Healthcare IT: Global Growth Opportunities & Challenges
Global Growth Driving Factors:
Instead of using numerous tables, the updated report edition presents each listed company's financial data through 2022 in a single diagram. This will make it simple to analyze the current state of the companies that have been profiled in terms of their R&D investments, business segment focus in terms of the highest revenue-generating segments, financial strength, profitability, and important revenue-generating regions or countries. The increasing use of mHealth, telehealth, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the global market somewhat.
Market Size Estimation:
After data triangulation from various methods, the overall size of the healthcare IT market was determined, as will be discussed below. Based on the degree of assumptions made, a weighted average of all approaches was determined after each one.
Revenue Growth Dynamics:
Revenue-wise, the global healthcare IT market was projected to be valued at $394.6 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 19.8% to reach $974.5 billion by 2027.
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Objectives of this Study:
# To define, describe, and forecast the healthcare IT market based on product & service, component, end user, and region.
# To provide detailed information regarding the major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges).
# To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market.
# To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders.
# To forecast the size of the HCIT market with respect to five geographic regions-North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa.
# To profile key players and comprehensively analyze their core competencies and market shares.
# To track and analyze competitive developments such as agreements, partnerships, collaborations, acquisitions, product / technology / service launches, and R&D activities of leading players.
Opportunity: Outpatient care facilities are increasingly utilizing healthcare IT solutions.
The industry is moving toward outpatient settings to cut costs of care in response to mounting pressure on health systems to do so. The estimated cost of a procedure in an outpatient surgery center is 30% to 60% less than that of an inpatient hospital setting. Convenience is yet another significant factor contributing to the growth of ambulatory care. The need for and use of HCIT solutions in outpatient settings will rise in tandem with the expansion of outpatient settings and the influx of new patients.
About 10% of US hospitals had specialized HCIT clinical documentation improvement programs for their outpatient settings, per a United Health (US)-sponsored survey. Within the next six months, an extra 10% is supposed to be put these services into place. In addition, 14% of hospitals intended to use cutting-edge solutions soon. In the upcoming years, it is anticipated that this trend will propel the use of HCIT solutions, like RCM solutions, in outpatient settings.
Challenge: Problems with interoperability
Healthcare providers are moving closer to coordinated value-based care, but there are still obstacles to overcome before HCIT solutions can be implemented, primarily related to information system interoperability. In the highly information-intensive healthcare sector, patient data is created in every department at every point of care within a healthcare organization. However, if it is not properly integrated to create a comprehensive and accurate patient record, the usability of this information is very low. There is a greater need to integrate IT systems to support accurate decision-making by healthcare professionals at various points of care delivery because many HCIT tools are being used within healthcare systems. Furthermore, the complete utilization of HCIT solutions is impeded by the lack of interoperability among health organizations with a regional or national health IT platform for data exchange.
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Integrating the more established solutions becomes more challenging as consumer technology companies release more and more medical apps and health information exchange solutions. Numerous healthcare institutions have already made investments in a range of medical devices and information management systems from different manufacturers, each with their own models and makes. In order to ensure optimal utilization, there is an increasing need to integrate various information technology systems into an organization's IT architecture as healthcare organizations adopt more and more different HCIT systems. Consequently, one of the main areas of concentration for IT infrastructure development projects is the effective integration of HCIT systems with other systems.
Geographical Growth Dynamics:
During the forecast period, North America held the largest share of the healthcare IT market.
North America led the healthcare IT market in 2021, with shares coming from Europe, Asia Pacific, Latin America, the Middle East, and Africa. The region's widespread adoption of healthcare IT solutions, strict laws governing healthcare quality, and the growing need to use healthcare IT solutions to slow down the rise in healthcare costs are all reasons for North America's sizeable share.
Global Leading Players:
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips (US), Epic Systems Corporation (US), Dell Technologies (US), Allscripts (US), athenahealth (US), GE Healthcare (US), Oracle Corporation (US), Wipro (India), IBM(US), eClinicalWorks (US), Infor Systems (US), Conduent (US), Conifer (US), Nuance (US), 3M (US), SAS (US), Carestream Health (US), Inovalon (US), Practice Fusion, Inc. (US), InterSystems (US), and Tata Consultancy Services (India) are the major players in this market.
Growth Strategies Opted by Them:
These companies are majorly focusing on the strategies such as acquisitions, product launches, agreements, collaborations, partnerships, and expansions in order to remain competitive and further increase their share in the market.
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