Market Research Report
Global Healthcare IT Market By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027
|Global Healthcare IT Market By Application, By Regional Outlook, Industry Analysis Report and Forecast, 2021 - 2027|
Published: May 31, 2021
Content info: 174 Pages
Delivery time: 1-2 business days
The Global Healthcare IT Market size is expected to reach $125.1 billion by 2027, rising at a market growth of 7.7% CAGR during the forecast period. Recently, the healthcare industry has witnessed a transformation due to new and emerging technologies. Large healthcare facilities like hospitals and physician offices have embraced these latest technologies to fulfill the changing regulatory compliance and to enhance the overall quality of care of patients. In today's times, high-tech operations are putting modern technologies into the hands of skilled professionals. However, there are still many opportunities for hospitals and other healthcare units to adopt and use cutting-edge technologies.
The demand for healthcare IT is directly proportional to the increasing volume of patient data, surging technological know-how, and demand for rapid & effective healthcare processes and systems. Along with this, some of the main catalysts for the growth of the global healthcare IT market include increasing demand for patient safety & data accuracy, the requirement to cut down the healthcare cost, and installation of several healthcare policies supporting the utilization of HCIT in healthcare units.
The adoption of IT services is expected to boost with the increasing geriatric population, the rising cost of hospital tools mainly for complex treatment & care, and growing demand for better home healthcare services. Additionally, the demand for different types of IT-based services for the healthcare industry is driven by the increasing number of chronic diseases like diabetes, cancer, and heart failure. Moreover, the growth of the market would be propelled by the various advantages offered by healthcare IT like reducing errors in a medical facility, decrease in operational cost, and growing rate of successful outcomes. Along with this, some factors such as supportive initiatives by the numerous governments around the world for the developments of healthcare frameworks and deployment of IT solutions in the current facilities are playing a crucial role in boosting the healthcare IT market.
The global outbreak of the COVID-19 pandemic would have a positive impact on the global healthcare IT market. Digital healthcare services are in high demand due to the lockdown norms and restrictions on travel and hospital bans for non-elective and non-urgent procedures, combined with the unwillingness of individuals to visit hospitals and clinics with the fear of getting infected. The global healthcare IT market is augmented by the growing adoption of teleconsultation rather than fact-to-face doctor's consultations during the global COVID-19 pandemic. Moreover, as the number of COVID-19 positive patients is increasing in the world, there is a massive requirement for the maintenance and storage of big data regarding patient information, financial analysis, medical reports, and others.
Based on Application, the market is segmented into Electronic Health Records, Clinical Information Systems, Laboratory Information Systems, Electronic Prescribing Systems, PACS, Tele-healthcare and Computerized Provider Order Entry Systems. E-prescribing system would witness the fasted growth throughout the forecast period. The growth & demand of e-prescription systems is driven by the increasing demand for better patient care and a decrease in the rate of medical and prescribing errors. In addition, the increasing deployment of EHRs in clinics, hospitals, and other healthcare units along with a surge in the number of prescriptions dispensed are boosting the growth of the segment.
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the dominating region by obtaining the highest revenue share of the global healthcare IT market. The region would showcase a similar trend during the forecast period. The major factors responsible for the growth of this segment are the increasing adoption and installation of IT services and solutions by healthcare vendors for providing superior patient care at low costs. In addition to it, the regional market would be fuelled by the existence of leading manufacturing hubs and the increasing number of hospitals, advanced research centers, and universities.
The major strategies followed by the market participants are Partnerships. Based on the Analysis presented in the Cardinal matrix; UnitedHealth Group, Inc. and Oracle Corporation are the major forerunners in the Healthcare IT Market. Companies such as Koninklijke Philips N.V., Cerner Corporation, and AllScripts Healthcare Solutions, Inc. are some of the key innovators in the market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include UnitedHealth Group, Inc. (Optum, Inc.), Cerner Corporation, AllScripts Healthcare Solutions, Inc., Athenahealth, Inc. (Veritas Capital), Cognizant Technology Solutions Corporation, Koninklijke Philips N.V., Epic Systems Corporation, Oracle Corporation, Conduent, Incorporated, and Infor, Inc.
Recent strategies deployed in Healthcare IT Market
Partnerships, Collaborations, and Agreements:
May-2021: Infor came into collaboration with Penn Highlands Healthcare (PHH), a six-hospital integrated health system in northwestern Pennsylvania. Under this collaboration, Penn Highlands Healthcare (PHH) selected Infor CloudSuite Healthcare & Infor Cloverleaf Cloud to escalate its future vision. Working with the core Infor implementation partner Bails, the shift to an advanced cloud architecture solution would offer PHH a clinically connected healthcare operations platform to build on its patient-centred network.
Mar-2021: Oracle partnered with Saama Technologies, an AI-powered clinical analytics cloud platform. This partnership focused on integrating Saama's smart applications with the Oracle Health Sciences Clinical One platform. With the capability to boost validation of clinical trial data, Saama's purpose-built clinical applications are technology-agnostic and allow biopharma to increase the power of AI with an Intelligent Clinical Cloud architecture.
Jan-2021: Athenahealth came into collaboration with Humana, a for-profit American health insurance company. This collaboration aimed to enhance health results for Humana's members by delivering providers the information they require at the point of care to assist them to make informed decisions for their patients.
Dec-2020: Infor entered into a partnership with MphRx, a cloud-based platform. This partnership aimed to help healthcare companies to drive vaccine management for Coronavirus.
Nov-2020: Cognizant formed a partnership with Generis, a leader in content and information management systems. In this partnership, Cognizant leverage Generis' flagship product, the CARA Life Science Platform, to allow customers to simplify their business processes on a single holistic Workspace, which covers RIM / Regulatory and Quality / QMS and Safety / PV & Clinical, and also enterprise-wide functionality like the Component-Based / Structured Content Authoring.
