(EMAILWIRE.COM, March 04, 2019 ) Factors such as growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, high return on investment for HCIT solutions, growing focus on improving quality of care and clinical outcomes, emergence of accountable care organizations, and rising usage of Big Data analytics are driving the healthcare IT market.

IMPORTANCE AND NEED FOR INTEROPERABILITY IN HEALTHCARE INDUSTRY

The healthcare industry, especially in developed countries across North America and Europe, has adopted a number of healthcare IT solutions. Owing to this, a significant volume of electronic data is generated across different departments within healthcare systems. Currently, there is a growing need to integrate this data in order to maximize the utility of healthcare IT solutions deployed within healthcare organizations.

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NEED TO CONTROL THE GROWING HEALTHCARE COSTS AND IMPROVE THE EFFICIENCY TO DRIVE THE HEALTHCARE PROVIDER SOLUTIONS DEMAND TO USD 179,425.1 MILLION BY 2021

The overall cost of healthcare delivery has grown significantly over the past few decades. Increasing health insurance premiums, declining trend in reimbursement, growing demand for quality healthcare services, rising geriatric population, and growing incidence of chronic disorders are driving the demand for healthcare services across the globe. Other factors contributing to the high expenditure on healthcare services are high patient readmission rate, high medical error rates, and significant administration costs. Healthcare IT solutions are designed to streamline workflow in healthcare systems, reduce expenses, and facilitate compliance with stringent regulatory guidelines.

ASIA PACIFIC COUNTRIES SHOWCASE HIGH GROWTH POTENTIAL FOR HEALTHCARE IT MARKET

Australia, China, Japan, Singapore, India, Australia, New Zealand, Thailand, and South Korea are major healthcare IT markets in the Asia-Pacific region. In most of these geographies, the market is still in a nascent stage. The State and Federal governments in Australia are supporting state-wide and country-wide Healthcare Information Technology (HIT) initiatives. HealthConnect is a nationwide electronic health records program, funded by the Commonwealth government and facilitated through a partnership with the state and territory governments.

Although, the global healthcare IT market is highly fragmented in nature; some of the key players in this market include McKesson Corporation, (U.S.), Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), GE Healthcare (U.S.), Philips Healthcare (Netherlands), athenahealth, Inc. (U.S.), Allscripts Healthcare Solutions, Inc. (U.S.), Oracle Corporation (U.S.), Cognizant Technology Solutions Corporation (U.S.), Dell Technologies (U.S.), and Infor, Inc. (U.S.).

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