Driven by the challenges produced by the novel coronavirus outbreak, various medical and healthcare professionals have begun shifting their interests and practices towards digital platforms. Social distancing and lockdown has indeed enabled the global healthcare IT market to witness a phenomenal upsurge over the past few months, in turn compelling various industry majors to invest heftily in the business space. Recently, leading health organizations WHO, UNDP, and UNICEF reportedly announced inking a partnership with WhatsApp to offer real time health information to billion across the globe.
As per news reports, WhatsApp had in early 2020, declared the launch of two initiatives in support of the global fight against COVID-19 pandemic, in partnership with the aforementioned organizations and a USD 1 million donation to the Poynter Institute’s International Fact Checking Network. Such initiatives are anticipated to highlight the growth prospects of the global healthcare IT market, which as per reliable estimates is poised to account for USD 535.6 billion over 2020-2026.
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The unprecedented growth pace of the market is rightly attributed to the rising prevalence of chronic diseases like diabetes, CVDs, and obesity. This has indeed proliferated the demand for advanced healthcare services and paved way for mounting investments for enhancement of healthcare infrastructures. In fact, as per the IBEF statistics, over USD 3.2 billion were invested in India’s diagnostic centers and hospitals by foreign investors between 2015 to 2020. This move certainly serves as a growth opportunity for the overall healthcare IT market expansion.
Not to mention, deployment of advanced technologies and streamlining of healthcare processes would further enable cost-saving in the near future, thereby bolstering the industry dynamics.
Worldwide healthcare information technology market has potentially been bifurcated into vivid segments including solutions, end-user, and a robust regional landscape.
Considering the solutions segment, the healthcare IT market is further sub-segmented into electronic health record, picture archiving and communication systems, radiology information systems, computerized physician order entry, mhealth, telehealth, and others. Of these, the mhealth sector accounted an overall market share of 12.8 per cent and is poised to observe similar growth in the upcoming years, on the grounds of the product’s rising prominence globally aligned with its ease of use.
Elaborating further, the mhealth industry typically comprises health-related mobile applications and wearable devices. An example for the same is Kardia mobile device- a technology developed by AliveCor. It is probably an FDA and EU class II approved mobile technology used in clinical research. Speculations have it that the device is the clinically approved mobile ECG system which enables the users to yield an active role in cardiac health.
In terms of the end-user vertical, healthcare IT market is characterized by the pharmacies segment, which as per the report, seized a market share of 13.3 per cent in 2019. Transforming healthcare practices and rising inclination towards use of health IT solutions call in for the pharmacists to deploy a range of healthcare IT solutions. Further, e-prescribing is also witnessing a massive traction globally and is being installed by many pharmacies across various emerging economies. It encourages adoption of health IT due to its potential to augment patient safety by reducing the medication errors to a much larger extent.
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Regionally, Asia Pacific is likely to emerge as a lucrative growth ground for healthcare IT industry over the forthcoming years, ascribing to the rising disposable incomes and rapid transformation in the healthcare infrastructures. Moreover, initiatives and programs being rolled out by various governments of health council would further propel the market trends across the region, allowing it to stand tall in the overall industry.
Say for instance, the Indian government had in 2015 announced launch of Digital India initiative to bridge India’s digital segment and attract huge investments in the technology sector. This move has indeed offered tremendous potential for vivid digital health system vendors in the region.
In a nutshell, the global healthcare IT market would observe substantial gains over the foreseeable time frame, subject to the elevating investments by various healthcare professionals and government authorities.
Agfa Healthcare, Allscripts Healthcare Solution, McKesson Corporation, Siemens Healthineers, Cerner Corporation, GE Healthcare, Oracle Corporation, elicnicalWorks, Athenahealth, Carestream Health, eMDs, Inc, Epic System Corporation, Experian Information Solutions, Inc, SAP, Koninklijke Philips N.V., NextGen Health Inc, HP Enterprise Development, L.P are some of the key players operating in the healthcare IT market.
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