Oct-2020: Epic Systems teamed up with Lyft, a developer, marketer, and operator of a mobile app. This collaboration aims to boost Lyft's non-emergency medical transportation business via integration with Epic's electronic medical record system. Lyft enables clinicians to schedule a ride for their patients from their health record and make it simple for health systems to gather information on the impact of their transportation programs.
Oct-2020: Epic collaborated with InterSystems, a privately held vendor of software systems and technology. Under this collaboration, Epic would utilize the InterSystems IRIS Data Platform starting with the release of its EHR. The usage of the IRIS platform would enable Epic clients to access huge datasets and offer improvements in asynchronous mirroring.
Oct-2020: Athenahealth entered into a partnership with RxRevu, a prescription decision-support company. This partnership aimed to bring patient-specific prescription pricing data to Athenahealth clients, enabling providers to view cost-effective medication options and coverage data for their patients.
Sep-2020: Athenahealth teamed up with HealthLynked, the creator of the first global healthcare network. Under this collaboration, the companies developed data integration, which offers patients with easy access to their medical records. The integration works by using Athenahealth's comprehensive API to deliver data, which is typically available to health plans & health information exchanges.
Jul-2020: Royal Philips teamed up with BioIntelliSense, a continuous health monitoring and clinical intelligence company. This collaboration aims to integrate its BioSticker medical device into Philips' remote patient monitoring (RPM) capabilities to assist in supervising at-risk patients from the hospital into the home.
Jun-2020: Royal Philips collaborated with the American Telemedicine Association (ATA). This collaboration focuses on helping in the adoption of telehealth over the industry, showcasing its commitment to connecting care over post-acute, acute, and home care settings.
May-2020: Epic Systems teamed up with Twilio, an American cloud communications platform as a service company. Under this collaboration, Twilio would offer the video-communication backend for Epic's new telehealth platform. Built on Twilio's Programmable Video API, the service would deliver healthcare professionals the capability to introduce video visits with patients and to upgrade clinical documentation & review patient histories under Epic EHR workflows.
May-2020: Oracle Cloud came into partnership with KPMG, an Anglo-Dutch multinational professional services network. In this partnership, KPMG launched its new unique solution for the healthcare industry. In addition, Oracle aimed to utilize the experience & best practices of KPMG's healthcare industry experts to improve its cloud solutions for the healthcare sector.
Apr-2020: Cerner joined hands with Amazon Web Services. Together, the companies aimed to provide access to de-identified patient data to researchers who are fighting the COVID-19 pandemic. The data sets would involve underlying illnesses & chronic conditions, lab results, and clinical complications, among other statistics.
Mar-2020: Conduent teamed up with Amazon Web Services (AWS). Under this collaboration, Conduent introduced its disease surveillance and outbreak management platform, Maven, which is available on AWS. Conduent's Maven solution configured to assist public health agencies safely engage patients, and supervise, manage & report on cases and potential exposures of coronavirus.
Feb-2020: AllScripts partnered with Manorama Infosolutions, a healthcare IT company. This partnership aims to provide an integrated Healthcare Management Information System & Health Information Exchange platform. In this partnership, Manorama would Integrate AllScripts interoperability platform, dbMotion Solution with Lifeline portfolio of solutions, increasing its reach to an additional 1.4 billion people.
Acquisition and Mergers:
Apr-2021: Cerner Corporation took over Kantar Health, a division of Kantar Group. Under this acquisition, Kantar Health's rich life sciences expertise integrated with Cerner's comprehensive collection of real-world data (RWD) & technology and would boost the innovation in life sciences research and enhance patient results across the globe.
Jan-2021: Optum, a subsidiary of UnitedHealth announced the acquisition of Change Healthcare, a healthcare company. This acquisition aims to more efficiently streamline the main clinical, administrative and payment processes. In addition, Change Healthcare will also integrate with the OptumInsight unit to provide technology-enabled services; software & data analytics; and research, advisory & revenue cycle management capabilities.
Jan-2021: Royal Philips entered into an agreement to acquire Capsule Technologies, a leading provider of medical device integration and data technologies for hospitals and healthcare organizations. This acquisition will complement Philips' strategy to transform the delivery of care with the health continuum with integrated solutions.
Dec-2020: Royal Philips signed a merger agreement with BioTelemetry, a provider of remote cardiac monitoring diagnostic services. This merger integrates Philips' leading patient monitoring position in the hospital with BioTelemetry's leading cardiac diagnostics & monitoring position outside the hospital that would make this merger a global leader in patient care management solutions for the hospital & the home for cardiac & other patients.
Jan-2020: Conduent acquired Health Solutions Plus (HSP), a software provider of healthcare payer administration solutions. This acquisition aimed to enable Conduent to better deliver current & prospective commercial & government payer customers with main administration processing technology.
Product Launches and Product Expansions:
Apr-2021: Optum, a subsidiary of UnitedHealth introduced a new virtual care product. This launch focuses on integrating physical care, home care, telehealth, and behavioral care.
Jul-2020: Oracle introduced Clinical One Data Collection Cloud Service. With the capability to cover data from any source into a one, unified platform, Oracle Clinical One is redefining the way technology complements clinical research to increase efficiency and assist in accelerating the delivery of breakthrough therapies.
Jun-2020: Athenahealth launched athenaTelehealth. It is a new embedded offering, which empowers healthcare providers to effortlessly conduct telemedicine visits with their patients.
Mar-2020: AllScripts launched Veradigm's AccelRx, a distinct new software solution for specialty medication management. This solution is designed to streamline fulfilling the needs to dispense the growing number of specialty medications being prescribed.
Market Segments covered in the Report:
Unique Offerings from KBV Research
List of Figures