Healthcare IT Market worth $56.7 Billion By 2017

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.

 The global market is estimated to grow at a CAGR of 7.0% to reach $56.7 billion by 2017 from $40.4 billion in 2012 due to the significant demand for clinical information technology, administrative solutions, and services. Healthcare information technology (HCIT) is an application of information processing that allows healthcare payers and providers to collect, store, retrieve and transfer information electronically. It also refers to the use of electronic methods to manage information about health and medical details of individuals or a group of patients.

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 Healthcare IT constitutes of two major segments, namely, providers and payers. The provider market for healthcare IT is the fastest-growing market with the highest revenue generated from the applications of clinical information systems, such as integrated solutions of EHR, CVIS, CDSS, PACS, CPOE, and RIS. Amongst these, integrated EHR is the fastest-growing segment due to the financial support provided by the HIPPA act, revised ICD-10 guidelines, and incentives offered to physicians in the U.S. who successfully meet the criteria of 'Meaningful Use' by 2015. Various initiatives have been taken by governments across the world to increase the adoption of EHR. At present, the most effective initiatives in the U.S. are the Pay-for-Performance program, the Minnesota EHR Incentive Program, the Alberta Netcare EHR Program, and the Health Information Technology Services Nova Scotia (HITSNS) Program. In Canada, e-health Ontario is an effective initiative.

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Cloud computing has emerged as a silver-lining model for the healthcare IT industry. It enables the management and migration of huge amount of data, saves costs, offers anytime access from multiple mobile devices, provides high availability for large backup data storage, and is easy to use. Cloud computing is offered as a private cloud, public cloud, and hybrid cloud. Each model has its own advantages and disadvantages. However, in terms of security, public cloud computing services are preferred by the healthcare industry in order to be HIPAA compliant.

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