This report covers the present scenario and the growth prospects of the Global Healthcare IT market for the period 2014-2018.
Fueled by the need to lessen healthcare costs, enhance the workflows between the clinical and administrative of hospitals and the pressing demand for faster, error-free and efficient healthcare delivery systems, the healthcare IT market is expected to grow from USD 99.6 billion in 2010 to USD 162.2 billion in 2015 at a CAGR of 10.2%. Moreover, the initiatives taken by the government for adoption of these technological systems is another aspect that is acting as a driver for this market.
This report, Global Healthcare IT Market 2014-2018, highlights the present scenario and the growth prospects of the market. The report is further divided based on providers, mainly the physicians and hospital IT markets, and focuses on hardware, software and IT services related to them.
Factors fuelling the growth
The healthcare industry has always had the need for cutting-edge technology for patient monitoring and treatments and since its approach is also changing from being clinic-centric to patient-centric models, such as preventative care, remote patient monitoring, home healthcare and telemedicine, demands are on the rise, giving birth to a robust healthcare IT market. Furthermore, since IT has capabilities to enhance clinical and administrative workflow, the healthcare market is reducing the overall operating costs and improving its delivery. Moreover, low-cost IT solutions, financing programs and interoperable solutions have always been the main concerns of the top healthcare IT solution providers. Despite the healthcare industry being slow in technology adoption, innovative IT solutions have reduced medical errors and come across as an effective solution encouraging the healthcare IT market growth further.
Key areas of growth
With the significant rise in demand for medical care, there has been an increase in the chances of error in diagnosis and claim settlements. This gave birth to the rapid adoption of CPOE (computerized physician order entry systems), PACS (picture archive and communication systems) and EMR (electronic medical record) as these not only helped in reducing errors but improve in its management. EMR currently has the largest market share and is predicted to grow at a CAGR of 16.7% from 2010 to 2015, while CPOE is expected to see a growth of 16.5% during the same period. Other key IT solutions that will see rapid growth of CAGR 15.1% is point of care information systems, specialty care information systems (like oncology information systems and cardiovascular information systems) surgical and intensive care information systems.
With such growth prospects, new payer and business models are expected to enter the market. Furthermore, as the government reduces their subsidy levels, and demand for healthcare increases especially due to the aging population and changing disease patterns, adoption of integrated IT solutions with innovative delivery models will be on the rise, which may moreover help in sustaining the growth of the healthcare IT industry.
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