DUBLIN--(BUSINESS WIRE)--The "COVID-19 Impact on the 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" report has been added to ResearchAndMarkets.com's offering.
The global 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%.
The market for healthcare information technology is driven primarily by the 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.
In 2019, the healthcare IoT product segment accounted for the largest share of the market.
Based on the product, the healthcare IoT market segment accounted for the largest share of the healthcare information technology market in 2019. The large share of this segment can be attributed to the fact that IoT has found numerous applications in the healthcare sector, such as telemedicine, connected imaging, inpatient monitoring, medication management, connected health, connected workers, and connected ambulances. The outbreak of COVID-19 has led IoT healthcare solution providers to quickly render solutions to meet the rising demand for high-quality services. This is one of the major factors responsible for the large share of this market.
In 2019, the telehealth segment witnesses the highest growth during the forecast period.
Based on the product, the telehealth market segment to register the highest CAGR over the forecast period. Telehealth solutions enable medical practitioners to evaluate & diagnose patients, ePrescribe medicines & treatments and detect fluctuations in their medical conditions through remote consultations. Thus, 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.
North America is projected to witness the highest growth during the forecast period.
The North American market is estimated to register the highest CAGR during the forecast period. Factors such as the highest number of COVID-19 cases globally, the presence of a large number of key local players that can ramp up the production of these devices, increased accessibility to advanced healthcare facilities are fueling the demand for healthcare information technology in the APAC region.
- Rising Prevalence of COVID-19
- Government Support and Favorable Initiatives
- Rising Generation of Data and Need for Big Data Analytics
- Need to Curtail Escalating Healthcare Costs
- High Costs of Solutions, Implementation, and Infrastructure
- Projected Growth in Demand and Adoption of Telehealth
- AI and Analytics
- Technical Challenges for Ehr Systems
- Data Security Concerns
- Change Healthcare
- Dell Technologies
- Epic Systems
- Philips Healthcare
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