Technological Advancement in Healthcare Services Boost Healthcare IT Industry

19th May 2020: Healthcare IT includes the development, designing, maintenance, and use of numerous IT systems for the healthcare industry. The healthcare industry has examined a constant shift for value-based care model. This value-based care model is mainly focused on improving the quality of care with the support of meeting regulatory requirements, delivering personalized customer experience, and patient engagement.

Telemarket and Telehealth Sector Account for the Largest Share

The major application variants of the healthcare IT market include electronic prescribing systems, computerized provider order entry systems, lab information systems, electronic health records, PACS, telemedicine and telehealth, clinical information systems, etc. The telemarket and telehealth sector accounted for the largest share in the healthcare IT and is anticipated to expand at the fastest CAGR in the forthcoming period. The factors that are attributed to the growth include large share that comprise of benefits such as simple transfer of information through telecommunication technologies and high usage rates. In addition, changing preferences to evade hospital visits and the need for home healthcare facilities are the factors endorsing this sector’s development.

Electronic Health Records (EHR) segment is followed by telecommunication in terms of share of revenue and anticipated to reach high in the forecast period. As per the Healthcare Information and Management Systems Society, Electronic Health Records (EHR) are longitudinal records associated with the patient health data. 

These records are managed by medical institutes. The application of Electronic Health Records (EHR) is anticipated to reach at the highest CAGR in the forthcoming period on account of factors such as interoperability and user-friendliness. Furthermore, this system offers information, which assists in taking decision associated with the patient’s health in an emergency.  

Market Insights: 

Top policies that are being started by these key companies comprise mergers, acquisitions, and collaborations. These support companies develop innovative and novel solutions to increase their overall presence. 

For instance, in January 2019, Change Healthcare and Experian Health declared partnership for offering identity management solution to evade duplication challenges. This partnership will enable the company to deliver an optimal consumer experience, thereby increasing its customer base.

Leading players operating in the healthcare IT market include Agfa Healthcare; Philips Healthcare; Hewlett-Packard; E-MDS Inc.; GE Healthcare; Athenahealth Inc.; Carestream Health Mckesson Corporation; and Carestream Health eClinicalWorks.