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(IT-NEWSWIRE.COM, February 26, 2021 ) The healthcare system in the developed countries is moving from fee-for-service to value-based payments. Value-based programs reward health care providers with incentive payments for the quality of care delivered to patients. Value-based care majorly focuses on healthcare outcomes and not procedures. It pushes healthcare systems to deliver higher-quality care at lower costs. The shift to value-based care is not just a shift in economics, but it is also a shift in the kinds of technologies required to deliver such economic benefits. The move to value-based care includes a move to reimbursement based on "episodes of care," which necessitate changes to billing, data collection, and reimbursement rules, along with the technologies that support those models.
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Accountable Care Organization (ACOs) and value-based payment models are spurring the trend towards payer-provider mergers, partnerships, and joint ventures, to address fragmented healthcare delivery, emphasize patient-centered care, and promote care coordination, thereby aligning the goals and incentives among payers, providers, and patients. This evolution towards value-based reimbursement benefits all three stakeholders of the healthcare industry, including the patient, healthcare providers, and payers. Value-based reimbursement encourages healthcare providers to deliver the best care at the lowest cost. In turn, patients receive a higher quality of care at a better value.
Today, various healthcare IT solutions, such as EHRs, population health management solutions, revenue cycle management solutions, quality reporting solutions, healthcare analytics solutions, and accountable care solutions are helping healthcare institutions to provide quality care and maintain their financial health. Such benefits of healthcare IT solutions are driving the overall adoption of these solutions across the healthcare ecosystem, thereby propelling the growth of the overall healthcare IT solutions market.
The healthcare IT market is expected to grow at a CAGR of 13.8% from 2019 to reach $511.06 billion by 2027. Increasing awareness on the value of digital health, government mandates and financial incentives for adoption of HCIT solutions, shift towards value-based care, rising use of big data in healthcare management, high return on IT investment in the healthcare industry, and rising incidence of chronic diseases are some of the key factors supporting the overall growth of the global healthcare IT market. However, high installation & maintenance cost and lack of required IT infrastructure in developing countries are restraining the market growth to a certain extent.
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For the purpose of this study, the global healthcare IT solutions market is broadly segmented by product, component, deployment mode, end user, and geography.
Based on product type, the overall HCIT market is categorized into healthcare providers solutions, healthcare payers solutions, and healthcare IT outsourcing services market. In 2019, the healthcare providers solutions segment accounted for the largest share of the overall healthcare IT market. This large share can be attributed increasing demand for integrated healthcare solutions, growing focus on patient safety & care, rising investments in development of healthcare infrastructure in emerging countries, increasing demand for quality healthcare, increasing number of government initiatives and regulatory mandates on implementing eHealth solutions, and rising awareness about electronic health records (EHRs). Growing geriatric population and thereby increase in prevalence of chronic diseases and patient workload on healthcare systems across the globe are also driving adoption of digitization solutions among healthcare providers. In addition, Affordable Care Act in the U.S. and growing demand to manage large patient data further supports the growth of HCIT solutions market for healthcare providers across globe.
Based on type, healthcare provider solutions market is further segmented into clinical healthcare IT solutions and non-clinical healthcare IT solutions. Clinical HCIT solutions segment accounted for the largest share of the healthcare provider solutions market in 2019, owing to factors such as growing focus on patient safety & care, increasing demand for integrated health IT solutions among healthcare providers, transition of healthcare industry towards value based care, and increasing regulatory requirements for healthcare providers to incorporate digitization solutions. However, non-clinical HCIT solutions segment is expected to grow at the fastest CAGR during the forecast period. Increasing demand for achieving operational and administrative efficiencies in healthcare delivery in order to lower the cost of healthcare and growing regulatory requirements for achieving reimbursement are the key factors driving the growth of the non-clinical healthcare IT solutions market.
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Based on type, the clinical healthcare IT solutions market is further segmented into number of areas, including EHR/EMR, CDSS, CPOE, PACS/VNA, E-Prescribing solutions, radiology information systems, radiation dose management solutions, medical image analysis systems, care management solutions, mhealth solutions, telehealth solutions, practice management systems, and population health management systems, among others. In 2019, EHR solutions accounted for the largest share of the overall clinical healthcare IT solutions market. The large share of EHR solutions is mainly attributed to growing efforts across the globe to digitize patient records and increasing number of government initiatives and policies to implement eHealth strategies. EHR forms the basis of digitization in the healthcare industry, which is one of the key factors driving large adoption of EHR solutions across the globe. However, considering growing consumerism in the healthcare industry, the mHealth solutions market segment is expected to register the fastest CAGR during the forecast period of 2019 to 2027.
