The global healthcare IT market to grow at a CAGR of 7% during the period 2016-2020
Global Healthcare IT Market 2016-2020, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
A trend which is boosting market growth is the increased adoption of HIS. HIS departments outsource their coding and IT-related technologies to third-party ITO service providers to minimize the cost of software installation. Increased adoption of HIS devices by physicians to monitor patient's health status has made it necessary to have technical experts. Hence, hospitals outsource their IT-related healthcare information services to domain experts to increase operational efficiency. Integrated IT solutions are required to connected HIS devices to other healthcare information systems such as laboratory and pharmacy information systems for information exchange.
According to the report, a key growth driver is the changing government regulations as they pertain to the healthcare industry. Governments of many countries revise their regulations to make the healthcare sector more customer-oriented. WHO introduced guidelines for international classification of diseases (ICD), a standard diagnostic tool for epidemiology, health management, and for clinical purposes. The ICD guidelines are used globally for reimbursement systems and automated support in the healthcare sector. Currently, the guidelines are in their 10th version.
Further, the report states that one challenge that could impede market growth is the lack of transparency in the healthcare industry.