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World Healthcare IT Market: Trends & Forecast (2010 - 2015)
MarketsandMarkets - 8/1/2011 - 279 Pages - ID: MKMK6486698
Abstract | Table
The world healthcare IT market is expected to grow from $99.6 billion in 2010 to $162.2 billion in 2015, at a CAGR of 10.2% from 2010 to 2015.
Need to cut healthcare costs, enhance clinical/administrative workflow of hospitals, and huge demand for faster, error-free, efficient healthcare delivery, is fueling the healthcare provider IT market worldwide. Furthermore, the initiatives taken by the government for adoption of healthcare IT systems globally are also a significant driving force. Some of the major initiatives expected to hugely impact the market are the U.S Healthcare reforms and ARRA incentives.
EMR is expected to the highest growing market with a CAGR of 16.7% from 2010 to 2015. CPOE is also a fast growing segment with a CAGR of 16.5% from 2010 to 2015. Point of care information systems, specialty care information systems (cardiovascular information systems, oncology information systems), surgical and intensive care information systems are expected to have a combined CAGR of 15.1% from 2010 to 2015.
Low cost IT solutions, financing programs, and interoperable solutions are the focus of top healthcare IT solution providers. With rising adoption of healthcare IT, healthcare delivery models are expected to evolve from clinic centric to patient centric models such as preventive healthcare, remote patient monitoring, telemedicine, and home healthcare. Healthcare industry has always faced immense need for cutting edge technology for patient treatments and monitoring. However, the industry has been slow in adopting IT technologies in their workflow. The scenario is nevertheless changing now, with greater need to cut healthcare costs, immense demand for faster, better healthcare delivery along with reduced medical errors. Healthcare IT enhances clinical and administrative workflow and thus is increasingly being used as a strategy to reduce operating costs and improves the efficiency of healthcare delivery. Healthcare IT systems come across as a cost effective solution for augmenting the clinical and administrative workflow of healthcare providers.
The significant increase in demand for medical care has also increased the chances of error in diagnosis and claim settlement. This has lead to the introduction of systems such as CPOE (computerized physician order entry systems), integrated systems such as enterprise-wide PACS (picture archive and communication systems), EMR (electronic medical record). These not only helped reduce medical errors, but also helped improve the management of health related information.
Understanding the healthcare industry structure can help in gaining an insight into the changing needs of its affiliated IT market. The healthcare industry consists of three major participants - the providers, the payors, and the consumers. As the overall industry is moving towards integration, an insight into each participant’s needs could help system providers design overarching systems that simultaneously cater to all the unmet requirements. Healthcare providers consist of large to small hospitals, clinics, nursing homes, research/educational institutions, and independent physicians. Payors consist of various government and non-government organizations offering insurance policies and claim processing services. Finally, consumers include patients maintaining their medical data.
Meditech (U.S.), Cerner Corporation (U.S.), Mckesson Corporation (U.S.), Siemens Healthcare (Germany), Epic Systems (U.S), Allscripts (U.S.), Philips (The Netherlands), and GE Healthcare (U.S.) account for the majority of the market.
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