Healthcare It Market Is Anticipated To Grow Due To Increasing The Prevalence Of Chronic Diseases Till 2020: Grand View Research, Inc.
The global healthcare IT market is anticipated to reach
USD 104.5 billion by 2020, according to a new report by Grand View Research,
Inc. Increasing demand for enhanced healthcare facilities and introduction of
technologically advanced systems are expected to boost industry growth.
Increasing geriatric population
prone to chronic diseases resulting into high patient base is triggering the
demand for sophisticated healthcare facilities. Furthermore, increasing number
of patients requiring home healthcare acts as an effective growth driver for
this market.
U.S. Healthcare IT market, by
application, 2012 - 2020 (USD Billion)
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Healthcare It Market
According to a report published by the U.S. Centers for Disease Control
and Prevention (CDC) in 2011, the number of patients needing home healthcare
was nearly 4.7 million in the U.S. and is on a constant rise, which is further
expected to fuel the healthcare IT market demand.
Advent of technologically advanced software, such as interoperable system
and cloud computing, is expected to attract more investors focus on developing
integrated healthcare system to curb problems associated with conventional
procedures of record keeping. For example, the uses of e-healthcare record
system to maintain patient database help to provide instant information about
patients’ health in case of emergency.
Telecommunication and telehealth accounted for over 40.0% of the market
share owing to the high usage rates in 2013. Introduction of technological
advancements such as Teleimmersive Environment for Everybody (TEEVE) and
Session Initiation Protocol (SIP) are the factors promoting this segment’s
growth.
Electronic Health Records (EHR) is expected to register an upward shift
to reach up to USD 26.72 billion in 2020. Growth is primarily driven by the
rising demand for integrated information system in the field of healthcare IT.
Faster accessibility and low maintenance cost are the two most significant
factors contributing towards the rising demand of these EHR systems.
In 2013, North America market was valued at around USD 20.0 billion owing
to the factors such as favorable government initiatives pertaining to the
introduction of technologically advanced healthcare IT facilities, sophisticated
healthcare infrastructure, and increasing patient awareness levels coupled with
relatively higher healthcare expenditures in the region.
On the other hand, Asia Pacific healthcare IT market is expected to reach
at over USD 19.6 billion by registering lucrative growth rate in 2020. Growth
is attributed to the rising healthcare expenditure, larger untapped
opportunities, and growing disposable income level.
Prominent players operating in this industry include Athenahealth Inc.,
GE Healthcare, Agfa Healthcare, Philips Healthcare, E-MDS Inc., Carestream
Health McKesson Corporation, Carestream Health eClinicalworks, and
Hewlett-Packard.
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