Pune, India, Feb. 22, 2021 (GLOBE NEWSWIRE) --
The healthcare IT market size is anticipated to observe significant growth rate globally during the forecast period, with massive jumps in the domain of healthcare software development coupled with the escalating number of patients suffering from chronic health disorders. Prior to the advent of healthcare IT, human errors in areas such as paper medical records led to loss of lives. As healthcare IT solutions can reduce the frequency of errors and maintain clarity in records, the caregivers are able to take better decisions in less amount of time, improving the quality of services.
The following are the top ten trends characterizing the global healthcare IT market outlook:
Invoked by improved speed and accuracy, North America to grow at 14.1% CAGR
In 2019, North America healthcare IT market held a valuation of 69 billion and is anticipated to grow at 14.1% CAGR between 2020 and 2026, triggered by the focus on patient experience, enhancement of clinical outcomes, reduction in human errors, and assuring adherence to best practices. To meet the needs of the healthcare facilities, numerous industry players are offering healthcare IT services used for diagnosis and monitoring of patients. Greater speed and accuracy assured by artificial intelligence (AI) is responsible for the increased adoption rate of healthcare IT among end-users. Towards the end of the forecast period, the North America healthcare IT market is projected to reach $181.3 billion.
EHR segment to lead in North America due to advanced functionality
The electronic health record segment (EHR) is expected to push the North America healthcare IT market during the forthcoming times. Healthcare settings are displaying a preference for higher quality and efficient solutions with advanced functionality that also aid in cost reduction. As EHR solutions fulfil these criteria, several facilities such as office-based practices are deploying the latest versions of EHR solutions. The EHR solutions segment is expected to rise at 14.4% CAGR through the projected window.
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Presence of standardization bodies to place U.S. at the fore
The U.S. healthcare IT market was worth $61 billion in 2019 and is anticipated to expand at a healthy pace through 2026. The existence of technologically advanced healthcare infrastructure is driving the market growth. Apart from the fact that government initiatives are encouraging the utilization of mobile-based health apps, a large number of technological innovations are also boosting growth.
Several standardization and technical bodies such as The American Medical Informatics Association (AMIA) and The Healthcare Information and Management Systems Society (HIMMS) are fueling the growth of the market through implementation of systematic approaches and innovative solutions.
Healthcare providers to make remarkable contribution toward North America’s growth
Healthcare providers segment is likely to emerge as the prominent contributor based on end-user. The healthcare providers held a valuation of more than 41 billion in 2019, which was the largest share in the total revenue of the North America healthcare IT market. In the upcoming times, the segment can retain its position as collaborations and investments in the area increase. Increasing utilization of EHRs has eased the workflow among healthcare providers, bolstering their productivity and efficiency. The widespread use of telehealth across several countries in North America has ensured that patients residing in remote areas have convenient access to healthcare.
Data security offered by AI driving growth in Europe
The European countries have been embracing artificial intelligence (AI) in healthcare since its inception and have been keeping up with the latest trend. For instance, Germany has been increasingly adopting big data analytics in order to handle vast volumes of statistics, supporting the growth of the Europe healthcare IT market. Along the similar lines, in France, the integration of AI in genomics has changed the game in healthcare. The surging demand for real-time monitoring solutions that also promise security of confidential patient data is reinforcing growth of the healthcare IT market. The Europe healthcare information technology market is estimated to reach $144.2 billion by 2026.
RCM segment in Europe to garner increasing demand owing to easy and accurate billing
Among several other solutions such as mHealth, radiology information system, fraud management, telehealth, healthcare analytics, and customer relationship management, the revenue cycle management or RCM solution accounted for the largest portion of share in the total revenue of the Europe healthcare IT market in 2019, surpassing $13 billion. Rising stably at high CAGR, the growth of the RCM segment can be credited to the easy billing procedures in hospitals and clinics. Using RCM technology has reduced the errors in billing and prevented financial losses to a great extent. The development of more advanced healthcare IT solutions by key market leaders in Europe is also fueling growth.
Access sample pages of the report, “Europe Healthcare Information Technology Market Size By Solution (Radiology Information Systems, EHR, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, CRM, Fraud Management, Revenue Cycle Management), End-use (Healthcare Providers, Healthcare Payer), Country Outlook, Competitive Market Share & Forecasts 2026” in detail along with the table of contents (ToC) @
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Vast telecare system to fortify UK’s dominance in Europe
The UK healthcare IT market held a valuation of $6 billion in 2019 and might garner even more revenue over the forthcoming years, thanks to the extensive adoption of AI along with the emergence of new medical health facilities at NHS hospitals. One of the chief reasons for the high rate of adoption of healthcare IT is the development of a vast network of telecare systems across the nation, backed by its strong database and early adoption as an additional advantage.
Asia Pacific to generate substantial valuation by 2026
The Asia Pacific healthcare information technology market was estimated at $ 35 billion in 2019, rising consistently at an 18.1% CAGR between 2020 and 2026. By 2026, the market is estimated to acquire 119.8 billion, driven by increased integration of healthcare IT in diagnostic tools and equipment. The rising popularity of trends such as telehealth will ensure that the Asia Pacific healthcare IT market moves forward in leaps and bounds.
Radiology segment to bolster growth in Asia Pacific
The radiology segment in Asia Pacific healthcare IT market was valued at $ 913 million in 2019. It is anticipated to keep soaring at a high CAGR, pushed by rising demand for patient data management systems due to the multiplying geriatric population in the region. The utilization of cloud-based solutions, alongside the demand for cost-effective healthcare IT, is also inducing the growth of the radiology segment.
Access sample pages of the report, “Asia Pacific Healthcare Information Technology Market Size By Solution (Radiology Information Systems, EHR, Picture Archiving and Communication Systems, Computerized Physician Order Entry, Vendor Neutral Archives, mHealth, Healthcare Analytics, Telehealth, Supply Chain Management, CRM, Fraud Management, Revenue Cycle Management), End-use (Healthcare Providers, Healthcare Payer), Country Outlook, Competitive Market Share & Forecasts 2026” in detail along with the table of contents (ToC) @
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Healthcare payers to dominate as insurance becomes commonplace in Asia Pacific
As the healthcare infrastructure of countries such as Japan, India, and Singapore strengthen, the healthcare payers are likely to display an increasing preference for healthcare IT solutions, ensuring that the market expands at a steady rate. The lucrative opportunities presented by a large population opting for health insurances and high incidence of chronic illnesses is supporting the growth of the Asia Pacific healthcare IT market.
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