IT-Enabled Healthcare Market is Likely to Touch Us$210.3 Bn by the End of 2020, Remote Patient Monitoring Benefits Augment Demand
The IT-enabled healthcare market is highly fragmented with a large number of established players. Key players such as McKesson Corporation, Cerner Corporation, GE Healthcare, IMS Health Holdings, Inc., and Philips Healthcare have established themselves and collectively accounted for 14.3% of the market in 2013. Players are focusing on extensive product development and integrating across the value chain to reduce the overall cost of IT-enabled healthcare, states a new report by Transparency Market Research (TMR).
The threat of new entrants is high as new players are attracted by the rapidly expanding market. The low initial investments required and the low regulatory barriers in the market also work in the favor of new entrants. However, new entrants require access to distribution channels and also partnerships would be vital for their growth. Since no external substitute for this technology is available, the threat of substitutes is expected to be low in the coming years.
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Government Initiatives Promote Adoption of IT-enabled Healthcare Services
The various government initiatives across the globe are promoting the growth of IT-enabled healthcare market. Governments across the globe have been taking many efforts to ensure that people get technologically advanced healthcare infrastructure. The market is also driven by the rising incidences of chronic diseases. Since chronic diseases require long-term medication and continuous monitoring, IT-enabled healthcare solutions proves beneficial.
The rising administrative and operational cost of healthcare organizations have created a need for cost effective solution to provide healthcare to patients. As such, IT-enabled healthcare is attractive in terms of its cost-effectiveness and efficiency as compared to the conventional paper-based systems. Thus, the adoption of IT-enabled healthcare systems is expected to rise in the coming years.
Data Security: Matter of Concern for Healthcare Organizations
The information shared between different healthcare organizations is sensitive in nature and thus, requires a secure and reliable exchange method. Issues such as intrusion, data corruption, fraud, and damage, need to be addressed to increase the acceptance and adoption of IT-enabled healthcare services. Healthcare organizations need to implement strong information security management practices to ensure data privacy.
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Interoperability issues associated with health IT solutions such as patient identifiers, electronic health records (EHRs), clinical guidelines, and other healthcare business processes are hampering the adoption of these services. Automation and streamlining of various IT healthcare solutions need to be done to make the services feasible. The different network protocols used are also causing interoperability issues between different IT systems. All these factors can deter the adoption of the IT-enabled healthcare services.
Emerging Economies to Hold Growth Opportunities
The emerging economies in Asia Pacific and Latin America offer huge growth opportunities for the IT-enabled healthcare market. The high number of underserved patients in India, Brazil, and China will create a heighted need for IT-enabled healthcare services. The growing geriatric population in Chile, Mexico, and Brazil is also likely to create a demand for IT-enabled healthcare services. Thus, major players such as Johnson and Johnson and Phillips Healthcare are expanding their manufacturing facilities in the emerging countries and taking advantage of the unmet needs of the underserved patient population.
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According to the report, the global market opportunity in IT-enabled healthcare will rise from US$120.20 bn in 2015 to US$210.32 bn by 2020. By type, the healthcare system applications segment led not only in the past but is also expected to lead in the coming years in the global IT-enabled healthcare software market. The tele-health segment is expected to lead and account for 64.2% of the global IT-enabled healthcare services market by 2020. By end user, the public/private healthcare institutions segment is expected to lead by 2020 in the IT-enabled healthcare market. North America is expected to lead and account for 38% of the global market by 2020.
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