Market Trends of Healthcare IT Provider Industry
This section covers the major market trends shaping the Healthcare IT Provider Market according to our research experts:
Clinical Decision Support System (CDSS) Segment Expected to Drive the Market
The clinical decision support system (CDSS) segment is anticipated to drive market growth during the forecast period, owing to the factors such as CDSS tools enabling prescribers to access real-time patient data, ideally resulting in enhanced patient safety and medication accuracy. These measures will likely reduce healthcare expenditure, thereby boosting the CDSS segment over the forecast period.
According to the August 2021 update from Commonwealth Fund, rising healthcare spending is a concern for state governments and their constituents, who face higher out-of-pocket costs and premiums. By integrating CDS alerts into EHRs in hospitals, expenses are intended to be reduced. As per the European Commission June 2022 report, the European Commission issued a Recommendation on a European electronic health record exchange standard to enable the transfer of health data across borders. It accomplished this by supporting EU nations in their initiatives to ensure that residents can safely access and exchange their health data from any location within the EU. Such initiatives associated with the advancements in healthcare are anticipated to boost segment growth over the forecast period.
Additionally, government initiatives incorporating CDSS systems and updated hospital guidelines will boost market growth during the forecast period. For instance, in September 2022, the FDA released a guidance document for Clinical Decision Support Software which emphasized that software features that satisfy the definition of a device, including those intended for use by patients or caregivers, continue to be subject to the FDA's current digital health standards.
Furthermore, in August 2022, the Parul Institute of Medical Sciences and Research, a constituent college of Parul University, joined hands with Wolters Kluwer. As a part of this collaboration, Wolters Kluwer deployed its Clinical Decision Support System (CDSS) at the institute to enhance the quality of evidence-based care delivery. The products deployed by the institute under this deal include UpToDate, UpToDate Advanced, and Lexicomp. Moreover, by allowing patients and clinicians to collaborate on decisions throughout the continuum of treatment for complicated diseases, the combination of telemedicine and clinical decision support is likely to be a great option in the coming future. As per the National Center for Health Statistics, National Health Interview Survey, 2021, telemedicine was used by 37% of the population in the United States in 2021.
Thus, due to the rise in the demand for CDSS implementation in the healthcare industry and increased government funding for healthcare services and infrastructure, the CDSS segment is likely to witness growth over the forecast period.
North America Anticipated to Witness Growth in the Market
North America is anticipated to observe growth in the healthcare IT provider market during the forecast period, owing to the factors such as the region's well-established healthcare industry and the early adoption of IT services across healthcare settings. In addition, the high concentration of key healthcare providers and increased government funding for healthcare IT services and infrastructure also drive market growth in North America.
In February 2021, Northern Inyo Healthcare District collaborated with Cerner Corporation to transform its electronic health record (EHR). The collaboration involved Northern Inyo Healthcare District moving to an updated electronic system that supports physicians, nurses, and clinicians to share data across the district's multiple offices.
Similarly, in May 2022, based on a Biden administration initiative to increase access to COVID-19 medication, Wisconsin-based Epic Systems attempted to make it simpler for patients and physicians to find COVID-19 antiviral treatments using its EHR. Epic software was used to administer roughly 500,000 daily vaccinations across traditional clinical settings and mass vaccination sites.
Furthermore, software and services expansions across the country are anticipated to drive market growth. For instance, in February 2022, Hoy Health offered telemedicine services via its HoyDOCÒ platform at the Central de Abastos in Mexico City, one of the most important Mexican national supply communities. The commercial district spans 304 acres and facilitates a comprehensive supply chain network of over 2,000 businesses, producers, wholesalers, retailers, and consumers. Hoy Health is a health tech company that is leading primary care in the digital health industry via remote patient monitoring, telehealth, and medication access.
Thus, due to the rise in the demand for Healthcare IT services and the increase in government funding for healthcare services and infrastructure, North America is anticipated to witness growth in the healthcare IT provider market over the forecast period.
