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Global IT-enabled Healthcare Market: Overview

IT-enabled healthcare services offer feasible modes of overcoming deficits in the current healthcare delivery system across the globe. With the rising focus of several governments worldwide for the development of the desired healthcare infrastructure of the country, the private and public healthcare infrastructure of these countries is also growing significantly. Numerous countries such as Singapore, Algeria, Chile, Argentina, Brazil, China, and India among several others are incessantly focusing on increasing the budget of public sector healthcare programs by means of several government and private sponsored models. This effort has been made to reach out to the mass public. Furthermore, inadequacies of the conventional paper based methods such as high costs, redundancies, and incompleteness leads to pointless healthcare expenditures. IT-enabled healthcare presents a feasible replacement for the conventional systems in order to decrease the unnecessary healthcare costs and thus increase the quality and efficiency of healthcare services.

The employment of electronic medical records (EMR) and several different healthcare information systems guarantee steadiness of the healthcare services irrespective of their topographical location. The various other advantages of IT-enabled healthcare solutions such as home diagnosis, remote monitoring features, and other mHealth solutions are further expected to drive the growth of the IT-enabled healthcare market in the near future.

The global IT-enabled healthcare market is projected to witness an 11.80% CAGR between 2014 and 2020. Based on value, the market stood at US$96.8 bn in 2013 and is likely to touch US$210.3 bn by the end of 2020.

Public/Private Healthcare Institutions to Lead Market

The global IT-enabled healthcare market is classified into individuals, healthcare workers, physicians, and private/public healthcare institutions. The public/private healthcare institution accounted for the leading share in 2013. However, the individuals segments is likely to exhibit strong growth over the next couple of years. The growth of these two segments can be attributed to the growing awareness regarding a healthy lifestyle among consumers across the globe. In terms of type, software dominated the global IT-enabled healthcare market in 2013.

Mature Markets to Provide New Opportunities

The global market for IT-enabled healthcare has been segmented on the basis of region into Asia Pacific, North America, Europe, and the Rest of the World. North America emerged as the leading regional market in 2013 owing to the existence of modern infrastructure, intelligent workforce, and the early adoption of several technological advancements. The growth of the market in this region is also expected to be favored by the incessantly rising geriatric population in the region. Owing to the early acceptance and deployment of IT-enabled healthcare services in order to improve service and process, the market in Europe has reached a mature stage. However, Asia Pacific is expected to witness significant growth in the next couple of years. The Asia Pacific market for IT-enabled healthcare is expected to be aided by significant funds from the governments of the various countries of the region.

Some of the leading companies in the global IT-enabled healthcare market are AT&T, Aerotel Medical Systems, GE Healthcare, eHealth Technologies, Allscripts Healthcare Solutions, Siemens AG, Siemens AG, Johnson & Johnson Healthcare Systems, and McKeson.

IT enabled healthcare has emerged as an important component of the global digital ecosystem.  The advent of digital transformation has created new inlets for growth and advancements within the healthcare industry. The quest of healthcare planners to induct resilient technologies and systems to foster improved patient care has driven demand for IT enabled healthcare. Furthermore, several healthcare centers and groups have successfully implemented healthcare IT programs in recent times. Favourable healthcare outcomes have led researchers and planners to confide in healthcare IT. The next decade is expected to witness the emergence of several healthcare technologies based on digital transformation and ICT.

  • Electronic health record (EHR) is an important component of the healthcare IT ecosystem. Several hospitals have inducted EHR systems to improve operations at intrinsic and extrinsic levels. Moreover, medical practitioners and healthcare experts rely on the use of IT technologies that can fast-track processes.
  • In the absence medical history of patients, it becomes difficult for doctors to furnish a comprehensive diagnosis. Therefore, use of EHR has helped in fostering accuracy and ease across the healthcare industry. In recent times, state planners have increased their budget for healthcare spending. This ensures availability of sufficient funds to develop seamless healthcare IT infrastructure.
  • Healthcare units are gradually transforming into digital centers that thrive on the use of ICT technologies. This trend, coupled with increased investments in digital technologies, has garnered the attention of healthcare planners. The next decade would be crucial in understanding the development graph of the healthcare sector.
  • Healthcare IT shall facilitate provision of e-health, remote monitoring, and patient care services. The US has led the world in terms of healthcare prowess by inducting premium IT technologies. This factor shall contribute towards popularising healthcare IT infrastructure across North America. Europe has also remained on top of its game in terms of healthcare IT deployment.

