Technology

Healthcare IT Market size is set to grow by USD 199.8 billion from 2024-2028, Increasing focus on improving quality of services and efficiency to boost the market growth, Technavio

Published

5 months ago

July 30, 2024

NEW YORK, July 30, 2024 /PRNewswire/ — The global healthcare IT market size is estimated to grow by USD 199.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 11.61% during the forecast period. Increasing focus on improving quality of services and efficiency is driving market growth, with a trend towards emergence of ai-enabled emotion recognition technologies. However, vulnerability of emrs toward cybercrime poses a challenge. Key market players include 3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2017 – 2021

Segment Covered

End-user (Healthcare providers and Healthcare payers), Component (Services, Software, and Hardware), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

3M Co., athenahealth Inc., Cognizant Technology Solutions Corp., Dassault Systemes SE, Datavant, Dell Technologies Inc., Epic Systems Corp., General Electric Co., International Business Machines Corp., Koninklijke Philips N.V., McKesson Corp., Microsoft Corp., Oracle Corp., SAS Institute Inc., Siemens AG, Tata Consultancy Services Ltd., Tenet Healthcare Corp., UnitedHealth Group Inc., Veradigm LLC, and Wipro Ltd.

Key Market Trends Fueling Growth

In the healthcare industry, doctors and caregivers are utilizing advanced medical technologies, including AI, for precise ailment diagnosis and effective patient treatment. AI is gaining significant traction in the healthcare IT sector. One of its applications is emotion recognition, which allows solutions to identify and respond to human emotions and moods. Telemedicine vendors, particularly those focusing on telepsychiatry, employ this technology to assess patients’ emotional states, even when they’re not physically present. Smartphones and tablets with cameras are used to capture patients’ facial expressions, which the AI algorithm interprets to provide real-time emotional analysis. Additionally, healthcare providers collect and integrate mental health data from emotion-sensing wearable devices, such as virtual personal assistants (VPAs). Instant reporting of this data to doctors, nurses, or caregivers enhances patient care. Emotion recognition technology also benefits the visually impaired and those with autism by enabling them to read facial expressions and interpret emotions using smart glasses. These advancements in healthcare technology will fuel the growth of the global healthcare IT market.

The Healthcare IT market is experiencing significant growth with trends such as medical apps, consumer technology companies, and IT solutions for information management systems gaining popularity. Medical devices are integrating data communication standards for seamless information exchange. Hospitals and ambulatory care centers are investing in IT architecture for patient care and clinical solutions, prioritizing patient safety and integrated healthcare systems. Purchasing power is shifting towards healthcare IT solutions, including Healthcare IT solutions, hardware, software, and electronic information systems. Big data, AI, and IoT technologies are revolutionizing health information and digital health. Data security, trained IT professionals, and virtual reality (VR) and augmented reality (AR) are essential considerations. Genomics and personalized medicine are driving innovation, while virtual hospitals, remote patient monitoring, and telemedicine solutions expand access to care. Value-based payment models, payer-provider mergers, and quality reporting solutions are transforming the industry. Cloud-based solutions and accountable care solutions are key investments for the future. AI, ML, and medical imaging are also major areas of focus.

Discover 360° analysis of this market. For complete information, schedule your consultation- Book Here!

Market Challenges

The healthcare industry heavily utilizes IT and electronic communications for managing vast amounts of sensitive data. This includes medical records, patient personal information, and insurance details. However, advances in technology also increase the risk of cybercrime, such as hacking, data modification, and misuse. In 2019, Montpellier university hospital experienced a cyberattack that compromised over 600 computers. The confidentiality and accuracy of healthcare data are crucial for effective patient care. Cybersecurity threats pose a significant risk to the global healthcare IT market, making robust security systems essential to mitigate these risks and protect sensitive data.The Healthcare IT market faces several challenges in providing optimal care to patients. Hospital beds and medical equipment require capacity management solutions to monitor and manage disease progression effectively. Healthcare providers grapple with specialty medications, ePrescriptions, and controlled substances, necessitating robust IT systems for prescribers. Communication between virtual healthcare and inpatient settings is crucial, especially for smaller healthcare organizations and outpatient settings. Basic infrastructure and usability are key concerns for IT systems in healthcare management. Federal bodies and US hospitals demand web-based management for patient information, RCM solutions, and electronic prior authorizations. Remote monitoring of affected patients in temporary hospitals requires skilled IT personnel for data exchange and decision-making. The exploitation and proliferation of IT systems in healthcare call for increased focus on patient care quality, nurse training, and IT system integration. United Health and US hospitals must prioritize IT systems’ usability, integration, and data exchange to enhance care delivery and improve patient information access across departments.

