This free summary of Gov Win’s Federal Health IT Market, 2021-2023 report takes a strategic 3-year look at the trends, drivers and inhibitors shaping federal health IT procurement. This summary is designed to enhance business development planning efforts with actionable insights and recommendations for doing business in the federal health IT market. Readers of this report will:
- Understand what’s driving federal investment in healthcare related technology products and solutions
- Assess the policy and legislative initiatives shaping the current federal health IT environment.
- Gain an understanding of the applications, technology areas and key market segments within the federal health IT market
- Identify key health IT related priorities and investments by agency. Get market sizing and forecasts for health IT spending by healthcare-focused federal agencies Due to the COVID-19 outbreak, medical practices of all sizes are under immense pressure, and healthcare facilities across the globe have been overwhelmed by the large number of patients visiting them on a daily basis. The rising prevalence of coronavirus disease has driven the demand for accurate diagnosis and treatment devices in several countries across the globe. In this regard, connected care technologies have proven to be very helpful, as they allow healthcare providers to monitor patients using digitally connected noninvasive devices, such as home blood pressure monitors and pulse oximeters. The COVID-19 pandemic has also increased the need for social distancing among physicians and patients, which has driven the demand for healthcare IT solutions such as remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, healthcare IT is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security. In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years. In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The length of the data and its heterogeneity make healthcare data more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly adopting healthcare analytics and data management solutions.
- Cost issues are one of the major barriers to the adoption of healthcare IT solutions. The maintenance and software update costs of these systems are more than the price of the software. Support and maintenance services, which include software upgrades as per changing user requirements, represent a recurring expenditure amounting to almost 30% of the total cost of ownership. Moreover, the lack of internal IT expertise in the healthcare industry necessitates training for end users to maximize the efficiency of various healthcare IT solutions, thereby adding to the cost of ownership of these systems. The implementation cost of healthcare IT solutions in healthcare systems of emerging economies is even they also require capital for building an infrastructure needed for implementing healthcare IT solutions. Therefore, hospitals often prefer investing in the core technologies directly linked to patient quality of care than investing in allied departments. Thus, the high cost of deployment and maintenance restricts smaller healthcare organizations from investing in healthcare IT solutions, especially in the emerging markets across the APAC and Latin Americans
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