The Global Healthcare IT Market is valued at USD 200.0 Billion in 2020 and is anticipated to grow with a CAGR of 15.0% during the forecast period from 2020 to 2028. Rising use of big data, coupled with the need to curtail escalating healthcare costs, will drive the growth of the market.
Healthcare information technology is health technology which is applied to health as well as healthcare. Healthcare IT supports health information management across all computerized systems, as well as ensures the secure exchange of healthcare IT among consumers, payers, providers, and quality monitors. Electronic health records (EHRs) permit doctors to improve and keep track of patient health information and it may allow them to observe when patients have a problem even if hospitals are inaccessible.
Personal health records (PHR) is a lot like an EHR, but patients can control what kind of information goes into a PHR. Patients can use a PHR to keep track of information from doctor visits. But apart from this, PHR can also reveal life outside the doctor’s office and health priorities, such as tracking different aspects of a patient’s lifestyles such as food, exercise, and blood pressure.
Unlike paper prescriptions, which can get lost or misread, E-prescribing allows doctors to communicate directly with the pharmacy. When it comes to privacy and security, all these electronic systems can increase the protection of patient health information. For example, electronic information can be encrypted to allow only the authorized people to read it.
Global Healthcare IT Market, by Product
In terms of product, the market is segmented into EHR, RIS, PACS, VNA, CPOE, HIE, telehealth, healthcare analytics, population health management, supply chain management, CRM, fraud management, and claims management. EHR is expected to be the fastest growing segment in the global healthcare IT market during the forecast period. This is due to the increasing usage of EHR in healthcare settings, especially in developed countries. Also, a continuous increase in the incidence of chronic diseases will create lucrative opportunities for the key market players.
Global Healthcare IT Market, by End user
In terms of end user, the market is segmented into provider, payer, and others. The payer segment accounted for the largest share in the global market in 2019. This is due to government initiatives to improve the quality of patient life and patient care, which will further result in the improvement of the overall healthcare services.
Global Healthcare IT Market, by Region:
In terms of region, the North American region has captured the largest market for global Healthcare IT in 2020 and is anticipated to be dominant till the forecast period. The major contributing factors are growing incidence of chronic diseases, rising awareness, and increasing R&D investments in the healthcare IT sector. These are some of the leading markets for Healthcare IT in the region.
Some Major Findings of the Healthcare IT Market Report Include:
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