The non-clinical healthcare IT solutions market primarily comprises various software solutions including pharmacy information systems, asset management solutions, workforce management solutions, revenue cycle management solutions, medical document management solutions, healthcare analytics solutions, supply chain management solutions, medication management solutions, healthcare quality management solutions, and interoperability solutions. In 2019, the healthcare analytics segment accounted for the largest share of the overall non-clinical healthcare IT solutions market. Growing pressure on healthcare providers to enhance the quality of care and curtail the soaring cost of healthcare are some of the key factors driving the growth of the overall healthcare analytics market.
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The payer solutions market segment mainly comprises, claims management solutions, population health management solutions, pharmacy audit and analysis solutions, payment management solutions, member eligibility management solutions, fraud and risk analytics solutions, and provider network management solutions, among others. In 2019, the claims management solutions segment accounted for the largest share of the overall healthcare payer solutions market. The growing volume of claim submissions and transactions processed every day, increasing number of hospital visits or utilization of number of healthcare services by patients are some of the key factors driving the adoption of claims management solutions.
Based on delivery model, the web/cloud-based healthcare IT solutions accounted for the largest share of the overall healthcare IT market in 2019. The benefits of web/cloud-based solutions such as on-demand self-serving deployment model, lower upfront cost of deployment, no maintenance cost, lower storage cost, excessive storage flexibility, and enhanced scalability are some of the key factors driving the adoption of cloud-based HCIT solutions among healthcare payers and providers. In addition, greater security in private clouds and automated updating features of web and cloud solutions are further expected to support the growth of this market during the forecast period.
Based on component, the overall healthcare IT market is broadly segmented into hardware, software, and services. The services segment accounted for the largest share of the healthcare IT market in 2019. The shift towards cloud-based services, increasing need to reduce healthcare costs, and increasing adoption of digital solutions across healthcare organizations are some of the key factors driving the growth of the services market during the forecast period. In addition, the growing need to reduce administrative overheads of the healthcare industry, enhance productivity of healthcare operations, and rising demand for easy access to affordable care further supports the growth of this market.
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Based on end user, the overall healthcare IT market is broadly segmented into healthcare providers and healthcare payers. The healthcare provider segment accounted for the largest share of the overall HCIT market in 2019. The largest share of this segment is primarily attributed to the rising patient volume, growing healthcare spending by the countries across globe, rising awareness about electronic health records (EHRs), growing geriatric population, and increasing adoption of healthcare IT solutions by healthcare providers.
Based on geography, the global healthcare IT market is categorized into five major regions, namely, North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa with a country level analysis of this market in each region. In 2019, North America accounted for the largest share of the global healthcare IT market, followed by Europe and Asia-Pacific. Growing adoption of various healthcare IT solutions by healthcare providers in order to meet the heightened regulatory requirements for patient care and safety, increasing need to curtail the soaring healthcare costs, growing need to improve the quality of healthcare while maintaining the operational efficiency of healthcare organizations, and presence of leading HCIT vendors in the region, are some of the major factors driving the growth of the HCIT market in North America.
Some of the key players operating in global Healthcare IT market are McKesson Corporation (U.S.), Optum Health (U.S.), International Business Machine Corporation (IBM) (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), athenahealth, Inc. (U.S.), Epic Systems Corporation (U.S.), Dell Technologies Inc. (U.S.), GE Healthcare (U.S.), Cerner Corporation (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Nuance Communications, Inc. (U.S.), eClinicalWorks (U.S.) NextGen Healthcare, Inc. (U.S.), Computer Programs and Systems, Inc. (CPSI) (U.S.), Conifer Health Solutions, LLC. (U.S.), 3M Company (U.S.), Koninklijke Philips N.V. (The Netherlands), and Infor, Inc. (U.S.) among others.
TOP 10 COMPANIES IN HEALTHCARE IT MARKET – 2020 @ https://meticulousblog.org/top-10-companies-in-healthcare-it-market/
Meticulous Research™
chhagan yadav
+91 744-7780008
chhagan.y@meticulousresearch.com
Source: EmailWire.Com 
Source: EmailWire.com
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