Government Initiatives for IT-enabled Healthcare Market to Exhibit 11.80 Percent CAGR from 2014 to 2020
According to a recent market study published by Transparency Market Research (TMR), the global IT-enabled healthcare market states that the said market will expand at a CAGR of 11.80 percent from 2014 to 2020. In terms of valuation, the market will increase from US$96.8 bn in 2013 to US$210.3 bn by 2020. The objective of this study is to provide an in-depth strategic analysis, which includes market size and development forecasts of the IT-enabled healthcare market from 2012 to 2020. In addition, the dynamics and interrelationships of the various indicators are also scrutinized for a credible research analysis.The report states that the increasing number of e-health initiatives, elevated incidence of chronic diseases, and governmental support are some of the major reasons driving the IT-enabled healthcare market worldwide. On the contrary, compatibility issues of various healthcare applications and data breach issues are hindering the market’s growth, says the TMR report.
The global IT-enabled healthcare market is divided on the basis of type into software and services. Between the two, it is the software segment that displays clear dominance, with the segment accounting for 74 percent of the global market in 2013. The sub-segments of the software segment are mHealth applications and healthcare system applications. In 2013, healthcare system applications held an outstanding 97 percent of the global IT-enabled healthcare market.Tele-health, mHealth, and healthcare system strengthening solutions are the segments of the services segment. Of these, it is the tele-health sector that registered the largest market share of 77 percent in the global market in 2013.
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On the basis of end user, physicians, individuals, private/public healthcare institutions, and healthcare workers are the segments of the global market for IT-enabled healthcare. Private/public healthcare institutions recorded a significant 51 percent share in the global market in 2013.Geography-wise, the IT-enabled healthcare market is divided into North America, Europe, Asia Pacific, and Rest of the World (RoW). In 2013, North America was the dominant regional market for IT-enabled healthcare services, due to a combination of several reasons. Early adoption of technological advancements, presence of modern infrastructure, and knowledgeable workforce are the reasons for this. The ever-increasing geriatric population in the region, which needs consistent healthcare, is favoring the adoption of technology-driven healthcare for remote monitoring.
Europe is a mature market due to the early adoption of IT-enabled healthcare for improved services and process efficiency.Nevertheless, Asia Pacific will exhibit the fastest growth in the IT-enabled healthcare market during the forecast period. Increasing governmental support in terms of funds and knowledgeable workforce is aiding the deployment of these systems.Some of the top companies that operate in the global IT-enabled healthcare market are McKeson, Johnson & Johnson Healthcare Systems, Siemens AG, Siemens AG, Allscripts Healthcare Solutions, eHealth Technologies, GE Healthcare, Aerotel Medical Systems, and AT &T.
McKesson Corporation, Cerner Corporation, and Koninklijke Philips N.V. were identified to be the top three players in the IT-enabled healthcare market in 2013. Other key players in the IT-enabled healthcare market include GE Healthcare, Siemens AG, IMS Health Holdings Inc., Allscripts Healthcare Solutions Inc., eHealth Technologies, E*HealthLine.Com Inc., AirStrip Technologies LP, Aerotel Medical Systems Ltd., Johnson & Johnson Healthcare Systems Inc., AT&T Inc. and Apple Inc.
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