This report aims to provide a comprehensive strategic analysis of the global IT-enabled healthcare market along with the market size and growth forecast of IT-enabled healthcare for the period from 2012 to 2020. A major factor driving the growth of IT-enabled healthcare market is the government initiatives mandating an efficient healthcare infrastructure. Numerous government policies across the world have generated a strong demand for IT enablement of national and district-level healthcare facilities. Moreover, inefficiencies of the traditional paper-based system such as incompleteness, redundancies and high costs led to unnecessary healthcare expenditures. IT-enabled healthcare offers a viable alternative to the traditional system in order to reduce healthcare costs and increase the efficiency and quality of healthcare services. The use of electronic medical records (EMRs) and other healthcare information systems ensures the continuity of healthcare services for the patients regardless of their geographical location. Other benefits offered IT-enabled healthcare solutions such as convenience during remote monitoring, home diagnosis and other mHealth solutions are also driving the growth in demand for IT-enabled healthcare.

The research report on the IT-enabled healthcare market offers a detailed analysis of IT solutions being deployed across healthcare sector and aims to explain the driving forces behind the rise in demand for these systems in the healthcare industry. The report also provides an analysis of the various factors affecting market dynamics including market drivers, relevant restraints, and growth opportunities. These factors govern the existing market trends and their impact on the market is evaluated for the forecast period i.e. 2014 - 2020. The report includes a comprehensive coverage of the underlying economic and technological factors influencing the IT-enabled healthcare market. Furthermore, with the use of Porter’s five forces analysis and value chain analysis, the report aims to provide strategic insights into the supply chain of IT-enabled healthcare market. Market share analysis of key players in IT-enabled healthcare market sheds light on the prevailing competition in this market.

The report includes a comprehensive analysis of various market segments based on software, services and end-users. Moreover, an in-detail analysis of these segments across different geographical locations has been provided to help with the strategic decision making process. Various software solutions being deployed across healthcare sector include healthcare system applications and mHealth applications. Healthcare system applications comprise administrative information systems (AIS), clinical information systems (CIS), and ancillary information systems. Clinical information systems include electronic medical records (EMRs), nursing information system (NIS), and computer-aided diagnosis (CAD) among others. Ancillary information systems segment consists of pharmacy information systems and laboratory information systems.

Services segment of IT-enabled healthcare market is categorized into tele-health and mHealth services offered globally. Tele-health services comprise healthcare diagnostics, remote patient monitoring, healthcare education and other services such as e-prescription and on-line support. mHealth services include solutions for patients and healthcare system strengthening services. The solutions for patients segment include wellness, monitoring services, diagnostic services, prevention services, treatment services, and information and reference services. Healthcare system strengthening services are further segmented into emergency response, healthcare practitioner support, and healthcare surveillance. The study provides a comprehensive assessment of various end-users including physicians, public/private healthcare institutions, healthcare workers, and individuals. The report aims to provide a comprehensive cross-sectional analysis of the software, hardware, and end-user segments of the IT-enabled healthcare market across geographies including North America, Europe, Asia Pacific, and the Rest of the World (RoW).

In addition, the report offers competitive profiling of the leading players in this industry and various business strategies adopted by them. The company profiles section in the report provides an overview of the companies, strategies followed to gain competitive advantage, annual revenues generated in the past few years, and recent developments. Companies profiled in this report include McKesson Corporation, Cerner Corporation, Koninklijke Philips N.V., GE Healthcare, Siemens AG, IMS Health Holdings Inc., Allscripts Healthcare Solutions Inc., eHealth Technologies, E*HealthLine.Com Inc., AirStrip Technologies LP, Aerotel Medical Systems Ltd., Johnson & Johnson Healthcare Systems Inc., AT&T Inc. and Apple Inc.

The global IT-enabled healthcare market is categorized into the following segments:

IT-enabled Healthcare Software Market, by Type

  • Healthcare System Applications

    • Administrative Information Systems (AIS)
    • Clinical Information Systems (CIS)

      • Electronic Medical Record (EMR)
      • Nursing Information Systems (NIS)
      • Computer Aided Diagnosis (CAD)
      • Others (Medical Imaging and Surgery Training and so on)
    • Ancillary Information Systems (AIS)

      • Pharmacy Information Systems (PIS)
      • Laboratory Information Systems (LIS)
  • mHealth Applications

IT-enabled Healthcare Services Market, by Type

  • Tele-health

    • Healthcare Diagnostics
    • Remote Patient Monitoring
    • Healthcare Education
    • Others (Electronic prescribing software and online support)
  • mHealth

    • Solutions for Patients

      • Information and Reference Services
      • Monitoring Services
      • Diagnostic Services
      • Wellness Services
      • Treatment Services
      • Prevention Services
  • Healthcare System Strengthening Solutions

    • Emergency Response Services
    • Healthcare Practitioner Support
    • Healthcare Surveillance

IT-enabled Healthcare Market, by End-user

  • Public/Private Healthcare Institutions
  • Physicians
  • Healthcare Workers
  • Individuals

IT-enabled Healthcare Market, by Geography

  • North America
  • Europe
  • Asia Pacific
  • Rest of the World

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