Over the past few decades Healthcare IT solutions industry has seen immense changes in the products and services that are integrated with IT solutions. Healthcare industry has been transformed and still improving rapidly with the use of newer technologies which enabled the organizations to perform well, reduce costs, provide better care to the patients and improve overall efficiency of the entire healthcare operations. The development of electronic patient records such as EMRs/EHRs has played a vital role in unfolding the IT potential to the industry. However, lack of awareness and huge costs associated with Healthcare IT solutions are seen biggest challenges in the growth of HCIT sector.
MARKET TRENDS IN HEALTHCARE IT:
It is estimated that Global Healthcare IT Industry is expected to grow and reach 229 billion USD from 2015 to 2020, with compound annual growth rate of 13% which is huge. In these figures, the stake of Healthcare IT outsourcing is between $55 to $70 billion.
Although there could be many reasons to this growth but the key driver are;
- increasing regulatory requirements from the governments in order to ensure, safety, security and health of patients
- Increasing demand from Healthcare providers to keep the cost down
- Increasing demand from Healthcare providers to improve the quality
- Increasing demand from Healthcare Insurance Providers for effective data management solutions
A detailed report published by Report Linker is worth reading by IT sectors. The report is segmented into Healthcare Provider solutions, Healthcare payer solutions and Healthcare IT outsourcing services. The report also provides insights on the growth of various segments in the market. It can be really helpful for IT services providers to analyze the growth trends and position their organizations well in the market for future growth.
WHAT IT COMPANIES SHOULD DO?
IT services providers including outsourcing companies have great opportunities coming ahead in the next five years. Companies that are already in the market with expertise in HCIT services are expected to grow if they focus more on developing newer solutions and bring innovation. The companies that are not in the business should focus more on research and development to jump into the market which is becoming astonishingly lucrative.
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