For more insights on driver and challenges – Download a Sample Report

Segment Overview

This healthcare it market report extensively covers market segmentation by

End-user1.1 Healthcare providers1.2 Healthcare payersComponent2.1 Services2.2 Software2.3 HardwareGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Healthcare providers- The Healthcare IT market is experiencing significant growth due to the increasing demand for digitalization in the healthcare industry. Electronic Health Records (EHRs) and telemedicine are key areas driving this growth. Hospitals and clinics are investing in IT solutions to improve patient care, streamline operations, and comply with regulations. Vendors are offering innovative products and services to meet these needs, making the market competitive. Healthcare providers are prioritizing IT investments to enhance patient experiences and population health management.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2017 – 2021) – Download a Sample Report

Research Analysis

Title: Healthcare IT Industry Trends and Financial Insights: A Comprehensive Analysis of E-Prescribing, Interoperability, and Digital Health Introduction: The healthcare IT industry is experiencing significant growth, driven by the adoption of e-prescribing, interoperability solutions, and digital health technologies. In this research study, we provide an industry trend analysis of the healthcare IT market, focusing on key areas such as e-prescribing, interoperability issues, and the role of Change Healthcare, Mass Media Data, and other major players. Market Overview: The healthcare IT industry is witnessing robust growth, with the eHealth market projected to reach USD614.3 billion by 2026. This growth is attributed to the increasing demand for electronic information systems, health information, and digital health solutions. (Single diagram: Market size and growth trend) E-Prescribing and Interoperability: E-prescribing and interoperability are critical components of the healthcare IT landscape. E-prescribing has become a standard practice, with over 80% of US hospitals and 60% of physicians using e-prescribing systems. Interoperability, however, remains a challenge, with multiple tables illustrating the complexities of data exchange between different systems. Hardware, Software, and Cloud-based Solutions: Hardware and software continue to play a significant role in the healthcare IT industry, with cloud-based solutions gaining popularity due to their flexibility and cost-effectiveness. (Multiple tables: Market share and growth rate of hardware, software, and cloud-based solutions) Digital Health, Big Data, AI & IoT Technologies: Digital health, big data, AI, and IoT technologies are transforming healthcare delivery, enabling personalized care and improved patient outcomes. (Single diagram: Application of AI & IoT in healthcare) IT Investments and Data Security: IT investments in healthcare are on the rise, driven by the need for digital transformation and data security. Change Healthcare, Mass Media Data, and other players are investing heavily in cybersecurity measures to protect sensitive patient information. (Financial information: IT investments and cybersecurity budgets) Conclusion: The healthcare IT industry is undergoing a digital transformation, driven by the adoption of e-prescribing, interoperability solutions, and digital health technologies. This research study provides a comprehensive analysis of the market trends, financial information, and key challenges, offering valuable insights for stakeholders and investors.

