The majority of the demand for healthcare IT solutions is driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information.
The growing adoption of health information exchanges (HIEs) and EHR systems and improved quality of care and clinical outcomes are some of the other factors driving market growth. In addition to the growing demand for information technology solutions from healthcare providers, the growing need for healthcare insurance providers to efficiently manage a comprehensive record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years.
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Key Market Restraints:
# High Cost of Deployment
# Reluctance Among Medical Professionals to Adopt Advanced Healthcare IT Tools
Key Market Opportunities:
# Increasing Consolidation in the Healthcare Industry
# Mobile Platforms and Cloud-Based Solutions
# Huge Potential for Healthcare IT Vendors in APAC and Other Emerging Markets
Key Market Challenges:
# Integration of Healthcare IT Solutions Within Healthcare Organizations
# Data Security Concerns
# Lack of Skilled IT Professionals in the Healthcare Industry
The report also provides the detailed geographic analysis of healthcare IT markets covering major countries in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa regions. In 2015, North America accounted for the majority share of the global HCIT market followed by Europe and Asia-Pacific. The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies in order to curtail the soaring healthcare costs, regulatory requirements regarding patient safety, and the presence of a large number of IT companies in the region.
Europe is the second-largest healthcare IT market. The large share of this region can mainly be attributed to factors such as government initiatives in European countries for eHealth technologies, the need for multi-country integration regarding health information, decreasing margins in the healthcare industry, and a rapidly increasing aging population and the subsequent rise in incidences of chronic diseases in this region. However, during the forecast period, the Asia-Pacific region is expected to grow at the highest CAGR. Growing consumerism in the healthcare industry, accelerated economic growth of countries in the region, and the rising need to control the soaring healthcare costs are some of the key factors responsible for the emerging trend towards the digitization of patient records among healthcare organizations in this region.
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Although, the global healthcare IT market is highly fragmented in nature; some of the key players in this market include McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), and Infor, Inc. (U.S.).
Target Audience
- Healthcare IT solution providers
- Healthcare IT vendors
- Healthcare IT service providers
- Healthcare payers
- Academic research institutes
- Government institutes
- Market research and consulting firms
- Venture capitalists and investors
