Monday, February 11, 2019

Global Healthcare IT Industry - Geographies Offering High-growth Opportunities for Major Players


Factors such growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, high return on investment for HCIT solutions, growing focus on improving quality of care & clinical outcomes, growing focus of stakeholders on improving patient safety and care, and rising demand for quality and advanced healthcare are some of the key factors driving the growth of the global Healthcare IT Market.

In 2015, the healthcare provider solutions segment accounted for around 54% of the global healthcare IT market. The key factor driving the growth of this market is the growing needs for health information management due to increasing number of patients across the globe. 

The growth in elderly population and subsequent increase in the prevalence of chronic diseases across the globe is driving the demand for viable solutions to efficiently manage the large volume of patients and patients’ data while reducing the operational costs in the healthcare organizations. The increasing government initiatives for the implementation of EHR systems and financial support from public-private organizations towards the development of healthcare IT infrastructure are further impelling the growth of the global healthcare IT market.

Within the clinical healthcare IT solutions market, mHealth applications is the fastest-growing segment during the forecast period followed by the radiation dose management segment. The smartphone boom and growing preference for self-care management have propelled the penetration of healthcare applications. 

Similarly, the growth of the radiation dose management solutions market can be attributed to the increasing incidence of adverse events due to radiation exposure. North America and Europe are the key markets for mHealth applications and radiation dose management, owing to the large adoption of smartphones and awareness regarding healthcare among people in these regions.

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Although, North America and Europe will continue to dominate the global healthcare IT market in the coming years, the healthcare IT market in the Asia-Pacific region is expected to witness the highest growth rate during the forecast period. 

China is expected to surpass many developed economies in the coming years with regards to the adoption of advanced HCIT solutions. 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.

Although, the global healthcare IT market is largely fragmented in nature. Cerner Corporation (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions Inc, (U.S.), Philips Healthcare (Netherlands), and Epic Systems Corporation (U.S.) are some of the leaders in the clinical healthcare IT solutions market. Whereas, the non-clinical healthcare IT market is dominated by players such as Oracle Corporation (U.S.), Infor, Inc. (U.S.), SAP AG (Germany), McKesson Corporation (U.S.). 

While product innovations remain at the center of strategic growth initiatives from majority of the key vendors in the global healthcare IT market, these players are also focusing on increasing their presence in the high growth markets through expansions, strategic marketing and distribution agreements, and acquisitions. Currently, the Asia-Pacific countries are at the focus on geographic expansions from leading players in the global healthcare IT market.

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