Market Research Overview

Title: Healthcare IT Industry Trend Analysis: E-Prescribing, Interoperability, and Security Concerns in the Digital Healthcare Landscape Introduction: The healthcare IT industry is experiencing significant growth, with e-prescribing, interoperability, and security concerns shaping the market landscape. This research study provides an industry trend analysis of the healthcare IT sector, excluding key players and companies. Market Overview: The healthcare IT industry is witnessing a surge in demand due to the increasing adoption of electronic health records (EHRs), telemedicine, and remote monitoring. According to Worldometer, there were approximately 7.8 billion hospital beds worldwide in 2020, and healthcare organizations are investing in IT solutions to manage capacity, coordinate care, and monitor patient health. E-Prescribing and Interoperability: E-prescribing is a crucial aspect of digital healthcare, with the highest revenue-generating segment being specialty medications and ePrescriptions. However, interoperability issues persist, hindering seamless data exchange between healthcare providers and systems. Security Concerns: Security concerns are a significant challenge in the healthcare IT industry, with healthcare organizations and patients at risk of exploitation and data breaches. Virtual healthcare, electronic prior authorizations, and remote monitoring are areas of concern, affecting millions of patients. Capacity Management Solutions: Capacity management solutions, including RCM solutions, are essential for healthcare organizations to manage resources efficiently. The US hospitals alone spent USD32.4 billion on IT systems in 2020. Conclusion: The healthcare IT industry is evolving rapidly, with trends such as e-prescribing, interoperability, and security concerns shaping the market. Healthcare providers, from smaller organizations to ambulatory care centers and inpatient hospital settings, are investing in IT systems to improve patient care quality, usability, and integration. However, challenges such as data communication standards, IT architecture, and product and service innovation remain. This survey highlights the importance of federal bodies, web-based management, and skilled IT personnel in addressing these challenges and ensuring the success of the healthcare IT industry. Keywords: healthcare IT industry, e-prescribing, interoperability, security concerns, healthcare organizations, clinical devices, capacity management solutions, virtual healthcare, electronic prescriptions, patient care, patient safety, integrated healthcare systems, hospitals, ambulatory care centers, purchasing power, Change Healthcare, Mass Media Data, Healthcare IT solutions, eHealth market, hardware.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userHealthcare ProvidersHealthcare PayersComponentServicesSoftwareHardwareGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

View original content to download multimedia:https://www.prnewswire.com/news-releases/healthcare-it-market-size-is-set-to-grow-by-usd-199-8-billion-from-2024-2028–increasing-focus-on-improving-quality-of-services-and-efficiency-to-boost-the-market-growth-technavio-302208580.html

SOURCE Technavio

Technology

2025 Chinese economy: robust capacity in coping with pressure and risks

Published

1 hour ago

December 23, 2024

BEIJING, Dec. 22, 2024 /PRNewswire/ — A news report from China.org.cn on China’s annual Central Economic Work Conference:

From China’s annual Central Economic Work Conference held last week, one can see clear targets and detect the continuity in the rationale behind the country’s economic roadmap for 2025. The tasks listed at the conference are in line with China’s development needs in the current phase, and can to a degree respond to the external risks.

Firstly, the meeting urged efforts to vigorously boost consumption, a top-of-agenda task. Expanding domestic demand is not only a long-term priority for China, but also a coping strategy for the tougher challenges faced in exports. China’s efforts to stimulate consumption mainly fall into two categories. For one, enabling its citizens to have more to spend, by means of increasing income and alleviating burdens of low- and middle-income groups, and enabling more to enter the middle-income bracket; meanwhile, China will continue to diversify consumption scenarios, such as the debut economy, ice and snow economy and silver economy, for consumers to spend their disposable income.

Secondly, China is determined to let scientific and technological innovation drive the building of a modern industrial system, serving as a compass for China’s industrial economy development. In 2025, China is going to invest more in technological innovation, and strengthen studies in basic sciences and key core technologies, to drive industrial innovation, and furthermore achieve high standards in sci-tech self-reliance and strength.

Thirdly, China will maintain its high-level opening-up, and keep foreign trade and foreign investment stable. The size, quality and good reputation of China’s business with the world have been ever-growing, and that’s because the goal of China is to “make the cake bigger,” not “steal others’ shares of cake,” let alone “seize the whole cake.” To that end, China has improved the quality of its exports, explored new investment models, and made more countries stakeholders along the global value chain; meanwhile, it has also been ameliorating its market-access policies, and bettering the treatment of foreign-invested companies, so that more countries can benefit from the Chinese market. By November, China has removed all market access restrictions for foreign investors in the manufacturing sector, and service sectors including telecommunication and medical care are also opening their doors wider at a stable pace.

