COVID-19 Impact on Healthcare Information Technology Market

COVID-19 Impact on Healthcare Information Technology Market by Product (Telehealth, Cloud Computing, Artificial Intelligence, Analytics, RCM, PACS, VNA, EHR, IoT, ePrescription and PM), End-User and Region - Global Forecast to 2021

Report Code: HIT 7664 May, 2020, by marketsandmarkets.com

[54 Pages Report] The global healthcare information technologies 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% during the forecast period. 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.

COVID-19 Impact on Healthcare Information Technology Market

The telehealth segment is projected to grow at the highest CAGR during the forecast period

Based on products, the healthcare information technology market is segmented into telehealth solutions, healthcare analytics solutions and artificial intelligence (AI) in healthcare, blockchain in healthcare, healthcare IoT, supply chain management solutions, practice management solutions, ePrescription solutions, mHealth Solutions, HCIT outsourcing services, payer solutions, enterprise health records (EHR) systems, revenue cycle management (RCM) solutions, picture archiving and communication systems (PACS), and vendor-neutral archives (VNA).

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.

In 2019, the healthcare providers segment accounted for the largest share of the market

Based on end-users, the market is segmented into healthcare providers, healthcare payers, and other end-users. In 2019, the healthcare providers segment will dominate the market. The large share of this segment is attributed mainly to the strong financial capabilities of hospitals for purchasing high-priced Healthcare IT solutions, and the large patient pool treated at hospitals.

North America accounted for the largest share of the healthcare information technology industry in 2019

The healthcare information technology market is segmented into five major regions, namely, North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2019, North America accounted for the largest share of the healthcare information technology industry. 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 Market Players

The key players in the global healthcare information technology 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

Scope of the Report:

Report Metric

Details

Market size available for years

2018–2021

Base year considered

2019

Forecast period

2020–2021

Forecast units

Value (USD)

Segments covered

Product, End User, and Region

Geographies covered

North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Companies covered

Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US)., among others

The healthcare information technology market research report categorizes the market into the following segments and subsegments:

By Product

  • High-Impact Products
    • Telehealth solutions
    • Healthcare analytics solutions and artificial intelligence (AI) in healthcare
    • Blockchain in healthcare
    • Healthcare IoT
    • Supply chain management solutions
    • Practice management solutions
    • ePrescription solutions
    • mHealth Solutions
    • HCIT outsourcing services
    • Payer solutions
    • Enterprise health records (EHR) systems,
  • Low-Impact Products
    • Revenue cycle management (RCM) solutions
    • Picture archiving and communication systems (PACS), and vendor-neutral archives (VNA)s

By End User

  • Healthcare Providers
  • Healthcare Payers
  • Other end users (Pharmaceutical and Biotechnology industry and Research Centers)

By Region

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Rest of Europe (RoE)
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
    • Rest of Asia Pacific (RoAPAC)
  • Latin America
  • Middle East & Africa

Recent Developments

  • 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
  • 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.
  • 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.
  • In April 2020, Cognizant announced an initial USD 10 million philanthropic commitment to support communities around the world in addressing the immediate and long-term impacts of COVID-19. Cognizant and it's US and India-based foundations will provide critical resources to strengthen public health systems, education and workforce institutions, and the economic outlook of communities worldwide.
  • In April 2020, Change Healthcare launched the COVID-19 Updates and Resources hub, an online source of technology, business, and informational resources, to provide providers and payers guidance on how to maintain administrative, financial, and operational stability during the COVID-19 pandemic.
  • In April 2020, Philips Healthcare announced that it could help general practitioners and healthcare institutions manage the increased patient flows resulting from the COVID-19 outbreak through a dedicated and scalable telehealth solution that facilitates the use of online screening, follow-up questionnaires and monitoring, and external call center collaborations.

Critical questions the report answers:

  • Where will these developments take the industry in the mid-to-long term?
  • What are the recent trends in the healthcare information technology market?
  • What are the major market dynamics and their impact on overall market growth?
  • What is the global scenario of the healthcare information technology market?
  • What initiatives are players undertaking to sustain post the pandemic?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 9)
    1.1 COVID-19 HEALTH ASSESSMENT
    1.2 COVID-19 ECONOMIC ASSESSMENT
           1.2.1 COVID-19 IMPACT ON THE ECONOMY—SCENARIO ASSESSMENT

2 RESEARCH METHODOLOGY (Page No. - 15)
    2.1 INTRODUCTION
           2.1.1 OBJECTIVES OF THE STUDY
           2.1.2 DEFINITION
           2.1.3 INCLUSIONS & EXCLUSIONS
    2.2 RESEARCH ASSUMPTIONS
    2.3 DATA TRIANGULATION
    2.4 PRIMARY DATA
    2.5 STAKEHOLDERS

