Healthcare IT or Healthcare Information technology has emerged as a promising development to transform the paper-based healthcare system into digitized healthcare system, ensuring effective care and patient safety. Health information technology (HIT) ....see more
The global healthcare claims management market is projected to reach USD 13.93 billion by 2023 from USD 10.77 billion in 2018, at a CAGR of 5.3% during the forecast period. The key factors driving the growth of this market are increasing patient volumes, expanding health insurance market, growing importance of denials management, and declining reimbursement rates. Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US) are the key players in the healthcare claims management solutions market. Other players involved in this market are DST Systems (US), Cognizant Technology Solutions (US), Allscripts Healthcare Solutions, Inc. (US), Context 4 Healthcare (US), Health Solutions Plus (US), GE Healthcare (US), RAM Technologies (US), Quest Diagnostics (US), The SSI Group (US), PLEXIS Healthcare Systems (US), and GeBBS Healthcare Solutions (US).
The global healthcare middleware market is expected to reach USD 3.07 Billion by 2023 from USD 1.90 Billion in 2018, at a CAGR of 10.0%. Increasing utilization of smart devices, the availability of big data in healthcare, increasing need for data interoperability, and growing investments to overcome healthcare interoperability issues are the key drivers of the global healthcare middleware market. The healthcare middleware market is highly fragmented with the presence of several large as well as emerging players. Prominent players in the healthcare middleware market include Corepoint Health (US), Cerner Corporation (US), Epic Systems Corporation (US), Fujitsu (Japan), IBM Corporation (US), InterSystems Corporation (US), Oracle Corporation (US), Microsoft Corporation (US), Orion Health (New Zealand), Red Hat (US), Software AG (Germany), TIBCO Software (US), Ascom (Switzerland), Informatica (US), and Zoeticx, Inc. (US).
The global medical device security market is projected to reach USD 6.59 Billion by 2023 from 4.36 Billion in 2018, at a CAGR of 8.6%. Factors such as increasing instances of healthcare cyberattacks and threats, growth in geriatric population and subsequent growth in chronic disease management, government regulations and need for compliance, growing demand for connected medical devices, and increasing adoption of cybersecurity solutions are driving the growth of the medical device security market. The prominent players in the global medical device security market include Cisco Systems (US), IBM Inc. (US), GE Healthcare (US), Symantec Inc.(US), CA Technologies (US), Philips (Netherlands), DXC Technology (US), CloudPassage (US), FireEye (US), Check Point Software Technologies (Israel), Sophos (UK), Imperva (US), Fortinet (US), Palo Alto Networks (US), ClearDATA (US), and Zscaler (US).
The global medical decision support systems for sepsis market is projected to reach USD 35.6 Million by 2022 from an estimated USD 12.0 Million in 2017, at a CAGR of 24.3%. This growth can be attributed to factors such as increasing funding and research grants, growing pressure to curb healthcare spending, and improving patient outcomes are driving the growth of this market. Wolters Kluwer Health (US), Cerner Corporation (US), Philips Healthcare (Netherlands), Amara Health Analytics (US), McKesson Corporation (US), Ambient Clinical Analytics (US), Iatric Systems Inc. (US), PeraHealth Inc. (US), Health Catalyst Inc. (US), and Allscripts Healthcare Solutions, Inc. (US) are the key players in the global medical decision support systems for sepsis market.
The global home health hubs market is projected to reach USD 848.2 Million by 2023 from USD 218.5 Million in 2018, at a CAGR of 31.2%. Growth in the geriatric population and the subsequent increase in the prevalence of chronic diseases, shortage of healthcare professionals, and need to reduce healthcare costs are some of the major driving factors of the home health hubs market. Some of the prominent players in this market are Qualcomm (US), Honeywell (US), Vivify (US), Lamprey Networks (US), AMC Health (US), iHealth Lab (US), IDEAL LIFE (US), Hicare (US), MedM (US), and OnKöl (US).