China shows great willingness to open up to the world, and boasts a good many partners; at the same time, the country’s economy has a solid foundation with many advantages, strong resilience and great potential, which means it possesses robust capacity in coping with pressure and risks.

View original content to download multimedia:https://www.prnewswire.com/news-releases/2025-chinese-economy-robust-capacity-in-coping-with-pressure-and-risks-302338092.html

SOURCE China.org.cn

Technology

India-born Avaada Group Commits $12bn to Transform Rajasthan into a Global Renewable Energy Hub

Published

1 hour ago

December 23, 2024

MUMBAI, India, Dec. 23, 2024 /PRNewswire/ — Avaada Group, a leading name in the renewable energy sector, has announced an unprecedented investment of $12bn in Rajasthan, India, for accelerating green energy transition, thereby establishing the region as a global renewable energy powerhouse. This landmark announcement was made during the prestigious Rising Rajasthan 2024 Summit, attended by India’s Hon’ble Prime Minister Narendra Modi and Rajasthan’s Hon’ble Chief Minister Bhajanlal Sharma.

Highlighting Rajasthan’s strategic importance, Avaada Group’s Chairman Vineet Mittal, Guest of Honour at the event, stated, “Rajasthan’s vast solar and wind resources, coupled with the visionary leadership of the Hon’ble Prime Minister and Chief Minister, present an unparalleled opportunity to redefine the global renewable energy landscape. Avaada’s commitment of $12bn while driving green industrial manufacturing will also create millions of jobs, shaping a sustainable and inclusive future.”

Rajasthan stands out as a global hub for renewable energy, with over 142 GW of unmatched solar potential, supported by 325+ sunny days annually. The state’s pro-business policies, including the Rajasthan Investment Promotion Scheme 2024 and the Integrated Clean Energy Policy 2024, have attracted investments worth $78bn.

Avaada Group’s journey in Rajasthan began with a modest 150 MW solar project and has since evolved into multiple ventures, including one of the world’s largest single location renewable energy projects by an IPP. Key investments announced at the summit include:

1,200 MW Pumped Storage Project (PSP): A $700mn initiative to enhance energy storage and grid stability.Green Hydrogen and Ammonia Projects: Investments aimed at driving global decarbonization goals.Utility-Scale Solar and Wind Projects: Across Jhalawar, Kota, Barmer, and Bikaner, contributing significantly to India’s renewable energy targets.

With its strategic alignment to international sustainability frameworks like the EU’s Carbon Border Adjustment Mechanism (CBAM), Rajasthan offers a unique advantage for zero-carbon manufacturing and green industrial growth, positioning itself as a magnet for industries seeking sustainable operations while creating over 1mn green jobs.

“As a global renewable energy leader, Avaada is proud to participate in Rajasthan’s vision of becoming a green hub of industrial growth,” Mr. Mittal remarked. “Our investments aim to double the region’s economy by 2030, aligned with global efforts to combat climate change.”

With its strategic initiatives, Avaada Group is poised to attract international collaborations, setting a benchmark for renewable energy innovation and sustainable industrial development.

About Avaada Group

Avaada Group is a leader in the global energy transition, specializing in solar module manufacturing, renewable power generation, and the development of green hydrogen, green methanol, green ammonia, and sustainable aviation fuel projects. Under the visionary leadership of Mr. Vineet Mittal, Avaada has become a significant global player in clean energy. Avaada Energy, the group’s renewable power generation arm, aims to achieve a capacity of 11 GWp by 2026. The group’s strong execution capabilities have attracted substantial international investment, including a $1.3bn commitment in early 2023, with $1bn from Brookfield’s Energy Transition Fund and $300mn from GPSC, a subsidiary of Thailand’s PTT Group.