3 MARKET OVERVIEW (Page No. - 19)
    3.1 INTRODUCTION
    3.2 MARKET DYNAMICS
           3.2.1 DRIVERS
                    3.2.1.1 Rising prevalence of COVID-19
                    3.2.1.2 Government support and favorable initiatives
                    3.2.1.3 Rising generation of data and need for big data analytics
                    3.2.1.4 Need to curtail escalating healthcare costs
           3.2.2 RESTRAINTS
                    3.2.2.1 High costs of solutions, implementation, and infrastructure
           3.2.3 OPPORTUNITIES
                    3.2.3.1 Projected growth in demand and adoption of telehealth
                    3.2.3.2 Blockchain
                    3.2.3.3 AI and analytics
           3.2.4 CHALLENGES
                    3.2.4.1 Technical challenges for EHR systems
                    3.2.4.2 Data security concerns

4 COVID-19 IMPACT ON THE HEALTHCARE IT PRODUCTS & SERVICES MARKET (Page No. - 25)
    4.1 INTRODUCTION
    4.2 MOST-ATTRACTIVE MARKETS
           4.2.1 TELEHEALTH SOLUTIONS
           4.2.2 ELECTRONIC HEALTH RECORDS
           4.2.3 ANALYTICS AND ARTIFICIAL INTELLIGENCE
           4.2.4 BLOCKCHAIN TECHNOLOGY
           4.2.5 HEALTHCARE IOT
           4.2.6 HEALTHCARE SUPPLY CHAIN MANAGEMENT
           4.2.7 PRACTICE MANAGEMENT SYSTEMS
           4.2.8 EPRESCRIBING
           4.2.9 PAYER SOLUTIONS
    4.3 LESS-AFFECTED MARKETS
           4.3.1 REVENUE CYCLE MANAGEMENT SOLUTIONS
           4.3.2 PACS & VNA

5 COVID-19 IMPACT ON THE HEALTHCARE IT END-USER MARKET (Page No. - 39)
    5.1 INTRODUCTION
    5.2 HEALTHCARE PROVIDERS
    5.3 HEALTHCARE PAYERS

6 COVID-19 IMPACT ON THE HEALTHCARE IT MARKET, BY REGION (Page No. - 41)
    6.1 EUROPE
    6.2 NORTH AMERICA
    6.3 ASIA PACIFIC
    6.4 LATIN AMERICA
    6.5 MIDDLE EAST AND AFRICA

7 COMPETITIVE LANDSCAPE ANALYSIS (Page No. - 47)
    7.1 INTRODUCTION
    7.2 KEY DEVELOPMENTS OF MAJOR MARKET PLAYERS
    7.3 SHORT-TERM STRATEGIES
    7.4 KEY DEVELOPMENTS OF OTHER MARKET PLAYERS

8 APPENDIX (Page No. - 52)
    8.1 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
    8.2 AUTHOR DETAILS


LIST OF TABLES (3 TABLES)

TABLE 1 TOTAL NUMBER OF CONFIRMED CORONAVIRUS CASES, BY REGION, AS OF APRIL 1, 2020
TABLE 2 CLOUD COMPUTING: USE CASES
TABLE 3 HEALTHCARE IOT: USE CASES


LIST OF FIGURES (26 FIGURES)

