The threat of new entrants is high as new players are attracted by
the rapidly expanding market. The low initial investments required
and the low regulatory barriers in the market also work in the favor
of new entrants. However, new entrants require access to distribution
channels and also partnerships would be vital for their growth. Since
no external substitute for this technology is available, the threat
of substitutes is expected to be low in the coming years.
Government Initiatives Promote Adoption of IT-enabled Healthcare
Services
The various government initiatives across the globe are promoting the
growth of IT-enabled healthcare market. Governments across the globe
have been taking many efforts to ensure that people get
technologically advanced healthcare infrastructure. The market is
also driven by the rising incidences of chronic diseases. Since
chronic diseases require long-term medication and continuous
monitoring, IT-enabled healthcare solutions proves beneficial.
The rising administrative and operational cost of healthcare
organizations have created a need for cost effective solution to
provide healthcare to patients. As such, IT-enabled healthcare is
attractive in terms of its cost-effectiveness and efficiency as
compared to the conventional paper-based systems. Thus, the adoption
of IT-enabled healthcare systems is expected to rise in the coming
years.
Data Security: Matter of Concern for Healthcare Organizations
The information shared between different healthcare organizations is
sensitive in nature and thus, requires a secure and reliable exchange
method. Issues such as intrusion, data corruption, fraud, and damage,
need to be addressed to increase the acceptance and adoption of
IT-enabled healthcare services. Healthcare organizations need to
implement strong information security management practices to ensure
data privacy.
Trends of IT Enabled Healthcare: http://bit.ly/2c0jYLa
Interoperability issues associated with health IT solutions such as
patient identifiers, electronic health records (EHRs), clinical
guidelines, and other healthcare business processes are hampering the
adoption of these services. Automation and streamlining of various IT
healthcare solutions need to be done to make the services feasible.
The different network protocols used are also causing
interoperability issues between different IT systems. All these
factors can deter the adoption of the IT-enabled healthcare services.
Emerging Economies to Hold Growth Opportunities
The emerging economies in Asia Pacific and Latin America offer huge
growth opportunities for the IT-enabled healthcare market. The high
number of underserved patients in India, Brazil, and China will
create a heighted need for IT-enabled healthcare services. The
growing geriatric population in Chile, Mexico, and Brazil is also
likely to create a demand for IT-enabled healthcare services. Thus,
major players such as Johnson and Johnson and Phillips Healthcare are
expanding their manufacturing facilities in the emerging countries
and taking advantage of the unmet needs of the underserved patient
population.
According to the report, the global market opportunity in IT-enabled
healthcare will rise from US$120.20 bn in 2015 to US$210.32 bn by
2020. By type, the healthcare system applications segment led not
only in the past but is also expected to lead in the coming years in
the global IT-enabled healthcare software market. The tele-health
segment is expected to lead and account for 64.2% of the global
IT-enabled healthcare services market by 2020. By end user, the
public/private healthcare institutions segment is expected to lead by
2020 in the IT-enabled healthcare market. North America is expected
to lead and account for 38% of the global market by 2020.
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