Insights into Healthcare IT Market and it’s growth outlook
Category: #health  By Partha Ray  Date: 2019-08-12
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Insights into Healthcare IT Market and it’s growth outlook

The consumerization in healthcare information technology has reached a tipping point, the impact of which has been felt across healthcare IT market. The need to ensure comfort and security for patients has brought about a major transformation in the medical sphere, leading to a path-breaking intersection of IT and healthcare. The deployment of IT has equipped the healthcare industry with nanomedicine, virtual healthcare, 3D printing, robot-assisted surgery, and more. These advancements, aided by the  investments by the governments worldwide, have brought about a massive change in the healthcare IT industry outlook.

The global healthcare IT market has also gained traction on account of innumerable parameters, prominent among them being, the increasing geriatric populace and the changing consumer lifestyles. Indeed, these have led to a spate of diseases worldwide, consequently surging the demand for a highly sophisticated healthcare IT network in order to lower errors in administration processes and ensure efficient medical data and patient record management.

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Consumer expectations have also changed in the last decade or so, leading to healthcare providers focusing on prioritizing efficient management of healthcare data. This has subsequently led to the implementation of innovative technologies in the medical ecosphere, augmenting the revenue graph of the global healthcare IT market. Indeed, estimates claim that healthcare IT industry is expected to exceed $441.8 billion by the year 2025.

While numerous IT solutions are deployed in the healthcare space, one of the most significant ones is that of electronic health records. Undeniably, healthcare IT industry has gained much via rapid adoption of the EHR technology by healthcare specialists in the U.S. and other economies. According to the National Electronic Health Records Survey, 2017, approximately 9 out of 10 office-based physicians had adopted any type of EHR, while certified EHRs were adopted by 4 out of 5 office-based physicians. Since 2008, the rate of EHR adoption has more than doubled – from 42 percent to nearly 86 percent in 2017. The accelerated adoption of EHR will thus drive the growth graph of healthcare IT industry from electronic health records. As a matter of fact, estimates claim that EHR-based healthcare IT market size will cross  $97.8 billion by 2025.

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Regionally speaking, it has been forecast that the United States will crop up as a prime growth avenue for the global healthcare IT industry, primarily driven by numerous investments in medical care infrastructure and government mandates. More than half a decade ago, The U.S. Department of Health and Human Services (HHS) had mandated the adoption of information technology by healthcare providers. A substantial growth has also been recorded in terms of investments by the U.S. government in healthcare IT since 2008.

A few years ago, the U.S. government had made an investment of about $20 billion through the HITECH (Health Information Technology for Economic and Clinical Health) Act, for setting up electronic health records. Aided by numerous government initiatives and the escalating need for an efficient healthcare management system, the U.S. healthcare IT industry is estimated to record substantial revenues by 2025.

Speaking of government initiatives, yet another regional ground touted to garner extensive proceeds in healthcare IT market is the United Kingdom. In December 2018, a new collaboration had been announced between the government and the life sciences industry, backed by a government fund worth £79 million, in order to study 5 million people and develop AI-centric diagnostic tests. Back in 2014, the UK government has also announced an investment of $5.4 billion in healthcare IT for a five-year period. It comes as no surprise therefore, that the UK healthcare IT market, powered by government initiatives, will reach $24.7 billion by the year 2025.

With the increasing prevalence of diseases and the subsequently rising demand for a sophisticated medical infrastructure, healthcare IT market contenders have been working to bring forth a slew of advancements in their service portfolio. For instance, McKesson Corporation has recently collaborated with technology leader Navigating Cancer to provide an enhanced Patient Relationship Management (PRM) platform for oncologists.

IT aided healthcare has come a long way since its inception. With massive changes in the technological landscape, many more innovations have been touted to disrupt the healthcare space. Powered by huge investments and the incorporation of advanced technologies in medical care management, healthcare IT market is expected to chart out a lucrative growth map in the forthcoming years.

 

 

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About Author

Partha Ray    

Partha Ray

Partha is into digital marketing since the last 3 years and has worked on multiple projects across various industries. An Computer Science engineer by education, he has prior experience in software development. His other interests include playing cricket & Hockey.

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