Healthcare IT Market – Global Growth Driving Factors:
Driver: Rising use of big data
In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years.
In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The length of the data and its heterogeneity make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.
Restraint: IT infrastructural constraints in developing countries
Cost issues are one of the major barriers to the adoption of healthcare IT solutions. The maintenance and software update costs of these systems are more than the price of the software. Support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure amounting to almost 30% of the total cost of ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of ownership of these systems.
Projected Surge in Revenue Generation:
The global healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.
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Global Leading Companies:
Optum (US), Cerner Corporation (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), and IBM (US) were the top players in the healthcare IT market during the forecast period. Other major players in the market include Epic Systems (US), Dell Technologies (US), Allscripts (US), GE Healthcare (US), athenahealth (US), eClinicalWorks (US), Oracle Corporation (US), Conduent (US), Infor (US), Tata Consultancy Services (India), Wipro Limited (India), Conifer Health (US), Nuance (US), 3M (US), Inovalon (US), InterSystems (US), Carestream Health (US), Orion Health (US), Practice Fusion (US), and SAS Institute (US).
Cognizant (US) is a key player in the healthcare IT market for software solutions and services. The company offers information technology (IT) consulting, enterprise information management (EIM), and business process outsourcing services across the globe. It provides healthcare IT solutions and services to physicians and healthcare organizations for population health management, accountable care, and value-based initiatives.
Change Healthcare (US) is a leading provider of healthcare IT solutions and is well known for its leading position in the healthcare revenue cycle management solutions and quality management solutions markets. The company offers software and analytics, connectivity, communication, payment, consumer engagement, and workflow optimization solutions.
Cerner Corporation (US) is a global provider of healthcare information technology (HCIT) solutions. The products and services offered by the company include healthcare IT solutions, medical device integration solutions, professional services, remote hosting services, document management and imaging solutions, and other health and welfare services. Cerner has a robust HCIT product portfolio tailored for medium- and large-sized enterprise customers to help them with advanced software products and services designed specifically for their needs.
Optum (US) was one of the largest players in the healthcare IT market in 2020. The company provides healthcare IT solutions to healthcare payers, providers, employers, and government & life science companies. This includes such as EHR/EMR solutions, mHealth solutions and services, ePrescribing, healthcare asset management solutions for pharmacies, and revenue cycle management solutions. The company actively focuses on various inorganic business strategies, such as acquisitions, partnerships, agreements, and collaborations, to garner a larger market share. For instance, in June 2019, Optum acquired the DaVita Medical Group.
IBM (US) is among the leading companies in the HCIT market with a host of solutions, including AI, Blockchain, cloud computing, supply chain solutions, and others. End users widely use IBM Watson for cognitive computing and data-driven applications. IBM follows organic growth strategies to improve its position in HCIT markets. This includes product launches and upgrades. In 2021, for instance, IBM launched the IBM z/OS V2.5 operating system, which brings AI capabilities to IBM Z, strengthens security, and introduces new capabilities for application modernization.
Koninklijke Philips N.V. (Netherlands) is a diversified technology-based company involved in the healthcare and consumer lifestyle markets. It is one of the leading companies in the healthcare sector with a strong presence in cardiac care, acute care, and home healthcare. The company offers health information exchange solutions, mHealth solutions, VNAs and PACS, and telehealth solutions that are approved by respective regulatory bodies (such as the US FDA and the CFDA in China) of the major markets in which Philips operates.
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Recent Developments in the Healthcare IT Industry:
# In May 2021, Optum and Bassett Healthcare Network collaborated to further enhance Bassett’s clinical and operational performance and advance the delivery of high-quality, convenient, and affordable healthcare for patients across Central New York.
# In June 2021, Cognizant and Aker Solutions partnered to modernize and simplify its entire IT infrastructure, including its business technology network and application maintenance and development.
# In March 2021, Change Healthcare collaborated with Amazon Web Services to announce the launch of a new Data Science as a Service (DSaaS) platform, which is aimed at improving outcomes and healthcare economics for vulnerable health communities.
# In August 2020, Cerner Corporation collaborated with Amazon to easily connect vital health and well-being information with their broader healthcare teams.
