Latest Trends and Recent Developments in Healthcare IT Market.

Illinois, United States, 2021-Mar-25 — /EPR Network/ —

This report aims to provide detailed insights into the global healthcare it market. It provides valuable information on the type, procedure, application, and region in the market. Furthermore, the information for these segments, by region, is also presented in this report. Leading players in the market are profiled to study their product offerings and understand the strategies undertaken by them to be competitive in this market.

Key Factors Driving Market Growth:

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 Healthcare IT Market.

Expected Revenue Growth:

The Healthcare IT 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.

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Key Players in Healthcare IT Market:

1. Optum (US)
2. Cerner (US)
3. Cognizant (US)
4. Change Healthcare (US)
5. Philips Healthcare (Netherlands)
6. Epic Systems (US)
7. Dell Technologies (US)
8. Allscripts (US)

Recent Developments:

1. In April 2020, OptumServe, the federal health services business of Optum, partnered with the California state in the US to increase testing for COVID-19 in the state’s communities

   2. In April 2020, UnitedHealth Research & Development and The Everett Clinic, part of Optum, led a research study which revealed that alternative swab materials and commonly available saline are effective for COVID-19 testing, providing more options for sample collection. These new findings, in conjunction with nasal sampling, allow for greater flexibility in obtaining samples, reduce the risk of infection to clinicians in collecting samples and reduce the need for clinicians to use protective equipment.

   3. In April 2020, Cerner Corporation started offering complimentary access to critical de-identified COVID-19 patient data to selected health systems and academic research centers in the US, to help fight the pandemic. This will provide eligible healthcare researchers with free access to Cerner’s COVID-19 data set to support epidemiological studies, clinical trials, and medical treatments related to COVID-19, in line with the applicable laws and guidelines.

   4. In April 2020, Cognizant announced an initial USD 10 million philanthropic commitment to support communities around the world in addressing the immediate and long-term impacts of COVID-19. Cognizant and it’s US and India-based foundations will provide critical resources to strengthen public health systems, education and workforce institutions, and the economic outlook of communities worldwide.

   5. In April 2020, Change Healthcare launched the COVID-19 Updates and Resources hub, an online source of technology, business, and informational resources, to provide providers and payers guidance on how to maintain administrative, financial, and operational stability during the COVID-19 pandemic.

   6. In April 2020, Philips Healthcare announced that it could help general practitioners and healthcare institutions manage the increased patient flows resulting from the COVID-19 outbreak through a dedicated and scalable telehealth solution that facilitates the use of online screening, follow-up questionnaires and monitoring, and external call center collaborations.

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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.