The global veterinary software market is projected to reach USD 594 million by 2022 from USD 421 million in 2017, at a CAGR of 6.1%. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022. The prominent players operating in the veterinary software market include Henry Schein (US), IDEXX Laboratories (US), Patterson Companies (US), Vetter Software (US), Animal Intelligence Software (US), Timeless Veterinary Systems (Canada), Britton's Wise Computers (US), ezyVet Limited (New Zealand), FirmCloud Corporation (US), MedaNext (US), OR Technology (Oehm Und Rehbein GmbH, Germany), VIA Information Systems (US), Hippo Manager Software (US), Finnish Net Solutions (Finland), Carestream (Canada), and ClienTrax (US).
The biosimulation market is expected to reach USD 2.88 Billion by 2022 from USD 1.20 Billion in 2016 growing at a CAGR of 15.9% during the forecast period. The base year considered for the study is 2016 and the forecast period is from 2017 to 2022. The biosimulation market is highly competitive with the presence of several small and big players. Some of the players in the biosimulation market include Certara (US), Simulation Plus (US), Dassault Systèmes (France), Schrödinger (US), ACD/Labs (Canada), Chemical Computing Group (Canada), Physiomics (UK), Evidera (US), In silico biosciences (US), INOSIM Software (Germany), Insilico Biotechnology (Germany), LeadInvent Technologies (India), Rosa (US), Nuventra Pharma (US), and Genedata (Switzerland).
The medical image analysis software market is expected to reach USD 3.88 billion by 2022 from USD 2.61 billion in 2017, at a CAGR of 8.2% during the forecast period. Market growth is driven by technological advancements in medical imaging systems and analysis software, growing public- and private-sector investments in the medical imaging market, increasing use of imaging equipment due to rising prevalence of chronic diseases, fusion of imaging technologies and growing applications of computer-aided diagnosis.
The global HCIT consulting services market is expected to reach 45.42 Billion by 2022 from USD 18.38 Billion in 2017, at a CAGR of 19.8%. The global HCIT consulting services market is highly fragmented with several big and small players. Prominent players in the market include Accenture plc (Ireland), Cognizant Technology Solutions Corporation (U.S.), Deloitte Touche Tohmatsu Limited (U.S.), Cerner Corporation (U.S.), Siemens Healthineers (Germany), McKesson Corporation (U.S.), Epic Systems Corporation (U.S.), IBM Corporation (U.S.), General Electric Company (U.S.), Tata Consultancy Services Limited (India), Koninklijke Philips N.V. (Netherlands), NTT DATA Corporation (Japan), Infor Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), and Oracle Corporation (U.S.).
The global healthcare quality management market is projected to reach USD 3.31 Billion by 2022 from USD 1.51 Billion in 2016, at a CAGR of 14.2%. Nuance Communications, Inc. (U.S.), Medisolv, Inc. (U.S.), Truven Health Analytics (U.S.), Cerner Corporation (U.S.), Premier, Inc. (U.S.), McKesson Corporation (U.S.), Verscend Technologies, Inc. (U.S.), Dolbey Systems, Inc. (U.S.), QUANTROS, INC. (U.S.), Altegra Health (U.S.), Enli Health Intelligence (U.S.), and CitiusTech Inc. (U.S.) are the major players in the healthcare quality management market.
The global computer-assisted coding market is valued at USD 2.76 Billion in 2017 and is expected to register a CAGR of 11.5% to reach to USD 4.75 Billion by 2022. In 2016, 3M Company (U.S.) and Optum, Inc. (U.S.) dominated the global computer-assisted coding market. Some of the prominent players in the market are Nuance Communications, Inc. (U.S.), Cerner Corporation (U.S.) and Artificial Medical Intelligence, Inc. (U.S.). Some of the other leading players in this market are Dolbey Systems, Inc. (U.S.), Precyse Solutions, LLC (U.S.), Craneware plc (U.K.), McKesson Corporation (U.S.), athenahealth, Inc. (U.S.), Streamline Health Solutions, Inc. (U.S.), MMODAL IP LLC (M*Modal) (U.S.), TruCode (U.S.), Quest Diagnostics Inc. (U.S.), and Epic Systems Corporation(U.S.).
