NEW
YORK, July 30, 2024 /PRNewswire/ -- The global
healthcare IT market size is estimated to grow by USD 199.8 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
almost 11.61% during the forecast period. Increasing focus on
improving quality of services and efficiency is driving market
growth, with a trend towards emergence of ai-enabled
emotion recognition technologies. However, vulnerability of
emrs toward cybercrime poses a challenge. Key market players
include 3M Co., athenahealth Inc.,
Cognizant Technology Solutions Corp., Dassault Systemes SE,
Datavant, Dell Technologies Inc., Epic Systems Corp., General
Electric Co., International Business Machines Corp., Koninklijke
Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS
Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet
Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro
Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2017 - 2021
|
Segment
Covered
|
End-user (Healthcare
providers and Healthcare payers), Component (Services, Software,
and Hardware), and Geography (North America, Europe, APAC, South
America, and Middle East and Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
3M Co., athenahealth
Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE,
Datavant, Dell Technologies Inc., Epic Systems Corp., General
Electric Co., International Business Machines Corp., Koninklijke
Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS
Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet
Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro
Ltd.
|
Key Market Trends Fueling Growth
In the healthcare industry, doctors and caregivers are utilizing
advanced medical technologies, including AI, for precise ailment
diagnosis and effective patient treatment. AI is gaining
significant traction in the healthcare IT sector. One of its
applications is emotion recognition, which allows solutions to
identify and respond to human emotions and moods. Telemedicine
vendors, particularly those focusing on telepsychiatry, employ this
technology to assess patients' emotional states, even when they're
not physically present. Smartphones and tablets with cameras are
used to capture patients' facial expressions, which the AI
algorithm interprets to provide real-time emotional analysis.
Additionally, healthcare providers collect and integrate mental
health data from emotion-sensing wearable devices, such as virtual
personal assistants (VPAs). Instant reporting of this data to
doctors, nurses, or caregivers enhances patient care. Emotion
recognition technology also benefits the visually impaired and
those with autism by enabling them to read facial expressions and
interpret emotions using smart glasses. These advancements in
healthcare technology will fuel the growth of the global healthcare
IT market.
The Healthcare IT market is experiencing significant growth with
trends such as medical apps, consumer technology companies, and IT
solutions for information management systems gaining popularity.
Medical devices are integrating data communication standards for
seamless information exchange. Hospitals and ambulatory care
centers are investing in IT architecture for patient care and
clinical solutions, prioritizing patient safety and integrated
healthcare systems. Purchasing power is shifting towards healthcare
IT solutions, including Healthcare IT solutions, hardware,
software, and electronic information systems. Big data, AI, and IoT
technologies are revolutionizing health information and digital
health. Data security, trained IT professionals, and virtual
reality (VR) and augmented reality (AR) are essential
considerations. Genomics and personalized medicine are driving
innovation, while virtual hospitals, remote patient monitoring, and
telemedicine solutions expand access to care. Value-based payment
models, payer-provider mergers, and quality reporting solutions are
transforming the industry. Cloud-based solutions and accountable
care solutions are key investments for the future. AI, ML, and
medical imaging are also major areas of focus.
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Market Challenges
- The healthcare industry heavily utilizes IT and electronic
communications for managing vast amounts of sensitive data. This
includes medical records, patient personal information, and
insurance details. However, advances in technology also increase
the risk of cybercrime, such as hacking, data modification,
and misuse. In 2019, Montpellier university hospital experienced a
cyberattack that compromised over 600 computers. The
confidentiality and accuracy of healthcare data are crucial for
effective patient care. Cybersecurity threats pose a significant
risk to the global healthcare IT market, making robust security
systems essential to mitigate these risks and protect sensitive
data.
- The Healthcare IT market faces several challenges in providing
optimal care to patients. Hospital beds and medical equipment
require capacity management solutions to monitor and manage disease
progression effectively. Healthcare providers grapple with
specialty medications, ePrescriptions, and controlled
substances, necessitating robust IT systems for prescribers.
Communication between virtual healthcare and inpatient settings is
crucial, especially for smaller healthcare organizations and
outpatient settings. Basic infrastructure and usability are key
concerns for IT systems in healthcare management. Federal bodies
and US hospitals demand web-based management for patient
information, RCM solutions, and electronic prior authorizations.
Remote monitoring of affected patients in temporary hospitals
requires skilled IT personnel for data exchange and
decision-making. The exploitation and proliferation of IT systems
in healthcare call for increased focus on patient care quality,
nurse training, and IT system integration. United Health and US
hospitals must prioritize IT systems' usability, integration, and
data exchange to enhance care delivery and improve patient
information access across departments.
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challenges - Download a Sample Report
Segment Overview
This healthcare it market report extensively covers market
segmentation by
- End-user
- 1.1 Healthcare providers
- 1.2 Healthcare payers
- Component
- 2.1 Services
- 2.2 Software
- 2.3 Hardware
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Healthcare providers- The Healthcare IT market is
experiencing significant growth due to the increasing demand for
digitalization in the healthcare industry. Electronic Health
Records (EHRs) and telemedicine are key areas driving this growth.
