HEALTHCARE INFORMATION TECHNOLOGY SERVICES MARKET ANALYSIS

The healthcare industry is witnessing rapid technology enabled changes. Doctors and Physicians are leveraging digital technology to deliver better healthcare services and create effective system across the healthcare value chain. Healthcare information technology is expected to grow at a robust rate during the forecast period creating substantial opportunity for players across world. Emergence of various lifestyle and therapeutic application based apps has also boosted the market. Though the industry is expected to witness upward trajectories, industry leaders might face stiff competition from new entrants as well as changing technology dynamically. The industry leaders need to keep abreast with technology to differentiate them from rest.

At present, the information technology has become an integral part of the healthcare settings or infrastructures as it help address the requirements of today and be prepared for tomorrow. Modern high-tech hospitals and other healthcare settings make available a unified matrix of patient records, imaging results as well as his medical history and related information. The healthcare (HC) IT services, which is provided by a range of global HC solution and service providers help furnish the right information at the right place at the right time. Therefore, healthcare information technology solutions and services help enable improved patient care with superior hospital management.

Process Execution and emergence of healthcare apps has drastically boosted healthcare information technology in last few years

Healthcare information technology is gaining prominence across the world owing to its added advantages including better access to patient information. Introduction of social media platform along with handy mobile devices has bridged the gap between payers and providers. Moreover, big data concept has led chained hospitals to understand the patient in more logical way thereby driving the market to its high potential.

Increasing number of surgical interventions, rising demand for improved healthcare services, demand for high-tech hospitals and clinics and increasing patient population would further boost the healthcare IT services market globally. Demand for improved healthcare services are increasing due to increasing incidences of chronic health issues, such as hypercholesterolemia, diabetes and rising number of infectious diseases and rising geriatric population of the world.

Market Taxonomy:

Coherent Market Insights has segmented the industry into:

• By Application
• By End-use
• Platform
• By Services

By end-use, healthcare information technology services can be categorized into four major segments – hospitals, laboratories, pharmacies, and other healthcare institutions.

On the basis of platform, healthcare information technology market is segmented into on premise, web-based, and cloud based servers.

On the basis of services, healthcare information technology services are segmented as:

• Medical Imaging Professional Services
• Revenue Cycle Management Services for Hospitals
• Accountable Care Organization Services
• Document Management Services
• Business and Regulatory Support Services
• Managed Services
• Point-of-care Decision Support Services
• Evidence-Based Decision Support Services
• Ordering and Inventory Management Services
• Homecare & Hospice Support Services
• Medical Billing and Coding Services for Physicians
• Practice Consulting Services
• Patient Care Solutions & Services
• Other Medical-Surgical-Laboratory Services

Need for integration of payers and provider to optimize cost and service efficiency is expected to reshape the healthcare IT industry in North America

Geographically, North America accounted for the largest market for healthcare information technology services followed by Europe. These regions dominate the overall healthcare IT services market owing to presence of healthcare infrastructure. However, Asia Pacific is expected to be the most lucrative market for different healthcare IT services due to the improving healthcare awareness, rise in healthcare expenditure, booming IT industry and patient demographics. Asia Pacific is mainly driven by China and India. As per the estimates, China and India are expected to account for over 50% of regional market by 2024.

Healthcare information technology services market is consolidated with leading players accounting for major share of the market

Some of the major players operating in the healthcare IT services market include, Carestream Health, Inc., Epic Systems Corporation, Cerner Corporation, GE Healthcare, McKesson Corporation, NextGen Healthcare Information Systems, LLC, Philips Healthcare, Merge Healthcare Incorporated, Agfa HealthCare NV, and Siemens Healthcare among others.

Key Development

1. Key players in the market are focused on various business strategies such as merger and acquisition to gain competitive edge in the market. For instance, in August 2019, Royal Phillips, a global leader in health technology acquired Carestream Health Inc.’s Healthcare Information Systems (HCI) business in 26 of the 38 countries it operates. HCI is a cloud-enabled enterprise imaging platform that will expand Philips’ current enterprise diagnostic informatics solutions.
2. Key players in the market are focused on launching new products and services to expand its product portfolio and gain competitive edge in the market. For instance, in May 2019, Cerner, a global health platform company launched Anuva Health, a near-site health network offering. Anuva Health offers in person and virtual healthcare services for employers who are looking to provide unique benefits to employees to support improved health and lower costs.
3. Key players in the market are involved in various business strategies such as collaboration and partnership to gain competitive edge in the market. For instance, in April 2019, GE Healthcare entered into a partnership with Nasscom, a technology services industry company to boost startups to work on digital healthcare solutions in India.