The global advanced visualization market is expected to reach USD 3.19 Billion by 2021 from USD 1.89 Billion in 2016, growing at a CAGR of 11.0% from 2016 to 2021. The factors driving market growth include technological advancements in AV software such as integration of PACS & AV tools, improved diagnostic interpretation with AV tools, rising prevalence of target diseases, and growing demand for advanced diagnostic procedures. However, factors such as limited medical reimbursements for radiology-based diagnostic procedures and technological limitations associated with existing advanced visualization analysis may restrain the market growth.
The accountable care solutions market is estimated to grow at a CAGR of 16.6% from 2016 to 2021 to reach USD 18.86 Billion by 2021. Market growth can be attributed to the growing need to adhere to regulatory guidelines, government initiatives for eHealth, high return on investment (ROI), and rising needs to curtail escalating healthcare costs. On the other hand, lack of in-house IT domain knowledge and reluctance among end users to adopt new methods are expected to restrain the overall market growth to a certain extent during the forecast period.
The global healthcare IT market is estimated to reach USD 228.79 Billion by 2020 at a CAGR of 13.4% during the forecast period. This market is mainly driven by the increasing need to curtail healthcare expenditure and growing demand for solutions to increase the quality of care. The growing patient burden on healthcare systems across the globe and subsequent need to improve operational efficiency is also driving the greater adoption of HCIT solutions among healthcare providers.
The effective use of electronic data interchange (EDI) is the key to better healthcare supply chain management. In healthcare supply chain management (SCM), EDI primarily focuses on the electronic exchange of business transactions such as purchase orders, shipment authorizations, shipment acknowledgements, advanced shipment notices, or invoices. EDI provides a fast, secure, and easy exchange of information between healthcare organizations.
The healthcare biometrics market is projected to reach USD 2,848.3 Million by 2021 from USD 1,182.6 Million by 2016, at a CAGR of 19.2% during the forecast period. The growth of this market is majorly driven by government initiatives to support the implementation of biometrics in healthcare facilities and increasing healthcare fraud & medical identity theft. On the other hand, the high cost of biometric devices and issues related to the use of biometric technologies are the major factors limiting the growth of the market.
The BRIC telemedicine market is expected to reach USD 1.20 Billion by 2020 from USD 498.7 Million in 2015, growing at a CAGR of 19.2% during the forecast period (2015–2020). The BRIC telemedicine market is an emerging market with abundant opportunities. The market is expected to flourish within the next five to seven years owing to a number of factors such as the need for better healthcare in rural areas, tremendous growth in telecommunication, rising prevalence of chronic diseases in BRIC nations, and low cost of telemedicine. However, high infrastructural costs and lack of skilled resources may restrain the market growth. On the other hand, favorable government initiatives present huge growth opportunities for telemedicine in the BRIC nations.
The global wireless health market is segmented on the basis of technologies, components, applications, and end users. The global market is projected to reach USD 110.12 Billion by 2020 from USD 39.03 Billion in 2015, at a CAGR of 23.1% during the forecast period. The market is expected to be dominated by North America, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The Asia-Pacific region is expected to grow at the highest CAGR during the forecast period.
The global patient portal market is segmented on the basis of type, delivery mode, and end user. The patient portal market is expected to reach USD 2.74 Billion in 2020 from USD 1.19 Billion in 2015, growing at a CAGR of 18.1%. The market is expected to be dominated by North America, followed by Europe, Asia-Pacific, and the Rest of the World (RoW). The European region is expected to grow at the highest rate during the forecast period.
