and devices is leading to a new realism in healthcare. IoT is set to proliferate into almost all areas of human life including healthcare, increasing its efficiency. However, technology developments in healthcare are also creating challenges, especially in terms of vulnerability and risks.
Ensuring the performance and availability of healthcare services right through hospital networks, clinics, medical buildings, insurer/payer systems and in public/private cloud data centers is also critical. Network services would become virtualized, while enterprises are expected to turn into `as-a-service` model in the next few years.
Currently, around one-third of the enterprises are employing `as-a-service solutions. In fact, a number of healthcare applications are currently available and are implemented `as a service,` especially EMR solutions. The use of cloud storage `as a service` is also growing on account of its agility and flexibility, which is essential for maintaining multitude of large imaging files.
Healthcare applications are rapidly gaining importance as disruptions are not tolerated and could impact patient care. Studies indicate that approximately 40% of the companies are using the services of two or more public cloud providers, largely to prevent disruptions, leading to delay and loss of time.
The U.S. Market is Estimated at $85.8 Billion in 2021, While China is Forecast to Reach $29.4 Billion by 2026
The Healthcare IT market in the U.S. is estimated at US$85.8 Billion in the year 2021. The country currently accounts for a 36.2% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$29.4 Billion in the year 2026 trailing a CAGR of 22% through the analysis period.
The COVID-19 situation prompted a large number of healthcare practices and hospitals to embrace virtual care, with federal and state governments announcing wavers and changes to existing guidelines for removing barriers to virtual service payments. The fraction of Medicare primary care visits handled using the virtual technology increased dramatically from just 1% from the pre-pandemic phase to around 43.5% during the outbreak.
The technology was adopted by private insurers as well as acute care patients to interact with their family members. With enhanced patient satisfaction rate with remote visits, virtual modalities including telehealth are poised to witness increasing uptake in the post-pandemic phase.
The shift requires healthcare organizations to recognize that the rising competition from unconventional players like direct-to-consumer telehealth services is poised to limit their ability to fully control and own these service delivery pathways. These organizations are also required to rethink existing processes to accommodate low-cost delivery of digital services owing to reduced margins as a result of high competition along with pricing pressure.
Key Topics Covered:
I. METHODOLOGY
II. EXECUTIVE SUMMARY
1. MARKET OVERVIEW
- IT Revolutionizing Healthcare Industry
- Impact of Covid-19 and a Looming Global Recession
- 2020: A Year of Disruption & Transformation
- As the Race between the Virus & Vaccines Intensifies, Where is the World Economy Headed in 2021?
- The COVID-19 Jolt Brings Strategic & Lasting Changes to Healthcare Revenues & IT
- Incredible Shift towards Virtual Modalities
- Rise in Need for Demographic Information
- Need to Address Fragility of Supply Chains
- COVID-19 Expedites Healthcare Ecosystem's Evolution for Better Care & Cost Savings
- Covid-19 Pandemic Accelerates Broader Use of Telemedicine
- Telemedicine Leads Digital Health Investments Driven by Covid-19: Leading Categories of Digital Health by Funding
- COVID-19 Pandemic Catalyzes Migration to New Models of Remote Care Delivery & Boosts Importance of Electronics Subsystems Supporting Smart Wearables
- COVID-19 Drives Prominence of Healthcare Analytics
- Importance of Sharing Healthcare Data Picks up Momentum in the Covid-19 Era
- Covid-19 Spurs Development of Innovative Digital Health Solutions
- Mobile Healthcare Gains Momentum
- Digital Health Investments Record Strong Growth in 2020 1H
- Major Healthcare Acquisitions and Mergers: 2020
- Leading Select M&A Deals of 2021
- Healthcare IT: An Introduction
- Increasing Complexity of Healthcare Operations to Spur Demand for IT Systems
- Growing Emphasis on Technology Adoption to Accelerate in Healthcare IT Market
- Market Outlook
- Healthcare IT to Aid Emerging Markets Provide Better Healthcare to People
- Primary Industry Forces Fueling Healthcare IT Evolution
- IT Challenges Confronting Healthcare Organizations
- Recent Market Activity
2. FOCUS ON SELECT PLAYERS (Total 385 Featured)
- Agfa Healthcare NV
- Allscripts Healthcare Solutions Inc.
- athenahealth, Inc.
- Carestream Health, Inc.
- Cerner Corp.
- Change Healthcare
- CPSI
- DXC Technology
- eClinicalWorks
- Epic Systems Corp.
- GE Healthcare
- HealthCare Management Systems
- McKesson Corp.
- Medidata Solutions
- Omnicell, Inc.
- OmniComm Systems, Inc.
- Philips Healthcare
- Vizient Inc.
3. MARKET TRENDS & DRIVERS
- Consolidation Remains Rife in EHR Segment
- Healthcare IT Emerges as a Key Beneficiary of Big Data Phenomenon
- Big Data Analytics Playing a Pivotal Role in Healthcare
- Digital Health Leverages Predictive Analytics
- The Move to Cloud Gains Momentum
- Artificial Intelligence to Stir Next Wave of Growth in Healthcare IT
- mHealth Care: A Prominent Trend in Digital Healthcare Market
- Mobile Health (mHealth) App Development
- Rise in Integration of AI in Mobile Health Apps
- Smartphones Augment the Importance of mHealth and Healthcare IT
- Pharmacy: New Growth Area for Healthcare IT
- IoMT: The New Healthcare 'Tech' Evolution
- Healthcare IT Market Enjoys Striking Leap Forward with Increasing Influx of IoT
- Healthcare IT Seeks Role in Home Care & Direct Primary Care
- Payer-Provider Healthcare Sector in the US to See Significant Changes
- Rise in Integration of Disruptive Technologies in EHR
- Role of Blockchain Technology in EHR Evolution
- Blockchain Enables Precision Medicine and Patient-Driven System
- Key Technologies Likely to Impact Next-Generation EHRs
- Rise in Use of AI to Build Smart EHR System
- Machine Learning-based Methods Streamline Clinical Workflow
- COVID-19 Accelerates the Shift to Smart Hospitals
- Healthcare Supply Chain Management: Key to Unleash Efficiency and Cost Savings
- Growing Significance of Healthcare supply Chain
- Role of Supply Chain in Improving Patient Experience
- Use of Supply Chain Components to Assess Productivity
- COVID-19-related Disruptions of Unprecedented Magnitude Encumber and Complicate Global Healthcare Supply Chain
- Blockchain Technology Addresses Healthcare Industry Supply Chain Challenges
- Group Purchasing Organizations & E-Procurement Technology Address Challenges within Healthcare Supply Chain Management
- COVID-19 Sends Fragile Healthcare IT into Tailspin with High Risk of Cyber-Attacks
- Increase in Healthcare Spending to Propel Demand
- Rapidly Aging World Population & COVID-19 Induced Re-Focus on Aging-In-Place to Drive Demand
- Key Issues Facing Healthcare IT Market
- Data Security: A Cause of Concern
- Complexities in Building IT Infrastructures
- Inconsistent Regulatory Environment
- Lack of Adequate Funding
4. GLOBAL MARKET PERSPECTIVE
III. REGIONAL MARKET ANALYSIS
IV. COMPETITION
For more information about this report visit https://www.researchandmarkets.com/r/5awtsh
