IT-enabled Healthcare market is projected to reach USD 821.1 billion by 2028.Government mandates and support for healthcare IT solutions, the increasing use of big data in healthcare, the high returns on investment associated with healthcare IT solutions, the need to control rising healthcare costs, the increased demand for and use of HCIT solutions as a result of COVID-19, and the expanding mHealth, telehealth, and remote patient monitoring markets are the main factors driving this market’s growth.
Terabytes and petabytes of electronic data have been generated in the healthcare sector in recent years, principally as a result of the digitalization of administrative, clinical, and financial data. It is anticipated that the volume would eventually approach exabytes and even zettabytes because it is almost doubling almost every year. Healthcare providers face a significant difficulty due to the enormous diversity of data in addition to the expanding amount. When compared to data from other industries, healthcare data is more difficult due to the length and variety of the data. Healthcare analytics and data management solutions are being adopted by service providers more and more to address these issues in the healthcare sector.
One of the main obstacles to the adoption of healthcare IT systems is cost. These systems cost more to maintain and upgrade their software than the programme itself. Support and maintenance costs, which include software upgrades in response to changing user requirements, account for close to 30% of the total cost of ownership. Furthermore, in order to maximise the effectiveness of various healthcare IT solutions, end users must be trained, which raises the total cost of ownership of these systems due to the lack of internal IT experience in the healthcare sector. Healthcare IT solution implementation costs in emerging economy healthcare systems are much higher since these systems also need money to build the infrastructure necessary to adopt healthcare IT solutions.
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The sector is moving toward outpatient settings to reduce the cost of care in response to the increasing pressures on health systems to lower healthcare costs. Another significant factor influencing the rise of ambulatory care is convenience. The need for and use of healthcare IT solutions in outpatient settings will rise along with the number of outpatient settings and the influx of patients.
Healthcare payers and providers are the two end users that make up the worldwide IT enabled healthcare market. Hospitals, ambulatory care facilities, diagnostic and imaging facilities, pharmacies, and other healthcare providers make up the remainder of the healthcare providers market sector. Public payers and private payers make up the other division of healthcare payers. Over the course of the analysis period, the healthcare providers segment is predicted to develop at a faster rate than any other. Hospitals make up the largest sector of the HCIT market for healthcare providers. This is because hospitals need a variety of HCIT solutions to handle the growing burden of handling patient information in hospitals.
The rise in acceptability of mHealth and telehealth techniques, the rise in demand for better patient safety and patient care, and the expansion of government programmes to support HCIT all contribute to the growth of the worldwide healthcare IT industry. Securing patient information is a difficult task for healthcare organisations because of the rise in worries about patient data safety and security, which are key bottlenecks in the healthcare IT sector. The Asia-Pacific area has a vast market potential and offers excellent growth prospects for the IT enabled healthcare industry.
The healthcare provider solutions category of the products & services segment held the biggest market share. The necessity to manage the rising expenses of healthcare as well as increase the effectiveness of healthcare services by lowering medical errors is what accounts for the big proportion of this market. During the projection period, clinical healthcare IT solutions held the highest share of the healthcare provider solutions market. The factors may include tightening regulations, rising demands for better patient care, patient safety, and integrated healthcare systems.
Regional Analysis:
The major regions where the market is active are America, US, Canada, Europe, France, Germany, UK, Spain, Italy , Netherlands, Europe as a whole, Pacific Asia, Japan, China, India, Other Asia Pacific nations, South America, Brazil, Mexico, Latin America as a whole, Europe, Asia, and Africa
Competitive Analysis:
Optum, Cerner, Cognizant, Change Healthcare, Philips Healthcare (Netherlands), Epic Systems, Dell Technologies, Allscripts, GE Healthcare, IBM, athenahealth, eClinicalWorks, Oracle Corporation, Conduent, Infor, Tata Consultancy Services, Wipro Limited, Conifer Health, Nuance, 3M, Inovalon, InterSystems, and Cayman are the major companies in the global IT enabled healthcare market.
Important Features of the IT-enabled Healthcare Market report:
– Potential and niche segments/regions exhibiting promising growth.
– Detailed overview of IT-enabled Healthcare Market.
– Changing market dynamics of the industry.
– In-depth IT-enabled Healthcare Market segmentation by Type, Application, etc.
– Historical, current, and projected market size in terms of volume and value.
– Recent industry trends and developments.
– Competitive landscape of IT-enabled Healthcare Market.
– Strategies of key players and product offerings.
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Table of Contents:
1. IT-enabled Healthcare Market Overview
2. Impact on IT-enabled Healthcare Market Industry
3. IT-enabled Healthcare Market Competition
4. IT-enabled Healthcare Market Production, Revenue by Region
5. IT-enabled Healthcare Market Supply, Consumption, Export and Import by Region
6. IT-enabled Healthcare Market Production, Revenue, Price Trend by Type
7. IT-enabled Healthcare Market Analysis by Application
8. IT-enabled Healthcare Market Manufacturing Cost Analysis
9. Internal Chain, Sourcing Strategy and Downstream Buyers
10. Marketing Strategy Analysis, Distributors/Traders
11. Market Effect Factors Analysis
12. IT-enabled Healthcare Market Forecast (2022-2028)
13. Appendix
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