Significant Growth Anticipated for Global Healthcare IT Market: Expected to exhibit a CAGR of 10.7 %over the forecast timeframe.
Published | March 2021
A study recently conducted by the strategic consulting and market research firm, BlueWeave Consulting revealed that the global healthcare IT market earned a value worth USD 66.23 Billion in 2019. The market is further projected to grow at a stellar CAGR of 10.7 % up to USD 125.23 Billion over the forecast period 2020-2026. Health information technology (HIT) refers to the area of healthcare that deals with the IT systems that healthcare professionals utilize for handling patient data. In simple words, it refers to the computerized systems used by healthcare providers, patients, or their attendants for storing, sharing, and interpreting health information.
“Introduction of Interoperable system and cloud-based computing system in the healthcare sector”
With the growing demand for early detection of diseases, the demands for interoperable systems and cloud-based computing system for detecting diseases is also soaring. This is an important factor that is driving the growth of the healthcare IT market. The computing revolution has given rise to the concept of cloud computing, which uses software, infrastructure, and platform as services. A study conducted by The U.S. National Institute of Standards and Technology revealed that cloud computing is a model for enabling ubiquitous and convenient access to a shared pool of configurable computing resources. For instance, HealthVault launched by Microsoft is a web-based Personal Healthcare Record system used for storing and managing health information. Several third-party applications, such as blood pressure management tools, medical image viewers, as well as blood pressure monitors and blood glucose meters and are compatible with this platform for recording health data in the healthcare sector.
“Virtual Clinical and Pre-clinical trials”
Virtual clinical trials are enjoying surging popularity among healthcare companies. Since the clinical development process is very slow and costly, sometimes costing even Billions of dollars, healthcare companies were always searching for something more efficient, fast, and cost-effective. To this end, Virtual Clinical Trials were initially introduced for collecting patient information. The Apple Heart Study took this approach a step further. In order to explore mobile diagnostic capabilities, Apple recruited about 400,000 participants in record time and showed how wearable technology can help detect atrial fibrillation. Johnson & Johnson (J&J) also collaborated with Apple for a stroke prevention study with the focus on shifting towards virtual clinical trials. Additionally, Pfizer conducted the first virtual clinical trial in 2011, which allowed patients to participate irrespective of their geographic locations. This project by Pfizer used mobile phones and web-based technology to collect the required data from the patients.
“Emerging Economies to have the fastest growth for Global Healthcare IT market”
North America is likely to gain substantial growth in electronic health records, and e-prescription segments owing to the growing acceptance of healthcare centers with an increase in the number of programs promoting the introduction of EHR. High EHR adoption, combined government measures (such as Medicare and Medicaid EHR Incentive Programs) are also driving the market growth. Apart from North America, the Healthcare IT market in the Asia-Pacific is the fastest-growing region among others due to the region's rapidly rising demand for healthcare. The elderly population in Asia-Pacific is growing at an unprecedented rate. Additionally, ambitious healthcare schemes introduced by the governments have been immensely successful in APAC countries such as India, the Philippines, Thailand, and Singapore.
The significant players for the Global Healthcare IT market are Allscripts Healthcare Solutions, Inc., Athenahealth, Inc., Carestream Health, Inc, Cerner Corporation, eClinicalWorks, LLC, Epic Systems Corporation, GE Healthcare Limited, McKesson Health Solutions LLC, Philips Healthcare Informatics, Inc., amongst several others.
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The in-depth analysis of the report provides information about the market’s growth potential, upcoming trends, and statistics of the global healthcare market, along with its market size and forecast. The report promises to provide recent technology trends of the global healthcare IT market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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