Worldwide HIT Market to Hit $66B in 6 Years
April 8, 2014
Like a runaway train, the global healthcare IT market isn’t losing steam by any stretch of the imagination.
A new report from Global Industry Analysts (GIA) projects that the worldwide market for Healthcare IT will reach $66 billion by 2020, driven by strong emphasis on improving profitability of healthcare institutions, increasing demand for quality healthcare services, and growing acceptance of mhealth and ehealth practices.
“Backed by numerous benefits, increasing number of healthcare facilities are adopting healthcare IT solutions and systems,” the announcement reads. “Growing complexity of healthcare operations, government initiatives to promote IT in hospitals, shift toward paperless environment and proliferation of smart devices are spurring demand for healthcare IT systems.”
Not surprisingly, in terms of healthcare IT, the United States represents the largest market worldwide. Evolving industry standards, new product launches, and compliance with regulatory specifications are factors driving growth in the country. Mandatory use of electronic health record (EHR) and federal incentives for meaningful use of electronic records are encouraging the adoption of EHR software.
It should be noted, however, Asia-Pacific is forecast to emerge as the fastest growing market with a CAGR of 11% over the analysis period led by increased government spending on healthcare services and infrastructure facilities.
Additionally, growth in medical tourism, rising income levels and higher per capita healthcare spends are also encouraging healthcare providers to procure sophisticated healthcare IT systems for the management of patient data records and to ensure provision of efficient patient care.