Curt E. Liebman MD the current IT-enabled healthcare domain gets highly fragmented with famous players! Some of the prominent names include IMS Health Holdings, GE Healthcare, McKesson Corporation, and the like. These names have all contributed to about 14.3% of the market share back in 2013. Today, the leading players are concentrating on advanced product development and also incorporating all through the value chain. According to a report by Transparency Market Research, the objective is to minimize the overall expense of IT-enabled healthcare.
The challenge posed by the new entrants is always present! To know about a few medical experts, you can read more about Curt E. Liebman MD. Also, new players aim to expand the USA healthcare market in multiple ways. The reduced initial investments are essential, and the reduced regulatory barriers in the market also support these new entrants. Furthermore, the new entrants also need access to the distribution channels and partnerships that are essential for their growth. Hence, there’s no external replacement available for this technology. And the substitute threat is anticipated to be less in the upcoming years.
The Government Efforts Promote the Adoption of IT-Enabled Healthcare Solutions
Multiple government activities globally are encouraging the USA IT-enabled market. The government is taking ample efforts to make sure that people stay technologically updated to the new-age healthcare infrastructure. The market also reports an increase in chronic diseases. And some of these ailments need long-term medication, while the others need careful and end-to-end monitoring. IT-enabled healthcare services are helpful here.
The increasing operational and also administrative expenses of healthcare companies need cost-efficient solutions to offer adequate healthcare services to USA patients. Also, IT-enabled healthcare is appealing in terms of its usefulness and also cost in comparison to the paper-driven systems.
Data security is crucial
The data that gets shared between various healthcare companies is critical and sensitive. Hence, it needs a reliable and secure exchange process. Problems such as data corruption, damage, intrusion, and also fraud should get addressed. It would help in maximizing the presence and also acceptance of IT-enabled healthcare in the USA. Also, there are various medical organizations that need to execute robust data security management practices for apt data privacy.
There are also other interoperability problems linked with the IT solutions, for instance:
- Affecting the adoption of IT-enabled healthcare practices.
- Patient identifiers.
- Clinical guidelines.
- Electronic health records.
Hence, it is necessary to streamline and automate multiple IT healthcare solutions to make healthcare services seamless and also feasible. The various network protocols are leading to interoperability problems as well in different IT systems. These factors can discourage the acceptance of IT-enabled medical services.
The future growth scopes in the USA
The emerging scopes in Latin America provide ample scopes for the IT-enabled healthcare domain. The increasing number of patients in the USA had catapulted the need for this service. Also, the rising geriatric population added to the demand as well. Leading players are already expanding their healthcare services to cater to the unfulfilled medical requirements of a vast patient population. And also this suggests that the IT-enabled healthcare domain is here to stay and also increase exponentially in 2020.