Summary - A new market study, titled “Healthcare IT Market, By Application (Laboratory Information System, EHR, PACS, CPOE, EPS, Clinical Information System, and Telemedicine), By Medical Care Providers and Geography (NA, EU, APAC, and RoW) – Analysis, Share, Trends, Size, & Forecast From 2014 – 2025” has been featured on WiseGuyReports.

The healthcare IT market is estimated to represent a global market of USD 68.73 billion by 2017 with growth rate of 13.9%.
Health information technology is the area of IT involving the design, creation, development, and maintenance of information systems for the medical field. In recent time, the demand for health IT results from the advancement of technologies coupled with changing government regulations which influence the need for quality patient care. Favourable government initiatives to deploy and develop healthcare IT worldwide is the major driving factor for the industry growth. Several region-specific initiatives are undergoing by various government bodies to promote eHealth services. For instance, the Health Department Republic of South Africa introduced guidelines for healthcare IT strategy to promote information technology in South Africa. Likewise, EUR-Lex, the official website of European Union law introduced eHealth action plan for 2012–2020. This guideline includes the strategies for the deployment of eHealth services in European nations. Such initiatives, would, in turn, anticipated to boost the acceptance of healthcare IT, drive the market growth.

ALSO READ: http://www.marketwatch.com/story/global-healthcare-it-market-2020-e...

Furthermore, the advent of advanced technology based medical services such as a self-service kiosk, real-time locating services, report monitoring tools, pharmacogenomics, and portal technology support the market growth to great extent. On the flip side, the information technology for the medical industry faces several challenges on the patient security and data storage front, the industry report analyzed. It is noted that increasing cybercrimes and hacking cases pose as a major constraint to the acceptance of these services.

Application Takeaway

In terms of applications, the industry is categorized as Laboratory Information System, Electronic Health Record (EHR), Picture Archiving and Communication System (PACS), Computerized Physician Order Entry (CPOE), Electronic Prescribing Systems (EPS), Clinical Information System, Telemedicine and others. Of these, EHR and telemedicine accounted for the highest revenue share. Implementations of EHR systems have dramatically increased in recent few years since the inception of the medical information technology for HITECH (Economic and Clinical Health) Act in 2009, providing a healthy platform for segment growth.

Medical Care Providers Takeaway

Depending upon medical care providers, the market is bifurcated as Physicians, Nursing, Pharmacy, Patient Access, Financial Services, and Risk Management Services. Adoption of healthcare IT in nursing and physician sector is considered to be high compared to other medical facilities. Furthermore, patient access and risk management services are anticipated to grow with a promising growth rate during the forecast period.

Regional Takeaway

With the highest revenue share, North America surfaced up as ruling party for healthcare IT market. This region grossed total revenue of USD 34.09 billion in 2017, and it is growing at a CAGR of over 11% during the study period. Presence of advanced research institutes, hospitals, and universities is considered to be the key factor for the demand for healthcare IT services in this region. On contrary, the Asia Pacific exhibiting strong potential for this industry due to rising government spending on the development of healthcare infrastructure.

Key Vendor Takeaway

Key players such as McKesson, GE Healthcare, Phillips Healthcare, eClinicalWorks, Allscripts Healthcare, Carestream, and Hewlett-Packard are actively operating in this industry. As per the industry report, Phillips and McKesson captured significant revenue share in 2017. Aggressive business strategies adopted by these players to expand their market presence cemented their market leadership position. For instance, in February 2016, Philips introduced digital health solutions at the HIMSS Annual Conference and Exhibition. This is expected to open new avenues for Philips in the healthcare IT sector.

The market size and forecast for each segment and sub-segments has been considered as below:

Historical Year – 2014 & 2016
Base Year – 2017
Estimated Year – 2018
Projected Year – 2025
TARGET AUDIENCE

Traders, Distributors, and Suppliers
Manufacturers
Government and Regional Agencies and Research Organizations
Consultants
Distributors
SCOPE OF THE REPORT

The scope of this report covers the market by its major segments, which include as follows:

MARKET, BY APPLICATION

Laboratory Information System (LIS)
Electronic Health Record (EHR)
Picture Archiving and Communication System (PACS)
Computerized Physician Order Entry (CPOE)
Electronic Prescribing Systems (EPS)
Clinical Information System (CIS)
Telemedicine
Others
MARKET, BY MEDICAL CARE PROVIDERS

Physicians
Nursing
Pharmacy
Patient Access
Financial Services
Risk Management Services
MARKET, BY REGION

North America
U.S.
Canada
Europe
Germany
France
Rest of Europe
Asia Pacific
India
China
Rest of APAC
Rest of the World
Middle East and Africa
Latin America

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