FIGURE 1 GLOBAL PROPAGATION OF COVID-19
FIGURE 2 COVID-19 PROPAGATION: SELECT COUNTRIES
FIGURE 3 COUNTRIES BEGIN WITH SIMILAR TRAJECTORIES, BUT CURVES DEVIATE BASED ON MEASURES TAKEN
FIGURE 4 REVISED GDP FORECASTS FOR SELECT G20 COUNTRIES IN 2020
FIGURE 5 CRITERIA IMPACTING THE GLOBAL ECONOMY
FIGURE 6 SCENARIOS IN TERMS OF RECOVERY OF THE GLOBAL ECONOMY
FIGURE 7 BREAKDOWN OF PRIMARY RESPONDENTS
FIGURE 8 IMPACT ANALYSIS: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
FIGURE 9 IMPACT OF COVID-19 ON THE TELEHEALTH SOLUTIONS MARKET, 2019–2021 (USD MILLION)
FIGURE 10 IMPACT OF COVID-19 ON THE CLOUD COMPUTING MARKET, 2019–2021 (USD MILLION)
FIGURE 11 IMPACT OF COVID-19 ON THE ANALYTICS MARKET, 2019–2021 (USD MILLION)
FIGURE 12 IMPACT OF COVID-19 ON THE AI IN HEALTHCARE MARKET, 2019–2021 (USD MILLION)
FIGURE 13 IMPACT OF COVID-19 ON THE BLOCKCHAIN TECHNOLOGY MARKET, 2019–2021 (USD MILLION)
FIGURE 14 IMPACT OF COVID-19 ON THE HEALTHCARE IOT SOLUTIONS MARKET, 2019–2021 (USD MILLION)
FIGURE 15 IMPACT OF COVID-19 ON THE HEALTHCARE SUPPLY CHAIN MANAGEMENT MARKET, 2019–2021 (USD MILLION)
FIGURE 16 IMPACT OF COVID-19 ON THE PRACTICE MANAGEMENT SYSTEMS MARKET, 2019–2021 (USD MILLION)
FIGURE 17 IMPACT OF COVID-19 ON THE EPRESCRIBING MARKET, 2019–2021 (USD MILLION)
FIGURE 18 IMPACT OF COVID-19 ON THE PAYER SOLUTIONS MARKET, 2019–2021 (USD MILLION)
FIGURE 19 IMPACT OF COVID-19 ON THE EHR MARKET, 2019–2021 (USD MILLION)
FIGURE 20 IMPACT OF COVID-19 ON THE RCM SOLUTIONS MARKET, 2019–2021 (USD MILLION)
FIGURE 21 IMPACT OF COVID-19 ON THE PACS & VNA MARKET, 2019–2021 (USD MILLION)
FIGURE 22 IMPACT OF COVID-19 ON THE EUROPEAN HEALTHCARE IT MARKET (2020–2021)
FIGURE 23 IMPACT OF COVID-19 ON THE NORTH AMERICAN HEALTHCARE IT MARKET (2020–2021)
FIGURE 24 IMPACT OF COVID-19 ON THE APAC HEALTHCARE IT MARKET (2020–2021)
FIGURE 25 IMPACT OF COVID-19 ON THE LATAM HEALTHCARE IT MARKET (2020–2021)
FIGURE 26 IMPACT OF COVID-19 ON THE MEA HEALTHCARE IT MARKET (2020–2021)

The global healthcare information technology market study involved the extensive use of both primary and secondary sources. The research process involved the study of various factors affecting the industry to identify the segmentation types, key players, competitive landscape, key market dynamics, and key player strategies.

Secondary Research

The secondary research process involves the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B), white papers, annual reports, companies house documents, investor presentations, and SEC filings of companies. Secondary research was used to identify and collect information useful for the extensive, technical, market-oriented, and commercial study of the healthcare information technology market. It was also used to obtain important information about the key players and market classification & segmentation according to industry trends to the bottom-most level, and key developments related to market and technology perspectives. A database of the key industry leaders was also prepared using secondary research.

Primary Research

In the primary research process, industry experts from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. Industry experts from the supply side include CEOs, vice presidents, marketing and sales directors, product managers, business development managers, technology and innovation directors of companies providing healthcare information technology solutions, key opinion leaders, and suppliers and distributors. The industry experts from the demand side include hospitals, ambulatory care settings, and clinics.

Following the breakdown of primary respondents-

COVID-19 Impact on Healthcare Information Technology Market

To know about the assumptions considered for the study, download the pdf brochure

Market Size Estimation

The market size estimates and forecasts provided in this study are derived through a mix of the bottom-up approach (revenue share analysis of leading players) and top-down approach (assessment of utilization/adoption/penetration trends, by product, end user, and region).

Data Triangulation

After arriving at the market size, the total healthcare information technology market was divided into several segments. To complete the overall market engineering process and arrive at the exact statistics for all segments & subsegments, data triangulation and market breakdown procedures were employed, wherever applicable.

Objectives of the Study

  • To define, describe, and forecast the global healthcare information technology market by product, end user, and region
  • To provide detailed information about the factors influencing the market growth (drivers, opportunities, challenges, burning issues)
  • To analyze micro markets with respect to individual growth trends, prospects, and contributions to the overall healthcare information technology market
  • To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
  • To forecast the size of the healthcare information technology market in five regions (along with major countries)—North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa.
  • To asses short-term strategies of players in the healthcare information technology market and analyze their core competencies and market shares
  • To track and analyze competitive developments such as acquisitions; new product launches; collaborations, partnerships, and agreements; of the leading players in the global healthcare information technology market

Available Customizations

With the given market data, MarketsandMarkets offers customizations as per the company’s specific needs. The following customization options are available for the healthcare information technology market report:

Company Information

  • Detailed analysis and profiling of an additional five market players
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