Updated on 30 May 2014
Illustration by Anil Babu
The marriage of healthcare with technology has given birth to one of the top alarmingly booming industries across the world - Healthcare IT.
The digital healthcare market today is buzzing with unimaginable technological innovation, the successes of a number of start-ups, the advent of the venture capitalists and a whimper and a sigh by clinicians and the big pharma. To add to it all, in many Asian markets, the public healthcare environment is soon being sidestepped by a rapidly growing private sector.
Research manager, IDC Health Insights (Asia/Pacific)
"The healthcare industry is at a disruptive stage globally. All countries around the world are facing new challenges around sustainability and accountability of their healthcare systems, at more or less the same time. While legacy systems and prior IT investments may prove to be large obstacles for mature economies, the slow development in emerging markets and the availability of newer technologies may well open up a shortcut for those countries to eventually achieve their own goals on sustainability and accountability."
A report by the Global Industry Analysts (GIA) predicted that the global healthcare IT market will hit $66 billion by 2020, driven by efforts to streamline critical workflow processes. This, the report added is driven by strong emphasis on improving profitability of healthcare institutions, increasing demand for quality healthcare services and growing acceptance of mHealth and e-Health practices.
The Asian market is slated to grow the fastest, due to increased government spending healthcare services and infrastructure.