In a recent published report, Kenneth Research has updated the Market report for Healthcare Information Technology (IT) Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Healthcare Information Technology (IT) Market Products.
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According to the statistics by the WHO, grew from 6.20% in 2001 to 6.69% in 2018. Additionally, the current healthcare expenditure per capita (current US$) grew 3x from USD 222.49 in 2001 to USD 721.88 in 2018.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The thriving private healthcare sector, coupled with the expanding network of specialty hospitals is driving the healthcare information technology (IT) market in India. Healthcare IT has improved process and data management, as well as patients’ experiences. In terms of revenue, the healthcare IT market in India was valued at INR 66.99 Bn in 2019, and is estimated to reach INR 98.21 Bn by 2025, expanding at a compound annual growth rate (CAGR) of ~6.46% during the 2020-2025 period.
Segment insights:
The healthcare IT market is segmented into IT hardware, IT services, and IT software. In 2019, the IT hardware segment dominated the market, accounting for 54.95% of the overall revenue. The computerization of basic operations such as patient registration and billing was the primary driving factor for the growth of the segment in the past decade.
In terms of revenue, IT services was the second-largest segment, followed by IT software, in 2019. Outsourcing of IT services regarding implementation and maintenance of enterprise resource planning (ERP), customer relationship management (CRM), and hospital information system (HIS) has attributed to the segment’s growth. IT software is estimated to be the fastest-growing segment of the healthcare IT market, expanding at a CAGR of ~9.12% during the 2020-2025 period. Adoption of e-prescription, electronic health and medical records, and health information exchange, especially among hospitals located in tier II and tier III cities, is likely to bolster the growth of the IT software segment.
Impact of COVID-19:
Although various industries are trimming down their discretionary IT budget due to reduced economic activities, the healthcare industry is leveraging IT to optimize operations and productivity. Healthcare providers have embraced IT solutions to deal with the high volumes of patients while complying with social distance norms.
The rapidly spreading contagion has triggered the demand for IT consulting in areas including analytics, strategy, security, and risk assessment. Furthermore, the demand for electronic health record system has proliferated to manage the gamut of COVID-19-related data generated every day. Indian healthcare providers such as Apollo Hospitals Enterprise Ltd., Medanta (The Medicity), Wockhardt Hospitals, Fortis Healthcare Ltd., and All India Institute of Medical Sciences (AIIMS) have scaled up their technical expertise in order to continue seamless business operations.
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Companies covered
• Wipro Ltd
• Allscripts (India) LLP
• Cerner Healthcare Solutions India Pvt. Ltd.
• Dell Technologies India Pvt. Ltd.
• Hewlett Packard Enterprise India Pvt. Ltd.
• IBM India Pvt. Ltd.
• Intel Technology India Pvt. Ltd.
• Oracle India Pvt. Ltd.
• SAP India Pvt. Ltd.
• Siemens Healthcare India Pvt. Ltd.
The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Healthcare Information Technology (IT) Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year on Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Playes
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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