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..

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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.

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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.

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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/

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SOURCE Technavio

Technology

XTransfer and OCBC Jointly Announce Comprehensive Partnership

Published

47 minutes ago

December 23, 2024

“Global Multi-Currency Accounts” Empowers SMEs with New Market Opportunities

SHANGHAI, Dec. 23, 2024 /PRNewswire/ — XTransfer, the World’s Leading & China’s No.1 B2B Cross-Border Trade Payment Platform, and OCBC, the second largest financial services group in Southeast Asia, jointly announced the comprehensive partnership. OCBC China will leverage the OCBC Group’s extensive regional network and resources in its key markets of Singapore, Hong Kong SAR, Malaysia and Indonesia to collaborate with XTransfer to provide small and medium-sized enterprises (SMEs) engaging in international trade with one-stop innovative cross-border financial solutions, including payment, FX, risk control and wealth management. The Memorandum of Understanding was signed on 18 December 2024 by Bill Deng, Founder and CEO of XTransfer, and Ang Eng Siong, CEO of OCBC China.

Bill Deng, Founder and CEO of XTransfer, stated, “This collaboration marks a significant milestone for XTransfer, greatly enhancing our global payment capabilities. By leveraging OCBC’s extensive global payment network, XTransfer saves a substantial amount of market costs and accelerates our business expansion in Southeast Asia, saving on local expansion efforts. XTransfer looks forward to expanding its business with OCBC in the future in a variety of areas, including wealth management and lending, and is looking forward to working with them to capture the vast opportunities in Greater China and ASEAN.”

Ang Eng Siong, CEO of OCBC China, said, “OCBC uses Singapore and Hong Kong as our twin-hubs, radiating out to Greater China and ASEAN regions. XTransfer’s business development plans in these areas align closely with our network layout. As XTransfer’s global account manager, OCBC China will support XTransfer and its clients in facilitating cross-border settlements through close collaboration with various business subsidiaries of the group. This will help meet the growing demand for cross-border development and business growth, helping them achieve their aspirations in Greater China and ASEAN.”

XTransfer and OCBC collaborate in several areas of cross-border business. In particular, XTransfer leverages the strong banking networks and service capabilities of OCBC to offer its customers the “Global Multi-Currency Account” provided by OCBC Hong Kong, allowing clients to make payments and collect funds globally. The Global Multi-Currency Account supports not only major currencies, such as the Renminbi, US Dollar, British Pound, Euro, etc., but also currencies from ASEAN and various countries and regions. This will benefit SMEs in foreign trade settlement in the corresponding countries and enhance global cross-border trade efficiency. The partnership will provide XTransfer’s over 550,000 clients and their buyers with more payment and collection options. Additionally, clients can make payments and collect funds through CHATS or FPS, the local clearing network in Hong Kong, offering convenience similar to local bank transfers.

In recent years, trade exchanges between China and ASEAN have become increasingly close. According to data from XTransfer, from January to September 2024, the amount received by small and medium-sized foreign trade enterprises on the XTransfer platform from ASEAN grew by 80% compared to the previous year. The partnership between XTransfer and OCBC will address this growth in international trade by SMEs, and help them capture opportunities in trade and capital flow between China and ASEAN.

XTransfer continues to build its global payment infrastructure for foreign trade through partnerships with renowned international banks and financial institutions. This partnership with OCBC brings XTransfer a new upgrade in its global payment infrastructure, offering substantial benefits to global cross-border traders. By utilising the Global Multi-Currency Account provided by OCBC Hong Kong, buyers can easily make payments in various currencies to overseas suppliers and collect funds from worldwide customers. This partnership is expected to enhance cross-border trade by significantly broadening the payment methods and scope for SMEs.

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SOURCE XTransfer

Technology

TECHTRONIC INDUSTRIES JOINS THE UN GLOBAL COMPACT

Published

47 minutes ago

December 23, 2024

DEMONSTRATES TTI’S COMMITMENT TO SUSTAINABLE PRODUCTS AND PRACTICES

FORT LAUDERDALE, Fla., Dec. 23, 2024 /PRNewswire/ — Global cordless power tool, outdoor power equipment and floorcare company Techtronic Industries Co. Ltd. (“TTI” or the “Company”) (stock code: HK:0669, ADR symbol: TTNDY) today announced that it has joined the United Nations Global Compact, reaffirming its dedication to sustainability and social responsibility. With over 25,000 signatories in over 160 countries, the UN Global Compact is the world’s largest voluntary corporate sustainability reporting initiative. By joining, TTI is committing to communicating its progress to stakeholders annually through our ESG Report and UN Global Compact’s website.

TTI’s CEO Steve Richman remarked: “As the industry pioneer in lithium-ion battery-powered, energy efficient power tools and outdoor power equipment, TTI’s commitment to sustainable products and business practices has long been a fundamental part of the way we do business. We began publishing ESG reports in 2015 and we aligned our goals and targets with the UN Sustainable Development Goals in 2018. Every year we make progress in areas including safety solutions, noise reduction, supply chain traceability, decarbonization, and governance. While we have demonstrated our commitment, by joining the UN Global Compact, we have officially aligned our sustainability strategy with the Ten Principles in the areas of human rights, labor, environment, and anti-corruption.”