Hospitals and clinics are investing in IT solutions to improve
patient care, streamline operations, and comply with regulations.
Vendors are offering innovative products and services to meet these
needs, making the market competitive. Healthcare providers are
prioritizing IT investments to enhance patient experiences and
population health management.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2017 -
2021) - Download a Sample Report
Research Analysis
Title: Healthcare IT Industry Trends and Financial Insights: A
Comprehensive Analysis of E-Prescribing, Interoperability, and
Digital Health Introduction: The healthcare IT industry is
experiencing significant growth, driven by the adoption of
e-prescribing, interoperability solutions, and digital health
technologies. In this research study, we provide an industry trend
analysis of the healthcare IT market, focusing on key areas such as
e-prescribing, interoperability issues, and the role of Change
Healthcare, Mass Media Data, and other major players. Market
Overview: The healthcare IT industry is witnessing robust growth,
with the eHealth market projected to reach USD614.3 billion by 2026. This growth is
attributed to the increasing demand for electronic information
systems, health information, and digital health solutions. (Single
diagram: Market size and growth trend) E-Prescribing and
Interoperability: E-prescribing and interoperability are critical
components of the healthcare IT landscape. E-prescribing has become
a standard practice, with over 80% of US hospitals and 60% of
physicians using e-prescribing systems. Interoperability, however,
remains a challenge, with multiple tables illustrating the
complexities of data exchange between different systems. Hardware,
Software, and Cloud-based Solutions: Hardware and software continue
to play a significant role in the healthcare IT industry, with
cloud-based solutions gaining popularity due to their flexibility
and cost-effectiveness. (Multiple tables: Market share and growth
rate of hardware, software, and cloud-based solutions) Digital
Health, Big Data, AI & IoT Technologies: Digital health, big
data, AI, and IoT technologies are transforming healthcare
delivery, enabling personalized care and improved patient outcomes.
(Single diagram: Application of AI & IoT in healthcare) IT
Investments and Data Security: IT investments in healthcare are on
the rise, driven by the need for digital transformation and data
security. Change Healthcare, Mass Media Data, and other players are
investing heavily in cybersecurity measures to protect sensitive
patient information. (Financial information: IT investments and
cybersecurity budgets) Conclusion: The healthcare IT industry is
undergoing a digital transformation, driven by the adoption of
e-prescribing, interoperability solutions, and digital health
technologies. This research study provides a comprehensive analysis
of the market trends, financial information, and key challenges,
offering valuable insights for stakeholders and investors.
Market Research Overview
Title: Healthcare IT Industry Trend Analysis: E-Prescribing,
Interoperability, and Security Concerns in the Digital Healthcare
Landscape Introduction: The healthcare IT industry is experiencing
significant growth, with e-prescribing, interoperability, and
security concerns shaping the market landscape. This research study
provides an industry trend analysis of the healthcare IT sector,
excluding key players and companies. Market Overview: The
healthcare IT industry is witnessing a surge in demand due to the
increasing adoption of electronic health records (EHRs),
telemedicine, and remote monitoring. According to Worldometer,
there were approximately 7.8 billion hospital beds worldwide in
2020, and healthcare organizations are investing in IT solutions to
manage capacity, coordinate care, and monitor patient health.
E-Prescribing and Interoperability: E-prescribing is a crucial
aspect of digital healthcare, with the highest revenue-generating
segment being specialty medications and ePrescriptions. However,
interoperability issues persist, hindering seamless data exchange
between healthcare providers and systems. Security Concerns:
Security concerns are a significant challenge in the healthcare IT
industry, with healthcare organizations and patients at risk of
exploitation and data breaches. Virtual healthcare, electronic
prior authorizations, and remote monitoring are areas of concern,
affecting millions of patients. Capacity Management Solutions:
Capacity management solutions, including RCM solutions, are
essential for healthcare organizations to manage resources
efficiently. The US hospitals alone spent USD32.4 billion on IT systems in 2020.
Conclusion: The healthcare IT industry is evolving rapidly, with
trends such as e-prescribing, interoperability, and security
concerns shaping the market. Healthcare providers, from smaller
organizations to ambulatory care centers and inpatient hospital
settings, are investing in IT systems to improve patient care
quality, usability, and integration. However, challenges such as
data communication standards, IT architecture, and product and
service innovation remain. This survey highlights the importance of
federal bodies, web-based management, and skilled IT personnel in
addressing these challenges and ensuring the success of the
healthcare IT industry. Keywords: healthcare IT industry,
e-prescribing, interoperability, security concerns, healthcare
organizations, clinical devices, capacity management solutions,
virtual healthcare, electronic prescriptions, patient care, patient
safety, integrated healthcare systems, hospitals, ambulatory care
centers, purchasing power, Change Healthcare, Mass Media Data,
Healthcare IT solutions, eHealth market, hardware.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Healthcare Providers
- Healthcare Payers
- Component
-
- Services
- Software
- Hardware
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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