Global Healthcare IT Industry to Undergo Major Tech Transformations in the Near Future

Overview of This Study:

The present investigation entailed a comprehensive utilization of primary and secondary resources. To determine segmentation types, industry trends, key players, the competitive landscape of the market, and important market dynamics, including drivers, constraints, opportunities, challenges, and key player strategies, a variety of industry-affecting factors were examined.

Major Growth Influencing Factors:

Instead of using numerous tables, the redesigned report edition presents each listed company's financial data until 2022 in a single diagram. This will make it simple to examine the current state of the organizations that have been profiled in terms of their R&D investments, business segment focus in terms of the top revenue-generating segments, financial strength, profitability, and important revenue-generating locations or nations. The increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions is fueling the expansion of the healthcare IT sector. But security worries and interoperability problems are hindering the expansion of the worldwide market somewhat.

Projected Surge in Global Revenue Growth:

With a predicted revenue of $394.6 billion in 2022 and a projected growth rate of 19.8% from 2022 to 2027, the worldwide healthcare IT industry is expected to reach $974.5 billion.

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Major Growth Driver & Global Opportunities

Driver: increasing use of mHealth, telemedicine, e-prescribing, and other HCIT solutions.

Globally, the epidemic has caused a major rise in the workload for healthcare organizations. A well-coordinated environment where all clinical gadgets are connected internally and the organization works in conjunction with other healthcare units is something that healthcare facilities are under tremendous pressure to establish. As of December 5, 2022, there were around 650 million verified COVID-19 cases and 66 million fatalities worldwide, according to Worldometer. The healthcare systems of many nations are dealing with a severe scarcity of hospital beds, medical professionals, and basic medical supplies due to the high and rising number of patients. This makes it necessary for healthcare facilities, including hospitals, to implement capacity management systems in order to track COVID-19 patients and oversee the disease's course.

In order to improve specialty drugs, price transparency, and healthcare management, healthcare providers adopted interoperability tools more frequently during the COVID-19 pandemic, according to a Surescripts 2020 National Progress Report. When Surescripts gained 63,000 prescribers and 1.91 billion ePrescriptions in 2020, the overall number of ePrescriptions exceeded one million prescribers for the first time. From 134.2 million ePrescriptions for restricted substances in 2019 to 203.6 million in 2020, there was a 52% increase in this amount. The first month of COVID-19 saw a 72.5% rise in electronic prescriptions given through telehealth, demonstrating how the pandemic accelerated the development of virtual healthcare.

Opportunity: Rising use of healthcare IT solutions in outpatient care facilities

The industry is moving toward outpatient settings to cut costs of care in response to mounting pressure on health systems to do so. The estimated cost of a procedure in an outpatient surgery center is 30% to 60% less than that of an inpatient hospital setting. Convenience is yet another significant factor contributing to the growth of ambulatory care. The need for and use of HCIT solutions in outpatient settings will rise in tandem with the expansion of outpatient settings and the influx of new patients.

About 10% of US hospitals had specialized HCIT clinical documentation improvement programs for their outpatient settings, per a United Health (US)-sponsored survey. Within the next six months, an extra 10% is supposed to be put these services into place. In addition, 14% of hospitals intended to use cutting-edge solutions soon. In the upcoming years, it is anticipated that this trend will propel the use of HCIT solutions, like RCM solutions, in outpatient settings.

Asia Pacific is expected to exhibit the highest growth during the forecast period

The APAC market is expected to register the highest CAGR during the forecast period. Factors such as a large patient population, especially in China and India, growing per capita income, increasing investments in the healthcare industry by key market players, and rising awareness of advanced technologies are driving the growth of the APAC HCIT market.

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Recent Developments of Healthcare IT Industry:

# In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.

# In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealth’s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR’s patient portal.

# In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care