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Healthcare IT Market - Forecasts to 2017
Countries across the globe are struggling to combat issues such as escalating healthcare costs, poor or inconsistent quality, rapid expansion in healthcare insurance, and changing healthcare reform mandates. These are further exacerbated by growing consumerism, globalization, changing demographics and lifestyles, and diseases that are expensive to treat. Resolving these issues is a daunting task faced by healthcare stakeholders, highlighting the need for proactive, collaborative, and systemic models. Several initiatives and healthcare reforms have been developed in order to support the adoption and implementation of HCIT solutions.
Cloud computing has emerged as a silver-lining model for the healthcare industry. It enables the management and migration of huge amounts of data, saves costs, offers anytime access from multiple mobile devices, provides high availability for large backup data storage, and offers ease-of-use. Cloud computing outsourcing also enhances the security and safety of health-related data for small and start-up healthcare/life sciences enterprises. Cloud computing is delivered in three models - private cloud computing, public cloud computing, and hybrid cloud computing. Each method has its own advantages and disadvantages. In terms of security, public cloud computing services are preferred in the healthcare industry to meet HIPAA compliance. The rise in popularity of and benefits offered by cloud computing have propelled healthcare stakeholders to invest in the model. It is likely to act as a prominent revenue pocket for the healthcare IT industry in the coming years. For instance, Dell, Inc., offers implementation of private clouds within multisite hospital and imaging center network. Dell’s Unified Clinical Archive (UCA) solution offers both on-premise and cloud-based storage options, which simplify data retention, facilitate disaster recovery, and allow medical professionals to access and share images across a variety of applications and platforms.
Emerging markets such as Australia, China, Japan, India, Brazil, and Saudi Arabia are also likely to offer potential growth opportunities to healthcare stakeholders. The markets in India, Brazil, and Saudi Arabia are in their early stages and lack proper standards and government regulations. The Australian market represents significant potential for the adoption and implementation of EHR systems. The Australian state and Federal governments support state-wide and country-wide healthcare information technology (HIT) initiatives. For instance, HealthConnect, the nationwide electronic health records program, funded through the Commonwealth government and facilitated through a partnership with the State and Territory Government, promotes the adoption of EHR.
Saudi Arabia and Brazil have also emerged as lucrative markets for healthcare IT stakeholders to invest in.. This is due to government initiatives in Saudi Arabia to strengthen healthcare services, such as the e-Health program. The e-Health projects are aligned with the predefined goals of the Ministry of Health, which has made it mandatory to implement Information Communication Technology (ICT) in the healthcare system. Similarly, the Brazilian government has launched a series of initiatives such as Ti Maior, Prosoft, and Lei-de-Informatica and Renuncia Fiscal to foster and promote healthcare ITsolutions, and their developments. Under this, there will be investment of $2 million in Ti Major, $1 billion in ProSoft, and $14 billion in Lei da Informatica and Renuncia Fiscal by 2015. Improving financial support from government coupled with various initiatives taken by them is significant factor providing impetus to the healthcare IT market.
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Healthcare IT Market By Application [Provider IT (EMR, PACS, CPOE, RIS, CDSS, RCM, Claims Management, Payroll), Payer IT (CRM, Fraud Detection)], Delivery Mode (On-Premises, Web-Based Services & Cloud Computing) & Component – Global Forecasts to 2017
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