The Health IT security market is expected to witness high growth in coming years. The market size, in terms of value, is expected to reach USD 9,867.5 Million by 2020 from USD 4,905.9 Million in 2015, at a CAGR of 15.0%. Factors such as a large number of healthcare data breaches, stringent regulatory requirements, growing use of mobile devices, investments by venture capital firms, and growing number of interconnected medical devices are expected to drive the market for Health IT security solutions. Moreover, evolution of next-generation IT security solutions and emergence of cloud computing are expected to offer growth opportunities for market players.
Healthcare insurance providers/payers are adopting various outsourcing solutions to streamline their business processes and deliver better services to their customers. Outsourcing has surfaced as a successful business model that mitigates the burden of administration, procurement, accounting, logistics and other tasks, and develops cost-effective business processes. The healthcare payer services (outsourcing) market is expected to reach USD 21.1 Billion by 2020 from USD 11.8 Billion in 2015, at a CAGR of 12.2% during the forecast period.
Over the years, the adoption of cloud computing in healthcare has increased owing to the rising need to curtail healthcare costs and improve the quality of healthcare. Thus, the stakeholders in the healthcare cloud computing market have implemented Clinical Information System (CIS) such as Electronic Medical Record (EMR), Computerized Physician Order Entry (CPOE), and Radiology Information System (RIS), among others. The North American healthcare and life sciences cloud computing market is expected to reach USD 11.43 Billion in 2020 from USD 4.49 Billion in 2015, growing at a CAGR of 20.5%.
The requirement of anesthesia monitoring devices basically depends on the types of cases performed in the operating room. The parameters to be considered for anesthesia monitoring devices include continuous assessment by measurement of patient’s oxygenation, ventilation, circulation, and temperature. The global anesthesia monitoring devices market was valued at USD 820.9 Million in 2014 and is expected to reach USD 1,616.0 Million by 2020, at a CAGR of 12.0% from 2015 to 2020.
The global cardiovascular information systems market is expected to reach USD 917.2 Million by 2020 from USD 621.4 Million in 2015, at a CAGR of 8.1%. On the basis of type, the cardiovascular information systems market is segmented into CVIS and C-PACS. The CVIS segment is projected to grow at the highest CAGR from 2015 to 2020, owing to the increasing incidence and prevalence of cardiovascular diseases.
CPOE is defined as an application, which aids providers to enter medical orders into computer systems that are located within an ambulatory or inpatient setting. CPOE helps in the replacement of many traditional methods of enlisting medication orders; these include verbal (in person or via telephone), written (paper prescriptions), and fax. The global CPOE market was valued at $999.9 Million in 2014, growing at a CAGR of 6.6% during the forecast period from 2014 to 2019.
A radiology information system (RIS) is a networked software suite used to manage medical imagery and associated data. An RIS is especially useful for managing radiological records and associated data in multiple locations, and is often used in conjunction with a picture archiving and communication system (PACS) to manage workflow and billing. The global radiology information systems market is estimated at $501.1 Million 2014, and is projected to reach $722.7 Million by 2019, at a CAGR of 7.6% from 2014 to 2019.
The global healthcare mobility solutions market is segmented on the basis of products and services, applications, and end users. Based on products and services, the market is segmented into mobile devices, mobile applications, and enterprise platforms. The mobile devices market covers mobile computers, RFID scanners, barcode scanners, and others. On the basis of applications, the market is classified into patient care management, operations management, and workforce management. By end users, the market is divided into payers, providers, and patients. The global healthcare mobility solutions market is expected to reach $84,817.9 Million by 2020 from $24,335.3 Million in 2015, at a CAGR of about 28.4% from 2015 to 2020.
The global pharmacovigilance software market is poised to grow at a CAGR of 6.5% during 2014-2019, and is expected to reach a value of ~$154.1 Million in 2019. Factors such as rising incidence rates of adverse drug reactions (ADRs) and increasing adoption of pharmacovigilance software by outsourcing companies are driving the growth of the global drug safety software market.
