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.

Healthcare IT market growth is owing to the advancement in technologies, novel product launches as well as growing demand for healthcare IT solutions. Furthermore, penetration and development of artificial intelligence in healthcare sector is expected to transform the nature of healthcare organizations in the near future. Moreover, regulatory bodies play a vital role in managing and ensuring safety parameters of healthcare information technology solution that will further spur the market expansion.


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Adoption of AI in healthcare sector will foster the market progression

Artificial intelligence is anticipated to transform healthcare practices in upcoming years by performing business and clinical tasks that are currently performed by humans. AI 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 AI sector growth. Additionally, increasing demand for advanced healthcare services and significant investment towards healthcare infrastructure development will positively impact acceptance of AI in healthcare sector.

Concerns regarding privacy and data security may hamper the healthcare IT market value

The implementation of digital health solutions such as electronic health records, 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.

Telehealth services will serve as an area for growth

The telehealth segment held more than 7% of the healthcare IT market share in 2019 due to the easy access to healthcare services and treatment for patients residing in remote areas. Increasing telecommunications network is poised to propel the 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 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:

Partnerships, initiatives, and programs will benefit private healthcare payers

The private payers segment accounted for USD 16.3 billion in 2019 led by the 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 growth

Europe healthcare IT market is estimated to showcase 15.3% growth rate through 2026 impelled by the rising usage of healthcare IT products in countries such as UK, Germany and Italy among others. 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, thereby supplementing the industry expansion. Furthermore, growing expenditure on healthcare IT will be a major factor that will further accelerate the various healthcare IT solutions. In Italy, the healthcare ICT expenditures were slated at USD 1.6 billion in in 2018. This has aided professionals to provide more patient comfort and expand their revenue channels.

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 participants focus on strategies such as acquisitions & mergers, innovative product development and partnerships to garner more revenue and sustain market competition.

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