Healthcare IT Market Analysis, Size, Share, Growth, Analysis and Forecast From 2014, 2020: Hexa Research

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Healthcare IT Market Analysis, Size, Share, Growth, Analysis and
Forecast Period From 2014, 2020: Hexa Research
Healthcare IT market is expected to grow over the forecast period owing to the increasing
prevalence of chronic disorders such as diabetes, cardiovascular diseases, and cancer.
The other drivers for this market are government initiatives to provide better healthcare
facilities for its people and the need for excellent healthcare systems to curb expenses. The
use of information technology in the healthcare sector is to develop, implement and
improve information systems for the industry. The main objective of healthcare IT is to
decrease paperwork, improvement of healthcare quality, enhance healthcare accuracy,
increase efficiency and by reducing error while maintaining medical records. The other
benefits attached to this market are reducing healthcare costs by computerizing processes
and helps in providing the real time data, so that these data can be retrieved as per the
requirement. Till 2012, the global healthcare IT was valued at USD 36.15 billion and it is
expected to grow at a double digit CAGR i.e. 14.2% during 2014 to 2020. As the popularity
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of the computerized physician order entry (CPOE) adaptation is increasing, so that error in
regards to medical records could be controlled. Healthcare IT has a huge opportunity over
the forecast period as it has an ability to identify and detect infectious and chronic diseases
and will push government to expedite the adoption process.
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Application Insights
Healthcare IT market is segmented on the basis of application into computerized provider
order entry systems, electronic health records, PACS, lab information systems, electronic
prescribing
systems,
telehealth
and
telemedicine.
Among
these,
telehealth
and
telemedicine are dominating the whole market. Telehealth is one the best example of
collaboration between technology and healthcare. With the help of telecommunication
technologies we can deliver the healthcare services and information. Increasing inciden ces
of chronic diseases such as, hypertension, chronic obstructive pulmonary disease (COPD),
asthma and diabetes is also the factor increasing the demand for home healthcare.
Changing preferences of patients for avoiding hospital stays is also a major fact or
driving this market. There had been a lot of technological advancements introduction in the
area of telecommunication such as, TEEVE (Tele-immersive environment for everybody)
and SIP (session initiation protocol). As of 2013, electronic health records witnessed the
largest revenue share as it constantly records and update the patient information, based on
the encounters reported by healthcare establishments. This system is user friendly and
interoperability are the significant features of this system. Additionally, it is very effective
tool during the case of emergency as it provides real time information.
Regional Insights
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Geographically, the Healthcare IT market is studied with respect to four regions such as
North America, Europe, Asia Pacific and RoW. Among these North America is dominating
the whole market as it has strong presence of R&D, and increasing sophisticated
healthcare infrastructure. U.S government has implemented industry friendly initiatives and
introduction of incentive programs such as, EHR (electronic health records) by Medicare
and Medicaid. In the recent years Europe has shown the tremendous growth. The privately
held hospitals such as Helios and Sana, covers huge opportunities for future growth and
with high unmet medical needs in European countries, such as Russia and Poland will drive
the European healthcare IT market. Asia Pacific market is expected to show fruitful CAGR
during the forecast period owing to the rapidly developing healthcare infrastructure are
improving patient awareness, and various government initiatives.
Competitive Insights
The major market players in the Healthcare IT market are, Philips Healthcare, Agfa
Healthcare, Mckesson Corporation, Carestream Health,GE Healthcare, E-MDS Inc.,
eClinicalworks, Athenahealth Inc., Carestream Health and Hewlett-Packard.
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Table of Contents
Chapter 1. Executive Summary
1.1. Healthcare IT - Industry Summary and Critical Success Factors (CSFs)
Chapter 2. Healthcare IT Industry Outlook
2.1. Market Segmentation
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2.2. Market Size and Growth Prospects
2.3. Healthcare IT Market Dynamics
2.4. Key Opportunities Prioritized
2.5. Industry Analysis - Porter's
2.6. Healthcare IT - Company Market Share Analysis
2.7. Healthcare IT Market PESTEL Analysis, 2012
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Healthcare IT market is expected to grow over the forecast period owing to the increasing prevalence of chronic disorders such as diabetes, cardiovascular diseases, and cancer. The other drivers for this market are government initiatives to provide better healthcare facilities for its people and the need for excellent healthcare systems to curb expenses