The global medical document management market is estimated to be worth around $220 million in 2014 and grow at a CAGR of 13%-14% during the forecast period of 2014 to 2019. This market is mainly driven by the need for regulatory compliance, improved patient care and cost containment in healthcare, and accurate, secure, & fast systems to manage critical information. Moreover, the paperless environment created by document management systems results in a streamlined workflow, thus increasing the operational efficiency of healthcare organizations.
The global patient flow management solutions market is segmented on the basis of components, delivery modes, products, type and geographies. The market by component is categorized into hardware, software and services. Based on delivery modes, the market is categorized into web-based, on-premise, and cloud-based. This market was valued at $232.2 Million in 2014 and is expected to grow at a healthy CAGR of 21.1% from 2014 to 2019, to reach $603.8 Million by 2019. However, the RTLS segment is expected to have the highest CAGR of 31.7% from 2014 to 2019.
The global emergency department information system (EDIS) market was valued at $312.68 million in 2014 and poised to grow at a CAGR of 15.24% between 2012 and 2019, to reach $635.50 million in 2019. The rapid increase in healthcare expenditure, increasing use of data-driven technologies, implementation of the HITECH Act, and rise in aging population will be the most important growth drivers for this market in the forecast period (2012–2019).
The global long-term care software market, valued at $3,512.4 million in 2013, is expected to reach $7,561.9 million by 2019 at a CAGR of 13.7% during the forecast period of 2014 to 2019. This market is mainly driven by an increasing demand for long-term care software due to changing population demographics across the globe, rising scarcity of skilled nursing staff, and increasing healthcare developments and government initiatives across the globe.
The global workforce management systems market is estimated to be worth $761.8million by the end of 2014 and is expected to reach at $1,453.8 million by 2019, at a CAGR of 13.8% during the forecast period of 2014 to 2019. This market is mainly driven by the increasing need to curtail the rising healthcare costs and the technological advancements. Moreover, increasing demand of the healthcare professionals is also expected to contribute to the growth of the workforce management systems market. However, the market growth will be restrained, to an extent, due to factors such as high costs of software upgradation and maintenance and data privacy.
The global medication management market is expected to grow at a CAGR of 14% till 2019, from $845.1 million in 2014. This can be attributed to the rise in the ageing population, the need for better medication administration, and strong government support initiatives. However, the high cost of software installations and associated maintenance may hinder the growth of this market to a certain extent.
The future growth prospect for the global practice management system market is optimistic and is estimated to grow at a decent CAGR of 8.6%to reach the market size of $247.1 million by 2018. The integrated PM system is the largest segment of the practice management system market. However, the cloud-based segment is the fastest growing segment with 12.1% CAGR from 2013-2018.
The global home healthcare software and services market is estimated to reach $6.4 billion by 2018, at a CAGR of 13.4% between 2013 and 2018. The market will be driven by skyrocketing healthcare cost, spiralling aging population that increases the incidences of chronic disorders, hospital readmission reduction program by U.S., shortage of nursing and doctors staff, OASIS documentation, and favorable government initiatives.
The global health insurance exchange (HIX) IT market is segmented based on type, phase, component, enduser, and geography. On the basis of type, the market is broadly classified into public and private exchanges. Based on phase, the market is divided into pre-implementation services, implementation/ exchange infrastructure delivery, program management and independent verification and validation (IV&V)/quality assurance (QA), and operations and maintenance. The HIX IT market, by component, is divided into services,software, and hardware. Based on enduser, the HIX IT market is segmented into government agencies, third party administrators (TPAs)/brokerage firms/consultancies, and health plans/payers. Based on geography, the market is classified into the U.S., Europe, Asia, and the Rest of the World (RoW).
