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The “Healthcare IT – Global Market Trajectory & Analytics” report has been added to ResearchAndMarkets.com‘s offering.

 

Global Healthcare IT Market to Reach $484 Billion by 2026

Amidst COVID -19 crisis, the global healthcare IT market, estimated at US$ 201.8 Billion in 2020, is expected to reach a revised size of US$ 484 Billion by 2026, growing at a CAGR of 15.1% during the analysis period.

Services, one of the segments analyzed in the report, is projected to grow at a CAGR of 15.2% to reach US$ 306.8 bn by the end of the analysis period. After a thorough analysis of the business impact of the pandemic and the economic crisis it triggered, the growth of the software segment is revised to a revised CAGR of 15.8% over the next 7-year period. This segment currently accounts for a 29.5% share of the global healthcare market IT.

The rapid growth of applications and devices is leading to a new realism in healthcare. The Internet of Things (IoT) will spread to almost all aspects of human life, including healthcare, increasing its efficiency. However, technological developments in healthcare also bring challenges, especially in terms of vulnerability and risks.

Ensuring the performance and availability of healthcare services across hospital networks, clinics, medical buildings, the insurer/payer systems, and in public/private cloud data centers is also critical. Network services are being virtualized and organizations are expected to move to an “as-a-service” model in the next few years.

Currently, about a third of businesses use as-a-service solutions. In fact, a number of healthcare applications are currently available and being implemented as a service, particularly EMR solutions. The use of cloud storage solutions as a service is also increasing due to their flexibility and agility, which is essential for managing a large number of large image files.

Healthcare applications are rapidly gaining importance as disruptions are not tolerated and could affect patient care. Studies show that about 40% of organizations use the services of two or more public cloud providers, primarily to avoid disruptions that cause delays and lost time.

The US market is estimated to reach $85.8 billion in 2021, while China is expected to reach $29.4 billion by 2026

The healthcare IT market in the U.S. is estimated to be US$85.8 billion by 2021. The country currently accounts for 36.2% of the global market. China, the second-largest economy in the world, is expected to reach an estimated market size of US$ 29.4 billion in 2026, growing at a CAGR of 22% during the analysis period.

The COVID -19 situation prompted a large number of health practices and hospitals to adopt virtual care, with federal and state governments announcing holdouts and changes to existing policies to remove barriers to payment for virtual services. The percentage of Medicare primary care visits that were delivered via virtual technology increased dramatically from just 1% in the pre-pandemic period to about 43.5% during the outbreak.

Technology has been adopted by both private insurers and acute care patients to interact with their family members. Due to higher patient satisfaction with remote visits, virtual modalities, including telemedicine, will become more common in the post-pandemic era.

Healthcare organizations must recognize that increasing competition from unconventional players such as direct-to-consumer telehealth services will limit their ability to fully control and own these avenues of service delivery. These organizations will also need to rethink their existing processes to enable cost-effective delivery of digital services as margins shrink due to intense competition and pricing pressures.

For more information about this report visit: https://www.researchandmarkets.com/r/m9inc5