Global Healthcare IT Market - Segmented by Business Segment, Component, Delivery Mode, End User and Geography - Growth, Trends and Forecast (2022 - 2030)
The global healthcare IT market is expected to register a CAGR of 11% during the forecast period, 2018 to 2023. According to HHS office of National Coordinator of Health IT, Healthcare IT is defined as “the application of information processing involving both computer hardware and software that deals with the storage, retrieval, sharing, and use of healthcare information, data, and knowledge for communication and decision-making. The main goal of the health information technology market is to maintain records containing the patients’ health information and delivering it to the doctor, patient or their family in a safe and efficient way.
Emergence of Social Media and its Impact on the Healthcare IT Industry
Technological advancements play a significant role in the global healthcare sector. From testing techniques to improved surgical equipment, technological advancements have transformed the healthcare industry. Among such advancements, social media is one platform that is providing a cost-effective solution (for healthcare providers and online patients) for revolutionizing the healthcare analytics. According to Mediabistro, more than 40% of the customers state that the information found through social media influences the way they deal with health. As per Demi & Cooper Advertising and DC Interactive Group, about 19% of smart phone users use at least one health app on their phone.
Diet, exercise, and weight apps are the most popular types and as per Medtech Media, more than 31% of healthcare providers use social media for professional networking. Healthcare providers across Europe and the United States are fast adopting social media technologies. Hence, this factor is driving the healthcare IT market.
Other factors, such as increase in the demand for paper-less technology, increased government funding on healthcare services & infrastructure, good return on investments (ROI), are driving the healthcare IT market.
Lack of Skilled Labor
Results obtained from analytics require high expertise and skilled labor. High level of accuracy is required to diagnose chronic disorders to provide quality patient care. Many countries across the globe are facing challenges to meet the required skilled labor. This shortage directly affects the quality of care. The number of physicians/1000 patients remained the same between 2012 and 2015. More than a billion people are lacking access to an efficient healthcare system and facilities. In the United Kingdom, there was a shortage of around 40,000 skilled professionals and nurses in 2012. European Commission predicts a shortage of nearly 230,000 physicians across Europe in the next 8 to 10 years. Some hospitals are hampered by the lack of standardized processes and skilled labor, which negatively affects the operations, strategic planning, and governance. Thereby, insufficient or lack of skilled labor is hindering the growth of the healthcare IT market. Other factors, such as the high maintenance costs and the reluctance to shift to new technology, are also hindering the growth of the market.
US Leads the Market in the North American Region
The US healthcare IT market held the largest market share of the North American market, in 2017, due to the presence of high-quality healthcare system and modern medical technology in the country. Additionally, the increased usage of personal computing devices by the general population in the country is also contributing toward the growth of the healthcare IT market.
Key Developments in the Market
• July 2017 - GE Healthcare purchased clinical outcomes consulting firm Novia Strategies.
• October 2017 - Allscripts had acquired the McKesson’s Enterprise Information Solutions business.
Major Players: GE HEALTHCARE, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, WIPRO, IBM, ORACLE CORPORATION, SAS INSTITUTE INC., CERNER CORPORATION, ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., DELL TECHNOLOGIES INC., AND MCKESSON CORPORATION, AMONG OTHERS.
Reasons to Purchase the Report
• Current and future global healthcare IT market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Emergence of Social Media and its Impact on the Healthcare IT Industry
Technological advancements play a significant role in the global healthcare sector. From testing techniques to improved surgical equipment, technological advancements have transformed the healthcare industry. Among such advancements, social media is one platform that is providing a cost-effective solution (for healthcare providers and online patients) for revolutionizing the healthcare analytics. According to Mediabistro, more than 40% of the customers state that the information found through social media influences the way they deal with health. As per Demi & Cooper Advertising and DC Interactive Group, about 19% of smart phone users use at least one health app on their phone.
Diet, exercise, and weight apps are the most popular types and as per Medtech Media, more than 31% of healthcare providers use social media for professional networking. Healthcare providers across Europe and the United States are fast adopting social media technologies. Hence, this factor is driving the healthcare IT market.
Other factors, such as increase in the demand for paper-less technology, increased government funding on healthcare services & infrastructure, good return on investments (ROI), are driving the healthcare IT market.
Lack of Skilled Labor
Results obtained from analytics require high expertise and skilled labor. High level of accuracy is required to diagnose chronic disorders to provide quality patient care. Many countries across the globe are facing challenges to meet the required skilled labor. This shortage directly affects the quality of care. The number of physicians/1000 patients remained the same between 2012 and 2015. More than a billion people are lacking access to an efficient healthcare system and facilities. In the United Kingdom, there was a shortage of around 40,000 skilled professionals and nurses in 2012. European Commission predicts a shortage of nearly 230,000 physicians across Europe in the next 8 to 10 years. Some hospitals are hampered by the lack of standardized processes and skilled labor, which negatively affects the operations, strategic planning, and governance. Thereby, insufficient or lack of skilled labor is hindering the growth of the healthcare IT market. Other factors, such as the high maintenance costs and the reluctance to shift to new technology, are also hindering the growth of the market.
US Leads the Market in the North American Region
The US healthcare IT market held the largest market share of the North American market, in 2017, due to the presence of high-quality healthcare system and modern medical technology in the country. Additionally, the increased usage of personal computing devices by the general population in the country is also contributing toward the growth of the healthcare IT market.
Key Developments in the Market
• July 2017 - GE Healthcare purchased clinical outcomes consulting firm Novia Strategies.
• October 2017 - Allscripts had acquired the McKesson’s Enterprise Information Solutions business.
Major Players: GE HEALTHCARE, PHILIPS HEALTHCARE, SIEMENS HEALTHCARE, WIPRO, IBM, ORACLE CORPORATION, SAS INSTITUTE INC., CERNER CORPORATION, ALLSCRIPTS HEALTHCARE SOLUTIONS, INC., DELL TECHNOLOGIES INC., AND MCKESSON CORPORATION, AMONG OTHERS.
Reasons to Purchase the Report
• Current and future global healthcare IT market outlook in the developed and emerging markets
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis
• The segment that is expected to dominate the market
• Regions that are expected to witness the fastest growth during the forecast period
• Identify the latest developments, market shares, and strategies employed by the major market players
• 3-month analyst support, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you get a report that suits your needs.
Frequently Asked Questions
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