IT-Enabled Healthcare Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2020

IT-enabled healthcare offers viable means of overcoming shortfalls in the existing healthcare delivery system across the world. The key benefits of IT-enablement of healthcare delivery systems include the ability to reach a larger consumer base at minimal cost with efficiency. Companies operating in IT-enabled healthcare market offer numerous efficient solutions to healthcare organizations and practitioners to improve the quality of healthcare services. Moreover, healthcare IT solutions have also enabled individuals to gain access to quality healthcare services remotely without inconvenience of visiting a healthcare facility. It helps to meet challenges such as a poor doctor-to-patient ratio and ensures that essential health services are made available in the remotest of locations. IT-enabled healthcare solutions are utilized for various applications such as general healthcare and fitness, medication information, remote monitoring, collaboration and consultancy, healthcare management, and access to health data and records. The global IT-enabled healthcare market was valued at USD 96.87 billion in 2013 and is expected to grow at a CAGR of 11.8% during the forecast period 2014 – 2020.

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Numerous government policies across the world have generated strong demand for IT enablement of national and district level healthcare facilities. Given the increasing focus of governments across the globe on developing their respective country’s healthcare infrastructure, public/private healthcare infrastructure is rapidly growing. Countries such as India, China, Brazil, Argentina, Chile, Algeria, and Singapore among others are increasingly spending on public sector health programs through various private and government-sponsored models in an effort to reach out to the masses. Moreover, inefficiencies of the traditional paper-based systems such as incompleteness, redundancies and high costs lead to unnecessary healthcare expenditures. IT-enabled healthcare offers a viable replacement of traditional systems to reduce healthcare costs and increase efficiency and quality of healthcare services. The use of electronic medical records (EMR) and other healthcare information systems ensure continuity of healthcare services regardless of their geographical location. Other benefits offered by healthcare IT solutions such as convenience through remote monitoring, home diagnosis and other mHealth solutions are further driving the growth of IT-enabled healthcare market.

Healthcare IT solutions are used by various healthcare facilities including public/private healthcare institutions, physicians, healthcare workers and individuals. In 2013, public/private healthcare institutions held the largest market share in the overall IT-enabled healthcare market in terms of revenue. The individuals segment is expected to witness the fastest growth during the forecast period from 2014 to 2020 due to the rising awareness and demand for healthier lifestyle. In recent years, the global IT-enabled healthcare market has witnessed huge demand owing to government initiatives and technological advancements. Developed markets such as North America and Europe are comparatively mature markets for healthcare IT solutions as they were the early adopters of eHealth solutions. North America constituted the largest market share in the global IT-enabled healthcare market in 2013. Despite its late penetration in the Asia Pacific region, the IT-enabled healthcare market is expected to witness tremendous growth during the forecast period from 2014 to 2020 due to government initiatives in the region. The RoW region is also expected to offer immense growth opportunities in IT-enabled healthcare market on account of the ongoing healthcare reforms in Middle East and Africa region.

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McKesson Corporation, Cerner Corporation, and Koninklijke Philips N.V. were identified to be the top three players in the IT-enabled healthcare market in 2013. Other key players in the IT-enabled healthcare market include GE Healthcare, Siemens AG, IMS Health Holdings Inc., Allscripts Healthcare Solutions Inc., eHealth Technologies, E*HealthLine.Com Inc., AirStrip Technologies LP, Aerotel Medical Systems Ltd., Johnson & Johnson Healthcare Systems Inc., AT&T Inc. and Apple Inc.

 

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