IT-enabled Healthcare Market Analysis | Coherent Market Insights

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IT-enabled Healthcare Market Analysis
(2020-2027)

• IT-enabled healthcare involves use of Clinical
  Information Systems (CIS), Electronic Medical
  Record (EMR), Nursing Information Systems (NIS),
  Computer Aided Diagnosis (CAD), and other such
  software and systems.
• Statistics
• The global IT-enabled healthcare market is
  estimated to account for US 464.73 Bn in terms
  of value by the end of 2027.

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Global IT-enabled Healthcare Market Drivers

• Increasing prevalence of chronic disorders is
  expected to propel growth of the global
  IT-enabled healthcare market over the forecast
  period. For instance, according to the American
  Cancer Society, in 2019, there will be an
  estimated 1,762,450 new cancer cases diagnosed
  and 606,880 cancer deaths in the U.S.
• Moreover, launch of IoT connected device
  platforms is also expected to aid in growth of
  the market. For instance, in June 2020, MedShift,
  a medical technology company, launched the new
  version of IoT connected device platform, 3.0,
  which provides an end-to-end solution for device
  manufacturers, integrating their purpose-built
  credit card-sized computer boards, with encrypted
  private cellular SIM capabilities, into any
  medical device line up.  

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• Statistics
• North America held dominant position in the
  global IT-enabled healthcare market in 2019,
  accounting for 39.0 share in terms of value,
  followed by Europe and Asia Pacific,
  respectively.

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Figure 1 Global IT-enabled Healthcare Market
Share () Value, By Region, 2019
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Global IT-enabled Healthcare Market Restraints

• Low adoption of internet in emerging economies is
  expected to hinder growth of the market. For
  instance, according to Pew Research Center
  (October 2019), Sub-Saharan Africa has a lower
  level of internet use than any other geographic
  region, ranging from a high of 59 in South
  Africa to a low of 25 in Tanzania.
• Moreover, high cost of Picture Archiving and
  Communication System (PACS) and Radiology
  Information System (RIS) is also expected to
  limit growth of the market. For instance,
  conventional PACS systems can cost around US
  5,000 to US 100,000.

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Global IT-enabled Healthcare Market
Opportunities 

• Increasing adoption of cloud-based PACS is
  expected to offer lucrative growth opportunities
  for players in the global IT-enabled healthcare
  market. Cloud-based PACS offers several benefits
  such as on-demand self-service, broad network
  access, resource pooling, rapid elasticity, and
  measured service.
• Moreover, increasing penetration of internet is
  also expected to aid in growth of the market. For
  instance, according to China government-backed
  Market Intelligence Consulting Institute and
  reported by China Internet Watch, internet
  penetration in China reached 61.2 percent in the
  first half of 2019, with 854 million internet
  users at the end of June 2019.   

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• Statistics
• The global it-enabled healthcare market was
  valued at US 187.7 Bn in 2019 and is forecast to
  reach a value of US 464.7 Bn by 2027 at a CAGR
  of 12.0 between 2020 and 2027.

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Figure 2 Global IT-enabled Healthcare Market
Value (US Bn), 2016 2027
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Market Trends/Key Takeaways

• Emergence of novel coronavirus is boosting growth
  of the market. For instance, globally, as of
  403pm CEST, 30 June 2020, there have been
  10,185,374 confirmed cases of COVID-19, including
  503,862 deaths, reported to World Health
  Organization.
• Moreover, launch of pharmacy automation systems
  is also expected to aid in growth of the market.
  For instance, in February 2018, RxSafe, LLC
  launched RapidPakRx system, a new automated strip
  packaging system for retail and health system
  pharmacies that enables on-demand adherence
  packaging production

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Global IT-enabled Healthcare Market Competitive
Landscape

• Major players operating in the global IT-enabled
  healthcare market include, McKesson Corporation,
  eHealth Technologies, GE Healthcare, Johnson and
  Johnson Healthcare Systems, Inc., Aerotel Medical
  Systems, Ltd., Siemens AG, EHealthLine.Com,
  Inc., Allscripts Healthcare Solutions, Inc., ATT
  Inc., Apple, Inc., MedShift, RxSafe, LLC, Sectra,
  Wellbeing Software, and AirStrip Technologies LP.

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Global IT-enabled Healthcare Market Key
Developments

• Major players in the market are focused on
  adopting collaboration strategies to enhance
  their market share. For instance, in April 2020,
  Sectra, a medical imaging IT and cybersecurity
  company, collaborated with Hospital for Special
  Surgery, an academic medical center focused on
  musculoskeletal health, to integrate FDA approved
  digital pathology imaging solution with
  laboratory information system for integrated
  diagnostics capabilities between radiology and
  pathology.
• Similarly, in April 2020, Wellbeing Software
  collaborated with Behold.ai, through which the
  Behold.ais artificial intelligence-based red dot
  algorithm will be used with Wellbeing Softwares
  Cris, a RIS, for fast-track diagnosis of COVID-19
  in U.K.

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