Healthcare Information Technology (IT) Market worth over $535.6bn by 2026

Healthcare IT Market size is set to surpass USD 535.6 billion by 2026, according to a new research report by Global Market Insights, Inc.
 

Advancement in technologies, novel product launches as well as growing demand for healthcare IT solutions is expected to drive the market growth over the coming years. Furthermore, penetration and development of artificial intelligence in healthcare sector is projected to transform the nature of healthcare organizations in near future. Moreover, regulatory bodies play a vital role in managing and ensuring safety parameters of healthcare information technology solutions.

 

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Adoption of artificial intelligence (AI) in healthcare sector will foster the healthcare IT market expansion

Artificial intelligence is anticipated to transform healthcare practices in upcoming years by performing business and clinical tasks that are currently performed by humans. Artificial intelligence helps in providing practitioner assistance and decision support for tasks such as patient diagnosis and symptom analysis. Higher accuracy and speed will be the driving factors for artificial intelligence (AI) sector growth. Additionally, increasing demand for advanced healthcare services and significant investment towards healthcare infrastructure development will positively impact the adoption of AI in healthcare sector
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Concerns regarding privacy and data security may hamper the market demand

The implementation of digital health solutions such as electronic health records (EHR), e-prescriptions, medical apps require full-proof data security, without which the physicians and hospitals business may be at stake. Data breach leads to huge losses of critical and confidential information including medical records, that often contain social security numbers, insurance IDs, addresses and medical details. For instance, according to Health Insurance Portability and Accountability Act (HIPAA) reports, nearly 209.6 million people were reported for healthcare data breach between the years 2015 and 2019. This has led to loss of customer trust, which in turn might hamper the industry growth.
 

Telehealth services will serve as an area for growth

The telehealth solution segment held more than 7% revenue share in 2019 due to easy access to healthcare services and treatment for patients residing in remote areas. Increasing telecommunications network is predicted to propel segment growth. In addition, it reduces the overall treatment cost by providing health care services without using hospital beds and reduces patient travel time.
 

Browse key industry insights spread across 227 pages with 248 market data tables & 7 figures & charts from the report, “Healthcare Information Technology (IT) Market Size, By Solution (Radiology Information Systems, Electronic Health Record, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, Customer Relationship Management, Fraud Management, Revenue Cycle Management), By End-use (Healthcare Providers {Hospitals, Pharmacies, Diagnostic and Imaging Centers, Ambulatory Clinical Units}, Healthcare Payer {Private, Public}), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/healthcare-it-market
 

Partnerships, initiatives, and programs will benefit private healthcare payers

The private payers segment valuation was around USD 16.3 billion in 2019 led by growing collaborative approach and programs for implementation of healthcare IT solutions across developing countries. For instance, over 50 private payers have partnered with state CMS and Medicaid agencies. This was aimed to offer an integrated, secure and interoperative electronic health information infrastructure to healthcare facilities, professionals and for patients.

Growing expenditure on healthcare IT infrastructure will offer several opportunities for the regional market expansion

Europe healthcare IT market is estimated to register a growth of over 15.3% through 2026. Rapidly rising adoption of healthcare IT products in countries such as UK, Germany and Italy among others will highly impact the European market. For instance, in response to COVID-19, UK National Health Service (NHS) rapidly switched its comprehensive healthcare to telehealth services. This will lead to higher acceptance of healthcare IT solutions. Furthermore, growing expenditure on healthcare IT will be a major factor that will accelerate the adoption of various healthcare IT solutions.
 

Companies undertake inorganic growth strategies to strengthen their business portfolio and revenue

The eminent players operating in the market include McKesson Corporation, Siemens Healthineers, Cerner Corporation, GE Healthcare, Oracle Corporation, Agfa Healthcare, Allscripts Healthcare Solutions and elicnicalWorks. These market players focus on strategies such as acquisitions & mergers, innovative product development and partnerships to garner more revenue and sustain market competition. For instance, in February 2018, GE Healthcare announced its new advanced analytics solutions for Olympic Winter Games PyeongChang 2018. The solution is designed in partnership with International Olympic Committee (IOC). This tool or solution is useful for integrating valuable data including athlete injury, illness data in line with sport, venue and training procedures. The novel offering enhanced the company’s presence in the market.
 

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