- Artificial Intelligence (AI):AI is becoming increasingly popular in healthcare IT, with the potential to improve accuracy, efficiency, and outcomes. AI is already being used to diagnose medical conditions and assist physicians in making treatment decisions.
- Cloud Computing:Cloud computing is becoming more popular as a way to store, access, and manage medical data. By utilizing cloud-based services, healthcare organizations can securely store and share data, as well as access patient records from anywhere.
- Telemedicine:Telemedicine is becoming increasingly popular as a way to provide remote patient care. This technology allows patients to access healthcare services without needing to visit a physical office or clinic.
- Wearable Devices:Wearable devices are becoming increasingly popular in healthcare IT as a way to monitor a patient’s health data. These devices are used to track vital signs, such as heart rate and blood pressure, as well as to detect potential medical issues.
- Big Data:Big data is being used to analyse large amounts of medical data to gain insights into patient health and predict outcomes. By leveraging big data, healthcare organizations can develop more effective treatments and improve patient outcomes.
Projected Revenue Surge in Near Future:
The global healthcare IT market in terms of revenue was estimated to be worth $394.6 billion in 2022 and is poised to reach $974.5 billion by 2027, growing at a CAGR of 19.8%.
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Market Growth Drivers
- Government mandates support for HCIT solutions
- Rising use of big data
- High returns on investment associated with HCIT solutions
- Need to curtail escalating healthcare costs
- Growing adoption of e-prescribing, telehealth, mHealth, and other HCIT solutions due to COVID-19
- Growing mHealth, telehealth, and remote patient monitoring markets
Market Growth Opportunities
- Rising use of HCIT solutions in outpatient care facilities
- Cloud-based EHR solutions
- Shift toward patient-centric healthcare delivery
Market Challenges
- Security concerns
- Interoperability issues
The prominent players operating in the healthcare IT market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US).
Optum, Inc. (US) was one of the leading market players in the healthcare IT market in 2021. Optum, Inc. provides HCIT solutions to healthcare payers, providers, employers, and government life science companies. The company primarily operates through three business segments—OptumHealth, OptumInsight, and OptumRx. The OptumHealth segment is involved in care delivery, care management, wellness consumer engagement, and health financial services.
Cerner (US) is a global provider of HCIT solutions. The products and services offered by the company include HCIT solutions, medical device integration solutions, professional services, remote hosting services, document management, imaging solutions, and other health and welfare services. The company offers these solutions through seven main segments—Licensed Software, Technology Resale, Subscriptions, Professional Services, Managed Services, Support and Maintenance, and Reimbursed Travel. The major end users of the company’s products include hospitals, single-doctor practices, healthcare providers, individual consumers, employer groups, and healthcare payers.
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Recent Developments
- In October 2022, Optum acquired Change Healthcare. The acquisition will connect and simplify the core clinical, administrative, and payment processes that providers and payers depend on to serve patients, resulting in lower costs and a better experience for all stakeholders. The company announced plans to acquire Change Healthcare in 2021.
- In June 2022, Cerner partnered with Hazelden Betty Ford Foundation. The Oracle Cerner EHR and Xealthrsquo;s digital therapeutic distribution platform made it easier for Hazelden Betty Ford clinicians to personalize patient care by assigning them digital content, including therapeutic education, exercises, and workshops, accessible via the EHR patient portal.
- In March 2022, Cognizant (US)) collaborated with Microsoft(US) .The collaboration aimed to deliver a new digital health solution to enhance remote patient monitoring and virtual health, utilizing products like smart watches, blood pressure monitors, and glucose meters to collect and communicate patient health data to providers for improved medical care.
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