IT-enabled Healthcare Market to Reach Value of Approximately US$210.3 Bn by 2020-End

IT-enabled healthcare services offer feasible modes of overcoming deficits in the current healthcare delivery system across the globe. With the rising focus of several governments worldwide for the development of the desired healthcare infrastructure of the country, the private and public healthcare infrastructure of these countries is also growing significantly. Numerous countries such as Singapore, Algeria, Chile, Argentina, Brazil, China, and India among several others are incessantly focusing on increasing the budget of public sector healthcare programs by means of several government and private sponsored models. This effort has been made to reach out to the mass public. Furthermore, inadequacies of the conventional paper based methods such as high costs, redundancies, and incompleteness leads to pointless healthcare expenditures. IT-enabled healthcare presents a feasible replacement for the conventional systems in order to decrease the unnecessary healthcare costs and thus increase the quality and efficiency of healthcare services.

The employment of electronic medical records (EMR) and several different healthcare information systems guarantee steadiness of the healthcare services irrespective of their topographical location. The various other advantages of IT-enabled healthcare solutions such as home diagnosis, remote monitoring features, and other mHealth solutions are further expected to drive the growth of the IT-Enabled Healthcare Market in the near future.

The global IT-enabled healthcare market is projected to witness an 11.80% CAGR between 2014 and 2020. Based on value, the market stood at US$96.8 bn in 2013 and is likely to touch US$210.3 bn by the end of 2020.

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The global IT-enabled healthcare market is classified into individuals, healthcare workers, physicians, and private/public healthcare institutions. The public/private healthcare institution accounted for the leading share in 2013. However, the individuals segments is likely to exhibit strong growth over the next couple of years. The growth of these two segments can be attributed to the growing awareness regarding a healthy lifestyle among consumers across the globe. In terms of type, software dominated the global IT-enabled healthcare market in 2013.

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