The global healthcare IT market is estimated to reach $56.7 billion by 2017--up from $40.4 billion in 2012--due to the demand for clinical information technology, administrative solutions and services, according to a new analysis by MarketsandMarkets.
Primary reasons for growth, according to the report, include:
- The pressure to cut healthcare costs
- Demand to integrate healthcare systems
- High rate of return on investment in healthcare systems
- Financial support and incentives from the U.S. government
- Medical tourism in the Asian region
- Government initiatives, the rise in the aging population
- Growing demand of CPOE adoption in order to reduce medication errors
- A rise in incidences of chronic disorders
North America and Canada continue to command the highest share of the healthcare technology market, the report's authors noted, but the Asia-Pacific market is slated to grow the next most. MarketsandMarkets cites McKesson, Epic, Carestream, Cerner and athenahealth, among others, as key players in the health IT market space.
The report categorized the global healthcare technology market by delivery mode, components and application.
The tools of healthcare technology are enjoying huge growth, as well. Over the next five years, close to five million disposable wireless Medical Body Area Network (MBAN) sensors will be shipped, according to new estimates from market intelligence company ABI Research. The electronic health record market, meanwhile, hit $20 billion in 2012 according to Kalorama Information, while the global mHealth app services market is set to reach $26 billion by 2017, according to research2guidance.
To learn more:
- read the announcement from MarketsandMarkets
Nearly 5 million disposable, wireless MBAN sensors to ship by 2018
Global MRI market to hit $5.24 billion by 2018
Healthcare execs say M&A will continue to grow