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. Some of the leading players in this market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US).
In view of the pandemic outbreak, companies are looking at achieving short term goals. The short term strategy of key players in the healthcare IT market includes Investing in research and development, New product launches, upgrading existing products and services with enhanced capabilities, partnerships with leading healthcare providers to offer extended products and services, often at lower or no price and partnerships with other technology providers to collectively launch technologically advanced solutions. The global healthcare IT market is highly fragmented with a large number of players trying to grab a share of the market. Players in this market are adopting various strategies to sustain the impact of COVID-19.
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Epic Systems (US) offers a wide range of EHR, revenue cycle and practice management, and population health management solutions. The company mainly operates in the North American market. It also has a presence in the Netherlands, the United Arab Emirates, Finland, Australia, Singapore, and Denmark. The company’s products are used in retail clinics, multispecialty groups, community hospitals, academic medical centers, integrated delivery networks, children's organizations, safety net providers rehab centers, and patients’ homes, among other settings.
The company is focusing on organic growth strategies such as product launches, enhancements, and expansions to remain at the forefront of the EHR market. Epic recently launched products such a Utility and Sonnet. These products are designed for smaller hospitals, physician offices, and post-acute care facilities that benefit from the reduced costs and a shorter implementation period. With the launch of these products, Epic will be competing effectively against EHR vendors serving small hospitals.
In 2020, Epic started offering an Artificial Intelligence-based predictive model to help doctors intervene with life-saving care before the condition of a hospitalized patient deteriorates. The machine learning-based model scans health records and alerts doctors automatically before patients need an ICU admission or other care intervention. Epic has enlisted research organizations like Stanford Health Care (US) to validate the model for COVID-19. Many organizations, such as Confluence Health (US), have completed validation and are already using it for these patients.
In 2019, the telehealth segment, which is a majorly impacted segment by COVID-19, was dominated by Philips (Netherlands), Medtronic (US), and Honeywell Life Care Solutions (US). Other prominent players in the market include Cerner Corporation (US), GE Healthcare (US), McKesson Corporation (US), Medvivo Group (UK), Robert Bosch Healthcare (US), Cisco Systems (US), and Tunstall Healthcare (UK).
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
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