Driven by health information exchanges (HIEs) and electronic health record (EHR) systems, the global healthcare IT market will grow at a 13.4% compound annual growth rate (CAGR) from 2015 to 2020, according to a report by market research firm ReportsnReports.
Most of the demand for healthcare IT is being driven by the growing need to reduce healthcare costs while adhering to the regulatory requirements of government organizations for ensuring safety, security, and confidentiality of patient information, according to ReportsnReports. Growing adoption of HIEs and EHRs and the desire for improved quality of care and clinical outcomes are also facilitating growth in the global healthcare IT market, the company said. In addition, gains are expected to come from the increasing need of healthcare insurance providers to manage an in-depth record of claims and reimbursements.
The healthcare providers solutions segment generated the largest share of the market in 2014, and it is expected to grow at a 16.4% CAGR to reach $157 billion U.S. (139.5 billion euros) by 2020. While the nonclinical solutions subsegment had a 53% share of the global healthcare IT market in 2014, the clinical solutions subsegment is slated to grow at a 19.8% CAGR until 2020. This growth is attributable to the increasing demand for improved patient safety and patient care, stringent regulations regarding healthcare provider solutions, and the need for integrated healthcare systems, ReportsnReports said.
On a regional basis, North America currently holds the largest market share, followed by Europe, Asia-Pacific, Latin America, and the Middle East and Africa. However, developed geographies are expected to grow at a lower CAGR compared with the Asia-Pacific market, which is slated to grow at the highest CAGR from 2015 to 2020. Asia-Pacific growth is being spurred by increasing government eHealth initiatives, medical tourism, and demand for quality healthcare in this region, ReportsnReports said. Gains in per-capita incomes in emerging countries such as China and India are also contributing to growth.
