Strong growth ahead for Healthcare IT market

A whopping $32 billion was spent on electronic health records (EHRs) by President Obama’s administration.

The digitization of healthcare workflow including the ability to capture, store, analyze and exchange medical information has changed the entire the entire healthcare ecosystem. And the key to leverage and keep improving these technologies lies in the growth of healthcare IT. Healthcare IT has the potential to generate valuable information to improve workflow, safety, and efficiency within healthcare organizations. Healthcare IT provides benefits such as improved patient care, increased engagement of patient in healthcare, improved population-based knowledge, development of new tools for medicine, and augmented administrative efficiency.

At this moment, U.S. and Canda are spearheading the highest share Healthcare Information Technology segment due to firm government support in terms of investment and incentives, growing demand for integrated healthcare IT systems to achieve high return on investment, growing patient consumerism for quality care and ensure safety, and rise in aging population.

Growing healthcare cost in developed countries has strengthened the growth of the healthcare IT market in developing countries such as India, Singapore, and Thailand. Consequently, this results in migration of patients to suitable medical tourism destinations, where medical cost is lower as compared to their native regions. For instance, a hip replacement that costs $43,000 in the U.S. could cost $12,000 in Singapore and just $9,000 in India, which encourages patients to choose India as a medical destination. This increases the demand for HCIT solutions to streamline workflow and manage patient information.

 

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