COVID-19 Impact on Healthcare IT: Projected Growth in Demand and Adoption of Telehealth
Based on MarketsandMarkets™ report, “COVID-19 Impact on Healthcare Information Technology Market by Product (Telehealth, Cloud Computing, Artificial Intelligence, Analytics, RCM, PACS, VNA, EHR, IoT, ePrescription and PM), End-User and Region – Global Forecast to 2021“, the Healthcare Information Technology Market size is projected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6% during the forecast period.
Rising incidence of COVID-19, government mandates, support and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs are the major factors driving the growth of this market.
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The Telehealth segment is expected to grow at the highest CAGR during the forecast period
Based on products, the healthcare information technology market is segmented into telehealth solutions, healthcare analytics solutions & artificial intelligence (AI) in healthcare, blockchain in healthcare, healthcare IoT, supply chain management solutions, practice management solutions, ePrescription solutions, mHealth Solutions, HCIT outsourcing services, payer solutions, enterprise health records (EHR) systems, revenue cycle management (RCM) solutions, picture archiving and communication systems (PACS), and vendor-neutral archives (VNA). The telehealth segment is expected to grow at the highest CAGR during the forecast period. The use of telehealth solutions facilitates remote doctor-patient consultations (telemedicine) and vital sign monitoring. These solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations.
The COVID-19 pandemic is providing immense opportunities for telehealth solutions, considering that social distancing is the only existing solution developed so far capable of minimizing exposure. In this regard, telemedicine represents an attractive, effective, and affordable option. Moreover, this technology is of critical importance in keeping healthcare providers safe.
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The healthcare providers settings segment is expected to grow at the highest CAGR during the forecast period
Based on the end-users, the market is segmented healthcare providers, healthcare payers, and other end-users. The healthcare providers segment is expected to grow at the highest CAGR. HCIT solutions such as web/cloud-based EMRs have seen a significant boost in uptake, as healthcare providers seek support for better decision-making and to provide efficient, coordinated care.
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North America accounted for the majority of the global healthcare information technology market share in 2019
North America accounted for the largest share of the global healthcare information technology industry in 2019, followed by Europe. The large share of this region is attributed mainly to a high number of positive COVID-19 cases and deaths in the US, a robust healthcare system and IT infrastructure, and the presence of many large hospitals in the region. Moreover, a large number of major global players are based in the US, owing to which the country can easily manufacture these devices.
The prominent players in the global healthcare information technology market are Optum (US), Cerner (US), Cognizant (US), Change Healthcare (US), Philips Healthcare (Netherlands), Epic Systems (US), Dell Technologies (US), and Allscripts (US), among others