Contact

Kiren Srivastav
kiren.srivastav@avaada.com

Charu Sehgal
charu.sehgal@avaada.com

View original content:https://www.prnewswire.co.uk/news-releases/india-born-avaada-group-commits-12bn-to-transform-rajasthan-into-a-global-renewable-energy-hub-302337340.html

Technology

The Shining Achievements of Busan MICE in 2024

Published

1 hour ago

December 23, 2024

BUSAN, South Korea, Dec. 23, 2024 /PRNewswire/ — Amid intensifying competition among MICE host cities to attract large events, 2024 saw Busan take bold steps that led to impressive results, proving its potential as a prime MICE destination. The efforts made by Busan in 2024 in attracting major international conferences, promoting ESG management, enhancing networking, and strengthening city identity are outlined below.

International Conferences Held in the Global MICE City of Busan

Busan hosted several significant international conferences in 2024. In July, it welcomed the 45th Scientific Assembly of the Committee on Space Research (COSPAR 2024), drawing around 2,700 space scientists from 60 countries to Korea. This was the first time the event was held in the country. In August, after eight years of preparation, the city hosted the 37th International Geological Congress (IGC 2024), a prestigious event with a 146-year history, at BEXCO. In November, Busan hosted the 5th Session of the UN Intergovernmental Negotiating Committee on Plastic Pollution (INC-5). With participation from 193 institutions and countries, INC-5 was the final dialogue in a series of international discussions on controlling plastic pollution, making it a crucial conference on the future health of Earth’s marine environment and placing Busan at the forefront of global attention.

Wide-ranging ESG Activities for the Sustainability of MICE

Busan’s selection to host INC-5 was made possible by its strong track record of ESG initiatives within the MICE industry. The Busan Tourism Organization (BTO) CVB’s exhibition hall was decorated using recyclable wood, and with the assistance of eco-friendly suppliers, recycling stations were set up to facilitate the collection of waste generated during the event. Aiming for a paperless conference, digital materials and multifunctional electronic platforms were also used. Continuous efforts in various ESG initiatives were made through collaborations with Busan MICE Alliance (BMA) members. Environmental reports were made, containing carbon reduction amounts for all products used at event venues and greenhouse gas reduction indicators for transportation during each event, to create more eco-friendly events.

Improvement of Busan’s MICE Network Through Communication

The Busan MICE Alliance and the Busan MICE industry, in general, grew in solidarity through strong networking this year. The BTO CVB worked to fundamentally enhance Busan’s MICE industry by increasing local demand for MICE events and maintaining an efficient collaboration network. Regular meetings of the BMA focused on the concerns of its members to improve communication. Additionally, Busan MICE Alliance Day was held to strengthen ties among members of Busan’s MICE industry, fostering discussions on industry developments both locally and internationally, and exploring joint marketing opportunities. New members were recruited into the BMA in both the first and second halves of the year, enhancing collaboration between the public and private sectors for the success of Busan’s MICE industry. The Busan MICE Business Innovation Platform, which provides users with access to news and information about Busan’s MICE industry, was launched and well-received.

Unique Venues That Capture Busan’s Local Identity

Participants in MICE events now expect more than just the exchange of knowledge. They seek a special experience, and MICE destinations should leverage their local identity to provide experiences that can only be found in their cities or regions. Recognizing this industry trend, Busan has identified a variety of unique venues that highlight the history, culture, and distinctiveness of the city. Venues such as Domoheon, the former residence of Busan’s mayor; Space OneZ, a renovated old warehouse; and Holi Lounge, offering a surfing workation, exemplify this approach. The MICE events held at these unique venues are also organized in a way that showcases the best of Busan’s local identity.

As another busy year draws to a close, Busan, as a MICE city, is looking forward to making even greater strides next year. The 18th World Congress on Computational Mechanics (WCCM) in 2028, along with many other international MICE events, are set to take place in Busan, and the BTO CVB is actively working toward this goal.

With aspirations of reaching the pinnacle of the MICE industry, Busan will continue its efforts to be a sustainable, cooperative, and unique MICE city that is globally recognized.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/the-shining-achievements-of-busan-mice-in-2024-302338095.html

SOURCE Busan Tourism Organization