The global health IT market is expected to reach $56.7 billion by 2017, an increase from the 2012 market value of $40.4 billion, according to a report from research firm MarketsandMarkets, Clinical Innovation & Technology reports.
Findings by Region, Country Type
The report estimated the U.S. and Canada will account for the largest share of the global health IT market because of:
- Government-led investments and incentives;
- Increased patient engagement; and
- A higher demand for integrated health IT systems.
The Asia-Pacific market likely will see the steepest growth as the region's health care organizations adopt health IT systems to improve patient safety and streamline clinical workflow, the report predicted.
According to the report, developing countries -- such as India and Singapore -- could see significant growth in their health IT markets as more patients use medical tourism to seek care in those countries at lower costs (Pedulli, Clinical Innovation & Technology, 5/10).
Additional Factors Driving Market Growth
The report cites several additional factors that could be driving growth in the global health IT market, such as:
- Pressure to cut health care costs;
- A rise in incidences of chronic health conditions; and
- Increased demand for computerized provider order entry systems to reduce medication errors (Gold, FierceHealthIT, 5/10).
Factors Inhibiting Growth
According to the report, factors inhibiting growth in the global health IT market include:
- The fragmented nature of the health IT market;
- The high costs of purchasing and maintaining health IT systems; and
- Inconsistent regulatory requirements across different countries (Clinical Innovation & Technology, 5/10).
Key Market Players
Researchers also identified several companies that are key players in the global health IT market, including:
- Agfa Healthcare in Belgium;
- Allscripts in the U.S.;
- athenahealth in the U.S.;
- Carestream Health in the U.S.;
- Cerner in the U.S.;
- Epic in the U.S.;
- GE Healthcare in the U.K.;
- Hewlett-Packard in the U.S.;
- McKesson in the U.S.;
- Medical Information Systems in the U.S.;
- NextGen Healthcare Information Systems in the U.S.;
- Phillips Healthcare in the Netherlands; and
- Siemens Healthcare in Germany (MarketsandMarkets release, 5/10).