Global Healthcare It Industry Is Expecting To Generate Revenue At A Cagr Of 20.3% During Forecast Period

By Author: MarketsandMarkets
Total Articles: 82
Comment this article

Research Methodologies Followed:

Primary Research:

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing and sales directors, technology & innovation directors, and related key executives from various key companies and organizations operating in the Healthcare IT market. The primary sources from the demand side included industry experts, purchase & sales managers, doctors, and personnel from research organizations. Primary research was conducted to validate the market segmentation, identify key players in the market, and gather insights on key industry trends and key market dynamics.

Secondary Research:

The secondary research process involved the widespread use of secondary sources, directories, databases (such as Bloomberg Businessweek, Factiva, and D&B Hoovers), white papers, annual reports, company 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 IT market. It was also used to obtain important information about the key players and market classification and 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.

Covid-19 Impact on the Healthcare IT Market

Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters.

Download PDF Brochure@
https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=252

The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.

Projected Revenue Growth:

The global healthcare IT market is projected to reach USD 821.1 billion by 2026 from USD 326.1 billion in 2021, at a CAGR of 20.3% during the forecast period.

Major Growth Influencing Factors:

Driver: Rising use of big data

In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years. In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The length of the data and its heterogeneity make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.

Restraint: IT infrastructural constraints in developing countries

Cost issues are one of the major barriers to the adoption of healthcare IT solutions. The maintenance and software update costs of these systems are more than the price of the software. Support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure amounting to almost 30% of the total cost of ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of ownership of these systems. The implementation cost of healthcare IT solutions in healthcare systems of emerging economies is even more as they also require capital for building an infrastructure needed for implementing healthcare IT solutions.

Opportunity: Rising use of healthcare IT solutions in outpatient care facilities

In response to the rising pressures on health systems to lower the cost of care, the industry is shifting towards outpatient settings to reduce the care cost. In addition, convenience is another important factor driving the rise of ambulatory care. With the increase in the number of outpatient settings and patient influx, the demand and usage of healthcare IT solutions in outpatient settings will increase.

Request Sample Pages@
https://www.marketsandmarkets.com/requestsampleNew.asp?id=252

Market Size Estimation:

The total size of the healthcare IT market was arrived at after data triangulation from two different approaches, as mentioned below.

Approach to calculate the revenue of different players in the healthcare IT market

The size of the global healthcare IT market was obtained from annual reports, SEC filings, online publications, and extensive primary interviews. A percentage split was applied to arrive at the size of market segments. Further splits were applied to arrive at the size for each sub-segment. These percentage splits were validated by primary participants. The country-level market sizes obtained from the annual reports, SEC filings, online publications, and extensive primary interviews were added up to reach the total market size for regions. By adding up the market sizes for all the regions, the global healthcare IT market was derived.

Approach to derive the market size and estimate market growth

The market size and market growth were estimated through primary interviews on a regional and global level. All responses were collated, and a weighted average was taken to derive a probabilistic estimate of the market size and growth rate.

Data Triangulation:

After arriving at the overall market size—using the market size estimation processes explained above—the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation, and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides.

Read More Detailed Article@
https://www.marketsandmarkets.com/Market-Reports/healthcare-it-252.html