The global market for healthcare IT is expected to reach USD 103.0 billion by 2020, according to a new study by Grand View Research, Inc. Growing demand for point of care diagnostics, home healthcare and the growing global base of geriatric population are two of the most significant drivers of this market operating at a macro-environmental level. Moreover, improvement in the market penetration rates of internet witnessed over the last decade (2000 to 2010) has created a strong platform for an expedited implementation of healthcare IT across the globe.
Some of the other drivers of this market include increasing prevalence of chronic diseases such as asthma, diabetes and cardiovascular diseases and the presence of high unmet medical needs in Asia Pacific and Latin American countries coupled with constantly improving healthcare and information technology infrastructures. The implementation of healthcare reforms such as the 12th Five Year Plan in China and the consequent introduction of private healthcare establishments in this country will also fuel the future growth of this market.
The overall healthcare IT market was dominated by the telemedicine and telehealth market in terms of revenue share in 2012. Its market share was calculated at approximately 39.0% in 2012. The changing patient preferences in terms of avoiding or reducing hospital stays, growing demand for home healthcare and the introduction of SIP (session initiation protocol) and TEEVE (Tele-immersive environment for everybody) are some of the factors accounting for its high market share.
Further key findings from the study suggest:
The global electronic prescribing systems market is expected to grow at a CAGR of 24.8% from 2014 to 2020 to reach an estimated value of USD 1.24 billion by 2020.
North America dominated the overall market in 2012 with a revenue share of over 50.0%. The presence of sophisticated healthcare infrastructure, high patient awareness levels and healthcare expenditures are some of the major drivers of this market.
Asia Pacific is expected to be the fastest growing regional market over the next six years. Its market is expected to reach USD 16.4 billion in 2020, growing at a CAGR of 17.0% from 2014 to 2020.
The global point of care diagnostics market is dominated by key players such as Agfa Healthcare, Philips Healthcare, Carestream Health, Mckesson Corporation, E-MDS Inc., GE Healthcare, Athenahealth Inc., eClinicalworks, Hewlett-Packard, Carestream Health and others.
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For the purpose of this study, Grand View Research has segmented the global healthcare IT market on the basis of product, end-user and region:
Healthcare IT Application Outlook (Market Revenue in USD Million, 2012 – 2020)
• Electronic Health Records
• Computerized Provider Order Entry Systems
• Electronic Prescribing Systems
• Lab Information Systems
• Clinical Information Systems
• Telemedicine and Telehealth
Healthcare IT Regional Outlook (Market Revenue in USD Million, 2012 – 2020)
• North America
• Asia Pacific