Allied Market Research recently released its analysis of the global HealthCare IT market, predicting a CAGR growth of about 13.2% from 2016 till 2022. Currently valued at $125 billion (2015 data), the predicted valuation in 2022 is expected to be $297 billion. This growth will be fuelled by the increasing demands for patient safety, application of accurate data for healthcare decisions and the agenda to make healthcare affordable and accessible to the common man, through effective cost management and policy management.
The report analyzes the current position and future global trends in healthcare and allied segments. Geographically, North America currently leads the market and is expected to continue enjoying this position. In fact, the North American healthcare asset management market is expected to grow at a CAGR of 17.4% to $9.7 billion by 2022. Europe and Asia Pacific are seen trailing North America. In Europe, Germany is expected to be the fastest growing nation, while within Asia-Pacific, Japan and India currently dominate the sector, accounting for nearly 50% of the market share. Domain-wise, the clinical solution segment will see a CAGR growth of 19.3%. In the medical document management solution space, Asia-Pacific is expected to do well, with a projected CAGR of 17.8%.
The reason for the projected leap is in changing consumer preferences and demands of the industry. With health becoming a priority and the rise in patient awareness, the demand for quality health care services is increasing. This includes the areas of patient care, patient safety, government schemes to support optimum and affordable healthcare and most importantly, the digitization of health initiatives.
Not only have the number of healthcare providers increased, many establishments are seen struggling with the amalgamation of healthcare and technology becoming more, in the vogue. Like any other industry, healthcare also calls for being efficient and productive—this includes managing patient data through electronic records, optimizing operational costs and meeting customer demands for better yet affordable services. Moreover, this requirement extends to allied healthcare services, such as, pharmacies, nursing homes and so on.
The segment needs to keep pace and leverage the power of digital technology. Some players are seen dabbling in the latest, such as, electronic health records, mobile-health, tele-health and digital pathology—these will set the stage for growth in the years to come. Management of institutions also is seeing a transformation, with modern enterprise resource planning systems adding a degree of sophistication to transactions, such as, claims management and insurance delivery.
Some of the key domains within the Healthcare IT segment, include healthcare Provider solutions (clinical and non-clinical), Healthcare Payer Solutions, and Healthcare Outsourcing Services. The report covers the analysis across three areas—product type, end user and geography.