Global Health IT Market Poised To Reach $66B by 2020, Report Says
April 3, 2014 in News
The report identified three main reasons for the market growth:
- Enhanced profitability of health care institutions;
- Increasing acceptance of mobile health and electronic health practices; and
- More demand for quality health care services (Gold, FierceHealthIT, 4/1).
Specifically, the report noted an increased demand for health IT because of:
- Government initiatives promoting IT use in hospitals;
- Increased use of smart devices;
- More complex health care operations;
- The shift to electronic health records; and
- Widespread adoption of health care IT tools and systems (Leventhal, Healthcare Informatics, 4/1).
The report pointed out several areas where growth is expected to be the strongest, including:
- Clinical decision support systems;
- Clinical IT systems, such as computerized provider order entry systems;
- Data storage management;
- Medical tourism;
- Mobile computing;
- Personal health records;
- Picture archiving and communication systems (FierceHealthIT, 4/1);
- Remote patient monitoring; and
- Telemedicine (Healthcare Informatics, 4/1).
The report also found that the U.S. has the largest health IT market in the world, while the Asia-Pacific health IT market is projected to grow the fastest as a result of increased federal spending on health care services and infrastructure (FierceHealthIT, 4/1).
Specifically, GIA noted that the Asia-Pacific market is expected to grow at an 11% compound annual growth rate during the analysis period (GIA release, 3/31).
Key Market Players
Researchers also identified several companies that are key players in the global health IT market, including:
- GE Healthcare;
- McKesson; and
- Omnicell (FierceHealthIT, 4/1).