As part of TTI’s ongoing sustainability efforts, our objective is to implement initiatives that deepen our support of the UN’s Sustainable Development Goals (SDGs) while fostering an inclusive and equitable workplace culture. We are dedicated to advancing our sustainability journey, setting measurable goals, and continuously monitoring our progress.

Learn more about TTI’s efforts by reading our latest ESG publications here. Our 2024 ESG report will be published in March 2025.

About TTI

Techtronic Industries Company Limited (“TTI” or the “Company”), founded in 1985 by German entrepreneur Horst Julius Pudwill, is a world leader in cordless technology. As a pioneer in Power Tools, Outdoor Power Equipment, Floorcare and Cleaning Products, TTI serves professional, industrial, Do It Yourself (DIY), and consumer markets worldwide. With more than 50,000 employees globally, the company’s relentless focus on innovation and strategic growth has established its leading position in the industries it serves.

MILWAUKEE is at the forefront of TTI’s professional tool portfolio. With global research and development headquartered in Brookfield, Wisconsin, the historic MILWAUKEE brand is renowned for driving innovation, safety, and jobsite productivity worldwide. The RYOBI brand, headquartered in Greenville, South Carolina, remains the top choice for DIYers and continues to set the standard in DIY tool innovation. TTI’s diverse brand portfolio also includes trusted brands like AEG, EMPIRE, HOMELITE, and leading floorcare names HOOVER, ORECK, VAX, and DIRT DEVIL (based in Charlotte, North Carolina).

TTI’s international recognition and renowned brand portfolio are supported by a strong ownership structure that underscores the company’s global reach and stability. The Pudwill family remains the company’s largest shareholder, with the remaining ownership held largely by institutional investors at North American and European-owned firms. TTI is publicly traded on the Hong Kong Stock Exchange and is a constituent stock of the Hang Seng Index, operating globally with a strong commitment to environmental, social, and corporate governance standards. For more information, visit www.ttigroup.com.

All trademarks listed other than AEG and RYOBI are owned by the Company. AEG is a registered trademark of AB Electrolux (publ.) and is used under license. RYOBI is a registered trademark of Ryobi Limited and is used under license.

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SOURCE Techtronic Industries Co. Ltd.

Technology

New 2025 ezPaycheck Paycheck Payroll Software Is Now Available from Halfpricesoft.com

Published

47 minutes ago

December 23, 2024

REDMOND, Wash., Dec. 23, 2024 /PRNewswire/ — Halfpricesoft.com has just announced the release of 2025 ezPaycheck payroll software for support for small businesses, freelancers, and sole proprietors as well as many other clients. The new ezPaycheck includes 940, 941, W2 and W3 forms and 2025 tax tables.

Clients can still acquire the 2024-2025 bundle version at a cost reduction for a limited time. For those utilizing the 2024 ezPaycheck please note:

Do NOT install this new version before you complete 2024 paychecks. ezPaycheck 2025 installation will update the tax tables. With ezPaycheck 2025, you can still access your 2024 paychecks, view reports and print 2024 W2 forms.

Dr. Ge stated, “The software, ezPaycheck 2024 and 2025 is still available for purchase to those clients that need to process year-end tax forms.”

Priced at just $169 per installation for a single installation of 2025 ezPaycheck software. The bundle 2024-2025 version is $199 for a limited time. ezPaycheck payroll software is affordable for any business. With paycheck software, business owners can easily calculate taxes, deductions, and other payroll-related tasks. Potential clients are welcome to download ezPaycheck free demo version with no obligation and no risk at halfpricesoft.com

Despite its cost and ease of use, Accountants, CPA and Tax Professionals should not assume ezPaycheck 2024 runs short on features. ezPaycheck 2025 is packed with all the features a business needs to run payroll quickly and easily, including:

Supports daily, weekly, biweekly, semimonthly and monthly payroll periods. Features report functions, print functions, and pay stub functions.Automatically calculates Federal Withholding Tax, Social Security, Medicare Tax and Employer Unemployment Taxes.Includes built-in tax tables for all 50 states and the District of ColumbiaEasily calculates differential payPrints miscellaneous checks as well as payroll calculation checksPrints payroll checks on blank computer checks or preprinted checksCreates and maintains payroll for multiple companies, and does it simultaneouslyPrints Tax Forms NEW 943 Form, 940, 941, W2, and W3 (Copy A preprinted form required)Supports multiple accounts at no additional chargeSupports network access to share data from different computers and locations (additional cost)30 day no cost trial. No registration required and absolutely no obligation

ezPaycheck is compatible with Windows 11, 10, 8, 7, and other Windows systems. We also sell a MAC version separately.

ezPaycheck payroll software is affordable for any size business. Customers seeking a way to simplify payroll processing with more accuracy to start the no-obligation 30-day test at https://www.halfpricesoft.com/index.asp

About halfpricesoft.com

Halfpricesoft.com is a leading provider of small business software, including online and desktop payroll software, online employee attendance tracking software, accounting software, in-house business and personal check printing software, W2, software, 1099 software, accounting software, 1095 form software, and ezACH direct deposit software. Software from halfpricesoft.com is trusted by thousands of customers and will help US Business owners simplify payroll processing and streamline business management.

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SOURCE Halfpricesoft.com