Healthcare IT: COVID-19 Impact, Key Industry Insights, Current and Future Perspectives
What This Report
Will Provide?
This study involved four major activities in estimating the
current size of the healthcare it market. Exhaustive secondary research was
carried out to collect information on the market, its peer markets, and its parent
market.
The next step was to validate these findings, assumptions, and sizing with
industry experts across the value chain through primary research. Both top-down
and bottom-up approaches were employed to estimate the complete market size.
After that, market breakdown and data triangulation procedures were used to
estimate the size of segments and subsegments.
Expected Revenue Growth:
The global Healthcare IT Market size is projected to reach USD
270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%.
Major Growth Boosters:
The market for healthcare information technology is driven
primarily by the rising incidence of COVID-19, government mandates, support and
initiatives for HCIT solutions, the increasing use of big data in healthcare,
high returns on investment for HCIT solutions, and the need to curtail
escalating healthcare costs. However, high costs of solutions, implementation,
and infrastructure, and concerns regarding data security are likely to
challenge the growth of this market.
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Recent Developments:
1. In April 2020, OptumServe, the federal health services business of
Optum, partnered with the California state in the US to increase testing for
COVID-19 in the state’s communities
2. In April 2020, UnitedHealth Research & Development and The Everett
Clinic, part of Optum, led a research study which revealed that alternative
swab materials and commonly available saline are effective for COVID-19
testing, providing more options for sample collection. These new findings, in
conjunction with nasal sampling, allow for greater flexibility in obtaining
samples, reduce the risk of infection to clinicians in collecting samples and
reduce the need for clinicians to use protective equipment.
3. In April 2020, Cerner Corporation started offering complimentary access to
critical de-identified COVID-19 patient data to selected health systems and
academic research centers in the US, to help fight the pandemic. This will
provide eligible healthcare researchers with free access to Cerner’s COVID-19
data set to support epidemiological studies, clinical trials, and medical
treatments related to COVID-19, in line with the applicable laws and
guidelines.
North America accounted for the largest share of the healthcare it market.
The large share of this region can primarily be attributed to the high adoption
of telehealth solutions, the high number of positive COVID-19 cases &
deaths in the US, a strong healthcare system and IT infrastructure, and the
presence of many large hospitals in the region. Moreover, a large number of
major global players are based in the US, owing to which the US can easily
manufacture these devices.
Key Questions Addressed in The Report:
1. Who are the top 10 players operating in the global Healthcare IT
market?
2. What are the drivers, restraints, opportunities, and challenges in the
Healthcare IT Industry?
3. What are the opportunities for stakeholders and provide details of the
competitive landscape for key players?
4. What will be growth of Healthcare IT in North America, Europe, Asia Pacific,
Latin America, and the Middle East and Africa?
Telehealth Segment:
The telehealth segment is expected to grow at the highest CAGR during
the forecast period. The use of telehealth solutions facilitates remote
doctor-patient consultations (telemedicine) and vital sign monitoring. These
solutions enable medical practitioners to evaluate & diagnose patients,
ePrescribe medicines & treatments and detect fluctuations in their medical
conditions through remote consultations.
The
COVID-19 pandemic is providing immense opportunities for telehealth solutions,
considering that social distancing is the only existing solution developed so
far capable of minimizing exposure. In this regard, telemedicine represents an
attractive, effective, and affordable option. Moreover, this technology is of
critical importance in keeping healthcare providers safe.
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Key Players:
The
key players in the global healthcare it market are Optum (US), Cerner (US),
Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic
Systems (US), Dell Technologies (US), and Allscripts (US), among others.
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