The technology spending on core administration in healthcare market is fairly fragmented with the presence of numerous established players offering software, hardware, and services, according to a research report by Transparency Market Research (TMR). Prominent companies operating in this market are Plexis Healthcare Systems, HealthEdge Software, Inc., DST Systems, Inc., ikaSystems Corporation, Health Solutions Plus, Inc., and TriZetto Corporation. Companies intending to consolidate their shares are pursuing diversification opportunities in developing markets such as India, Brazil, and China, notes TMR. Leading players are capitalizing on the abundant growth opportunities emerging across the core administration segment in the healthcare industry in developed and developing regions. In addition, numerous comprehensive healthcare reforms initiated by governments of various countries, such as the Affordable Care Act (ACA) in the U.S., have led many players to focus on developing an extensive product portfolio to gain a competitive edge over others.
According to TMR’s estimation, the global technology spending on core administration in the healthcare market sector is anticipated to expand at 5.7% CAGR during 2016 – 2024. The market was valued at US$25,900 mn in 2015 and is estimated to attain US$42,317 mn by 2024.
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Need for Patient-Centric Measures to Stimulate Technology Spending
On the basis of geography, the global technology spending on core administration in healthcare market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Of these, North America dominates the market and is expected to lead along the forecast period. The growth is attributed to the substantial funds devoted toward making core administration in the healthcare industry technology-rich; over 50% of the funds spent on enabling technologies for core administration in the healthcare sector was contributed by North America in 2015. The paucity of resources in the healthcare sector to undertake patient-centric measures, coupled with the absence of skilled healthcare staff for administrative processes, has made it imperative for policymakers in the region to encourage technology spending.
Based on end users, the global technology spending on core administration in healthcare market is segmented into payers and providers; the payers, majorly consisting of insurance providers and the government agencies, accounted for a major market share in 2015. Over the forecast period, the end-use market is anticipated to remain the most lucrative and is expected to rise at 5.9% CAGR from 2016 to 2024. Insurance providers are increasingly adopting value-based reimbursement (VBR) models, which has transformed payer-provider relationship; shifting from volume-based to value-based has resulted in streamlining workflows for provider contracting and engagement. As a result, healthcare providers are impelled to cut down their core administrative costs in order to provide quality care at an affordable cost. This has stimulated technology spending on core administrative processes in the healthcare sector.
Boosting Healthcare IT Infrastructure Spending Imperative for Quality Care
The rising convergence of various digital platforms across a variety of delivery nodes, the impending need for managing the growing volumes of healthcare data, and a constantly changing healthcare reimbursement scenario have led to the demand for technology spending in healthcare. In addition, the growth in the healthcare sector is crippled due to the absence of automated technologies and lack of technological expertise among healthcare professionals.
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With the advancement in healthcare IT infrastructure, the adoption of IT solutions by providers has increased; however, the pace is not uniform across various regions. The significant lack of awareness for automated IT technologies among patients and healthcare providers, especially small-sized players, has negatively impacted the market. This has affected the quality of care and catapulted the cost of healthcare delivery. Hence, to bridge the gap between quality healthcare and affordable cost of delivery, the players in the healthcare industry are increasingly focused on augmenting technology spending on core administrative processes and reap significant benefits.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Technology Spending on Core Administration in Healthcare Market (Solution – In-house (Hardware, Software, and Services) and Outsource; Deployment – Cloud-based and On-premise; End User – Payers (Insurance Companies and Government) and Providers (Hospitals)) – Global Industry, Size, Share, Growth, Trends and Forecast 2016 – 2024″