Global Health IT Market Poised To Reach $66B by 2020, Report Says

April 3, 2014 in News

The global health IT market is expected to reach $66 billion by 2020, according to a new report from Global Industry Analysts, FierceHealthIT reports.

Report Findings

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;
  • EHRs;
  • Medical tourism;
  • Mobile computing;
  • Personal health records;
  • Picture archiving and communication systems (FierceHealthIT, 4/1);
  • Remote patient monitoring; and
  • Telemedicine (Healthcare Informatics, 4/1).

Additional Findings

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:

  • Allscripts;
  • Athenahealth;
  • CareFusion;
  • Cerner;
  • Epic;
  • GE Healthcare;
  • McKesson; and
  • Omnicell (FierceHealthIT, 4/1).
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