(2019 – 2024) Global Healthcare IT Market is Anticipated to Reach US$ 11 Billion by 2024

Healthcare IT

(2019 – 2024) “Healthcare IT Market Report studies the global market competition landscape, market drivers and trends, opportunities and challenges, risks and entry barriers, sales channels, distributors and Healthcare IT Analysis. The Healthcare IT market is expected to register a CAGR of approximately 11% during the forecast period of (2019 – 2024).

Healthcare IT Market Report Covers Leading Manufacturers: GE Healthcare, Philips Healthcare, Siemens Healthcare, Wipro, IBM, Oracle Corporation, SAS Institute Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., Dell Technologies Inc., Mckesson Corporation

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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.

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Reasons to Purchase Healthcare IT Market Report:

  • Identification of key factors instrumental in changing the market scenario, exploiting new opportunities, and gaining a competitive edge. 
  • Analysing various perspectives of the market with the help of Porter’s five forces analysis.
  • The authentication mode is likely to witness the highest adoption of these systems in the market.
  • The regions that are expected to witness the fastest growth during the forecast period.
  • The SWOT analysis for key players and a detailed study of their current strategic interests and key financial performance indicators.
  • 3 months’ 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.

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