According to a report available on Radiant Insights, Inc., the healthcare information technology (IT) market is expected to show momentous growth during the forecast period (2017 to 2022). Important factors such as increasing focus on improving quality of care and clinical outcomes, rising need to reduce healthcare costs and minimize errors in medical facilities, government support for healthcare IT solutions, and growing use of big data analytics can drive the market.
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Increasing adoption of technologically advanced software solutions including electronic health record (EHR) systems, health information exchanges (HIEs), e-prescribing systems, clinical trial management system, and clinical decision support systems can help achieve successful procedure results and improve healthcare productivity. Electronic health records and patient management systems are extensively used in hospitals as well as clinics for providing better patient care and reducing medication errors by maintaining patient database. Additionally, healthcare IT solutions are implemented to provide better data management and safe exchange of health information among patients and insurers.
Introduction of cloud computing in the healthcare industry has improved real-time communication and data exchange. Interoperable systems and cloud computing are used to design integrated healthcare systems. These can be used to identify and detect infectious diseases and to track the incidence as well as occurrence rates of chronic diseases.
Zoeticx, Inc., a provider of medical software, has introduced a cloud app called ProVizion Wellness. This software can be beneficial for streamlining data integration for Annual Wellness Visits (AWV), which is covered by CMS and private insurers. Hospitals and other healthcare facilities may benefit by providing this service through private and government insurers. This system provides management capabilities for supporting tracking ability on population progress for AWVs.
However, growing cost of healthcare IT solutions as well as high maintenance costs of healthcare IT systems may hamper the growth of the market.
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The worldwide healthcare information technology (IT) market can be segmented on the basis of type and end user/application. As per type, the market can be segmented into healthcare IT outsourcing services, healthcare payer solutions, healthcare provider solutions, and IT infrastructure management services. Based on end use/application, the healthcare information technology (IT) market can be segmented into hospitals, pharmacies, diagnostic and imaging centers, ambulatory care centers, and others (nursing homes, home healthcare agencies, and assisted living centers).
Geographically, the healthcare information technology (IT) market can be segmented into United States, Europe, Japan, China, India and Southeast Asia. The United States represents a large market due to availability of technologically advanced healthcare facilities and well-developed healthcare infrastructure. Additionally, growing elderly population, favorable government conditions, and increasing awareness of safety and quality care has led to an increase in demand for healthcare IT solutions in this region.
Southeast Asia healthcare information technology (IT) market is considered as the fastest growing market and is likely to expand at a high CAGR over the course of the forecast period. Factors such as growing prevalence of chronic diseases in elderly and pediatric patients and rising awareness about benefits and cost-effectiveness of these technologies can drive the market in the region. Rapid digitization, increasing government initiatives, increased investments for improving healthcare infrastructure, existence of numerous IT companies, and high adoption of healthcare IT technologies to reduce healthcare costs can also provide a growth avenue for players in this region.
Prominent players operating in the healthcare information technology (IT) market include 3M Health Information Systems, Lexmark Healthcare, Conifer Health Solutions, and CSI Healthcare.
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