Healthcare information technology is a vast field that involves the use of information technology for designing, creating, developing, using and maintaining information systems in the field of healthcare. Healthcare IT market is growing at a fast rate due to technological advancement in the field and increasing demand for improved healthcare facilities worldwide.
The growth in the healthcare IT (HCIT) market is mainly attributed to the implementation of various healthcare policies, strategies to promote the use of HCIT in healthcare facilities, and increasing demand for patient safety & data accuracy.
The key contributors to the global HCIT market revenue are as follows :
- Artificial Intelligence
- Machine Learning
- Big Data
- AR/VR segments
The healthcare industry was both deeply impacted by COVID-19 and tasked with mounting an effective response to it. Pharmaceutical and biotech companies have developed COVID-19 therapies and vaccines with unprecedented speed. Some companies are expected to bring in billions in revenue for products that combat the coronavirus.
The healthcare industry has long been ripe for innovation, and the pandemic has served as a powerful catalyst. Innovative practices are being used not only to fight the spread of the virus, but also to continue delivering care to all types of patients in the safest ways possible.
Here are some examples of healthcare innovation in the face of COVID:
- Health Company Uses Drones For Medical Supplies Deliveries
- AI Software Company 3D Prints Nasal Testing Swabs
- DocdotApp Can Detect COVID Remotely
North America dominates the healthcare IT market due to high utilization of technological advancements in the field of healthcare, while Asia-Pacific is expected to grow at the highest growth rate in the forecast period of 2020 to 2027 due to increasing business expansion and awareness among the healthcare providers.
The key players operating in the healthcare IT market are as follows :
- United Healthcare Group
- McKesson Corporation
- Allscripts Healthcare Solutions, Inc
- Athenahealth, Inc
- Epic Systems Corporation
- GE Healthcare
- Cerner Corporation
- Oracle Corporation
- KoninklijkePhilips N.V.
- Infor, Inc
The volume of M&A deals increased significantly in the second half of 2020, an increase of 25% relative to the first half of the year and 14% up on the second half of 2019. This was mostly the result of mergers and acquisitions in the Asia-Pacific region, where deal volume for medical devices, biotech and pharma increased by 35%, 75% and 36%, respectively compared to the first half of the year.
The healthcare IT market is projected to reach $657bn by 2028 from $175bn in 2019 with a CAGR of 25%.
For details on Health care IT market and its outlook please feel free to refer to the following HCIT Industryreportfrom CrispIdea: