Healthcare IT Market by (Application, Delivery Mode & Component) Worth $56.7 Billion by 2017 - New Report by MarketsandMarkets
(PRWEB) August 30, 2013 -- The "Healthcare IT Market By Application [Provider IT (EMR, PACS, CPOE, RIS, CDSS, RCM, Claims Management, Payroll), Payer IT (CRM, Fraud Detection)], Delivery Mode (On-Premises, Web-Based Services & Cloud Computing) & Component - Global Forecasts to 2017" analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, APAC, and Rest of the World.
Browse 117 Market Data Tables with 8 Figures spread through 311 Pages and in-depth TOC on Healthcare IT Market By Application [Provider IT (EMR, PACS, CPOE, RIS, CDSS, RCM, Claims Management, Payroll), Payer IT (CRM, Fraud Detection)], Delivery Mode (On-Premises, Web-Based Services & Cloud Computing) & Component - Global Forecasts to 2017. Download a free sample report for Healthcare IT Market.
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The healthcare IT market is highly fragmented, competitive, and dynamic. There are a few well-established firms and several small ones operating in the industry. Key players in the market are McKesson Corporation (U.S.), Cerner Corporation (U.S.), Epic (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), Allscripts Healthcare Solutions, Inc. (U.S.), and Phillips Healthcare (The Netherlands).
McKesson Corporation (U.S.) has emerged as the market leader in the global healthcare IT market and is likely to maintain its leadership position in the coming years. The company offers products for both provider IT solutions and payer IT solutions. The company operates through two business segments, namely, distribution solutions and technology solutions. McKesson’s Technology Solutions provides software, automation, services, and consulting to hospitals, physician offices, imaging centres, home healthcare agencies, and payers. It also offers interactive connectivity services that streamline clinical, financial, and administrative communication between patients, providers, payers, pharmacies, and financial institutions. This improves patient safety, reduces cost and variability of care, develops healthcare efficiency, and manages revenue better. The payer division of McKesson comprises of products such as InterQual clinical criteria solution, medical management tools, claims payment solutions, network performance tools, and care management programs. Thus, a broad product portfolio enables the company to gain a competitive advantage over other players in the market. In addition, the company has been focusing on research and development of new products, mainly for the technology solutions segment; the company spent $440 million on R&D in 2012. The company strives to grow in the market through new product launch, and acquisitions and strategic alliances. During 2012 to 2010, the company launched seven new products in the market, which further fortified its foothold in the global healthcare IT market.
Cerner Corporation (U.S.), another major player, has the capability to provide stiff competition to McKesson Corporation (U.S.). The company has been present in the market since 1980, and is involved in delivering healthcare information technology solutions, services, devices, and hardware. Under its software segment, the major products offered are Cerner Millennium Architecture, Healthe Intent platform, and ambulatory EHR. The company strengthens its position in the market by investing in research and development to design new effective and efficient solution as well as by expanding its footprint of existing clients by offering a broad range of services and core solutions. During 2010-2012, it undertook four acquisitions to gain a competitive advantage: Purewellness (U.S.), Anasazi Software (U.S.), Clairvia (U.S.), and Resource Systems (U.S.).
The healthcare IT market has two major divisions - provider IT and payer IT. Provider IT includes clinical IT and non-clinical IT solutions. Under Clinical IT solutions, the prominent segment is EHR, offered by several key players such as Epic (U.S.), McKesson Corporation (U.S.), Cerner Corporation (U.S.), Siemens Healthcare (Germany), G.E Healthcare (U.K.), and Allscripts Healthcare solutions (U.S.). Of all players, Epic has emerged as dominant player to implement and integrate EHR solutions, connecting more than 250,000 physicians.
New product launch, agreements and collaborations, and acquisition and mergers are some of the major strategies adopted by players in order to gain advantage over their competitors and ensure long-term growth. Of all strategies, new product launch was widely adopted by key players in order to meet the needs of healthcare providers and payers. During 2010 to 2012, the industry witnessed 70 new product launches and 53 different agreements and collaboration by players in the market. For instance, in January 2013, GE Healthcare launched Centricity Practice Solution 11, the next generation of its fully integrated EMR and Practice Management solution. This new product seeks to simplify the data entry process required for medical providers to comply with new ICD-10 coding requirements, enabling them to customize workflow efficiently.
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