According to a new market report published by Credence Research, Inc. “Global Healthcare IT Market (By Product Type (Electronic Health Records, Electronic Prescribing Systems, Clinical Information Systems, Computerized Provider Order Entry Systems, Telemedicine and Tele-health, and Others (PACS, Lab Information Systems, etc.)), By Component (Hardware and Software), and By End-use (Providers and Payers)) - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2016 - 2023”, the global healthcare IT market is expected to witness a strong growth, expanding at a CAGR of 13.1% from 2016 to 2023.

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Market Insights

The healthcare industry is one of the earliest verticals to accept and integrate healthcare IT technologies across the entire ecosystem. The integration of IT technologies in healthcare domain has enabled medical community to adopt a patient-centric approach, thereby curtailing the effects of limited medical workforce and service expenses. The sophisticated IT solutions help service providers as well as payers to streamline their workflow, reduce operating expenses, and facilitate compliance with rigorous regulatory guidelines. Additionally, these solutions offer superior benefits in terms of patient safety, patient care, healthcare expenditure, and return on investment through automated workflows.

The emergence of mobility solutions has completely transformed the healthcare sector, leading to a shift from on-premise healthcare to personalized healthcare. Mobile health applications have proved that they have power to provide efficient and equally effective healthcare service by minimizing the geographical challenges/limitations. Due to wider coverage, mHealth applications have made it simpler and cheaper for providers to provide service to large base of patients while on the move. Thus, mobile devices and mobile applications have been instrumental in the overall development of the healthcare ecosystem. In terms of geography, North America is the largest healthcare IT market. The dominance can be attributed to the presence of sophisticated healthcare infrastructure and financial incentives offered by the government for digital infrastructure development and technological progress in the healthcare domain.

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Key Players:

McKesson Corporation (the U.S.), Koninklijke Philips N.V. (The Netherlands), Cerner Corporation (the U.S.), Oracle Corporation (the U.S.), AirStrip Technologies, Inc. (the U.S.), GE Healthcare (the U.K.), Cisco Systems, Inc. (the U.S.), EPIC Systems Corporation (the U.S.), and Siemens Healthcare (Siemens AG) (Germany) among others. While government initiatives are pushing the healthcare ecosystem towards digitization, the solution providers are increasingly focused on developing interoperable IT solutions with better connectivity. The shift towards digitization coupled with the advancements in technologies supporting next generation solutions is expected to offer significant growth and investment opportunities for healthcare IT solution providers during the forecast period 2016 - 2023.

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