Market Overview

Opportunity Outlook on the Global Healthcare IT Market: Growth, Trends and Forecast to 2023


Opportunity Outlook on the Global Healthcare IT Market: Growth, Trends and Forecast to 2023

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DUBLIN, Aug 20, 2018 /PRNewswire/ --

The "Global Healthcare IT Market - Segmented by Business Segment, Component, Delivery Mode, End User and Geography - Growth, Trends and Forecast (2018 - 2023)" report has been added to's offering.

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The global healthcare IT market is expected to register a CAGR of 11% during the forecast period, 2018 to 2023.

Emergence of Social Media and its Impact on the Healthcare IT Industry

Technological advancements play a significant role in the global healthcare sector. From testing techniques to improved surgical equipment, technological advancements have transformed the healthcare industry. Among such advancements, social media is one platform that is providing a cost-effective solution (for healthcare providers and online patients) for revolutionizing the healthcare analytics.

According to Mediabistro, more than 40% of the customers state that the information found through social media influences the way they deal with health. As per Demi & Cooper Advertising and DC Interactive Group, about 19% of smart phone users use at least one health app on their phone.

Diet, exercise, and weight apps are the most popular types and as per Medtech Media, more than 31% of healthcare providers use social media for professional networking. Healthcare providers across Europe and the United States are fast adopting social media technologies. Hence, this factor is driving the healthcare IT market.

Other factors, such as increase in the demand for paper-less technology, increased government funding on healthcare services & infrastructure, good return on investments (ROI), are driving the healthcare IT market.

Lack of Skilled Labor

Results obtained from analytics require high expertise and skilled labor. High level of accuracy is required to diagnose chronic disorders to provide quality patient care. Many countries across the globe are facing challenges to meet the required skilled labor. This shortage directly affects the quality of care. The number of physicians/1000 patients remained the same between 2012 and 2015.

More than a billion people are lacking access to an efficient healthcare system and facilities. In the United Kingdom, there was a shortage of around 40,000 skilled professionals and nurses in 2012. European Commission predicts a shortage of nearly 230,000 physicians across Europe in the next 8 to 10 years.

Some hospitals are hampered by the lack of standardized processes and skilled labor, which negatively affects the operations, strategic planning, and governance. Thereby, insufficient or lack of skilled labor is hindering the growth of the healthcare IT market. Other factors, such as the high maintenance costs and the reluctance to shift to new technology, are also hindering the growth of the market.

US Leads the Market in the North American Region

The US healthcare IT market held the largest market share of the North American market, in 2017, due to the presence of high-quality healthcare system and modern medical technology in the country. Additionally, the increased usage of personal computing devices by the general population in the country is also contributing toward the growth of the healthcare IT market.

Key Developments

  • July 2017 - GE Healthcare purchased clinical outcomes consulting firm Novia Strategies.
  • October 2017 - Allscripts had acquired the McKesson's Enterprise Information Solutions business.

Key Topics Covered

1. Introduction
1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Product and Services
5.2.5 Competitive Rivalry within the Industry

6. Drivers, Restraints, Opportunities and Challenges Analysis (DROC)
6.1 Market Drivers
6.1.1 Rise in the Demand for Paper-less Technology
6.1.2 Emergence of Social Media and its Impact on the Healthcare IT Industry
6.1.3 Increased Government Funding on Healthcare Services & Infrastructure
6.1.4 Good Return of Investments (ROI)
6.2 Market Restraints
6.2.1 Lack of Skilled Labor
6.2.2 High Maintenance Costs
6.2.3 Reluctance to Shift to New Technology
6.3 Opportunities
6.4 Key Challenges

7. Market Segmentation
7.1 By Business Segment
7.1.1 Hospital Information Systems (HIS)
7.1.2 Laboratory Information Systems (LIS)
7.1.3 Clinical Information Systems (CIS)
7.1.4 Radiology Information Systems (RIS)
7.1.5 Cardiovascular Information System (CVIS)
7.1.6 Electronic Medical Records (EMR)
7.1.7 Telemedicine
7.1.8 Vendor Neutral Archive (VNA)
7.1.9 Picture Achieving & Communication System (PACS)
7.1.10 Clinical Decision Support System (CDSS)
7.1.11 Others
7.2 By Component
7.2.1 Software
7.2.2 Hardware
7.2.3 Services
7.3 By Delivery Mode
7.3.1 On-premise
7.3.2 Cloud-based
7.4 By End User
7.4.1 Payers
7.4.2 Providers
7.5 By Geography
7.5.1 North America United States Canada Mexico
7.5.2 Europe France Germany United Kingdom Italy Spain Rest of Europe
7.5.3 Asia-Pacific China Japan India Australia & New Zealand South Korea Rest of Asia-Pacific
7.5.4 Middle East & Africa GCC South Africa Rest of the Middle East & Africa
7.5.5 South America Brazil Argentina Rest of South America

8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches

9. Key Players
9.1 GE Healthcare
9.2 Philips Healthcare
9.3 Siemens Healthcare
9.4 Wipro
9.5 IBM
9.6 Oracle Corporation
9.7 SAS Institute Inc
9.8 Cerner Corporation
9.9 Allscripts Healthcare Solutions, Inc.
9.10 Dell Technologies Inc.
9.11 Mckesson Corporation

10. Future of the Market

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