Healthcare IT has grown exponentially over the past few years thanks to initiatives like Meaningful Use and the increase of cloud technology within the industry.
Unsurprisingly, that growth is expected to continue according to a report from Research and Markets.
In the company's "Healthcare IT Market by Product & by End User - Global Forecast to 2020" report, the global healthcare IT market is estimated to reach a whopping $228.79 billion by 2020.
The healthcare IT market is primarily driven by the continously increasing healthcare expenditure, increasing use of data-driven technologies, introduction of various healthcare reforms and changing regulations and growing pressure on healthcare organizations to curtail healthcare costs with the rising incidences of chronic disorders and increasing geriatric population.
Additionally, the Compound Annual Growth Rate (CAGR) for healthcare IT solutions is expected to reach 16.4 percent.
Market & Research's forecast numbers are substantially higher than other reports from the prior year. One report claimed the healthcare IT market would grow at a CAGR of 13.4%. Grand View Research, Inc. released a report in October 2015 anticipating the global healthcare IT market would only reach $104.5 billion by 2020.
Whatever the actual results come 2020, it's evident that healthcare IT is not only here to stay, but will play an even bigger role in the healthcare industry than it does currently.
Some other interesting facts from Market & Research's report:
- Clinical solutions segment within Healthcare IT is poised to grow at the highest CAGR of 19.8% in the forecast period
- North America accounted for 45.5% of the healthcare IT market in 2014 - the largest regional segment of the global market
To purchase the full report, click here.