The Latin American bioinformatics market was valued at $242 million in 2012 and is poised to reach $627 million by 2017, at a CAGR of 22%. The Latin American bioinformatics market displays lucrative growth potential. It is propelled by the rising number of training and development programs on usage of bioinformatics tools, which leads to an increase in the use of bioinformatics tools by industrial and academic bioinformaticians in life sciences research. In addition, the market is further driven by the high concentration of bioinformatics research institutes in Latin America that aim to facilitate the use of bioinformatics in life sciences research. However, the dearth of skilled personnel and facilities to ensure the proper use of bioinformatics products and services and the dearth of advanced and innovative bioinformatics tools and algorithms are limiting the growth of the bioinformatics market in Latin America.
Vendor neutral archive (VNA) are information technology platforms that allow single, long-term, centralized, and standard-based storage of medical imaging studies and other patient data from multiple vendor PACS. PACS (Picture Archiving and Communication System), on the other hand, function as tools that directly connect to different imaging modalities in a facility by acquiring images from them. The global Vendor Neutral Archive (VNA) market is estimated to be valued at $165.3 million in 2013 and is expected to reach $335.4 million by 2018, at a healthy CAGR of 15.2%.
Outsourcing is an emerging phenomenon in the healthcare information technology market. It is a screening process wherein an organization selects the most efficient third-party service provider to effectively operate its management and administrative unit. The global market is forecast to grow at a CAGR of 7.6%, to reach $50.4 Billion by 2018 from $35 Billion in 2013. The health insurance industry, healthcare systems industry, and pharmaceutical industry are driving the HCIT outsourcing market.
The U.S. healthcare outsourcing market has great potential for growth owing to the measures taken by the government to curb the ever-increasing healthcare costs. The other factors that have led to the growth of the market are: developments and innovation in information technology and regulatory changes. Approximately 75% of U.S. healthcare companies outsource their work to external locations. This is due to the shortage of qualified staff in key positions, such as nurses and coders, and due to the new set of rules and regulations that they need to comply with. Some services that are commonly outsourced are insurance claims processing, adjudication and receivables management, billing and coding services, radiology reporting, transcription services, and clinical outsourcing, among others.
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 a part of healthcare information technology that is used to make paperless computerized patient data in order to increase efficiency of hospital systems and reduce chances of errors in medical records. A substantial growth rate (More than 16%) of the U.S. healthcare IT spending and the government initiatives towards development of a nationwide healthcare information network is expected to push EMR implementation across the healthcare sector in the U.S. The rising demand for the healthcare cost containment and need to improve the quality of healthcare service are driving the growth of the EMR market in the U.S. The U.S. EMR market is expected to grow from $2,177 million in 2009 to $6,054 million in 2015 at an estimated CAGR of 18.1% during the forecast period 2010-2015.
The US healthcare system ranks 37 among health care systems of about 200 worldwide countries ranked by World Health Organization. US health care system is considered as one of the most expensive healthcare system in the world, spending about 16% of its GDP on healthcare. However the rising healthcare costs and increasing health premiums rates along with high number of uninsured people (about 47 million i.e. 16% of the total population) are among the significant factors contributing to the need of health reform in the US. Health reform in the US is looked upon as an initiative towards provision of qualitative and affordable health coverage for all Americans, decrease in rising burden of healthcare costs and improvement in quality & efficiency of health care. Obama has signed health reform in to law, recently in March 2010, to improve the inefficiencies of the existing health care structure. The health reform bill outlays several provisions such as universal health coverage, cost containment, increase in insurance market competition, excise tax on medical device manufacturers and lower drug costs for Medicaid and Medicare are few to mention. Thus the provisions in the health reform directly and indirectly impact the US healthcare/pharmaceutical industry and its stakeholders.
Rising healthcare costs and the increasing demand for healthcare services have effected a significant transformation in the field of healthcare image management software over the last decade. Healthcare equipment vendors are now seeking to provide an integrated diagnostic model facilitating patient-centric, evidence-based healthcare. The major features of post-processing include workflow tasks such as image processing, image reconstruction, computer-aided detection, three-dimensional (3D) view generation, and quality control.