HCIT Market Forecast – Worth $31.3 Billion by 2017

Date: 06.21.2013 | Anna Abraham

North American HCIT market is forecasted to grow at a CAGR of 7.4 percent and reach $31.3 billion by 2017. Currently the market is worth $21.9 billion. As the paper-based system is getting pushed out, HCIT is making a strong entrance with real-time data, useful decision-making support and is reducing loads of overhead. However, there are also major constrains for this growth as well, such as high costs in IT solutions, maintence, etc.

 

Major factors driving the growth of the healthcare information technology market include:

+Rise in pressure to cut healthcare costs

+Growing demand to integrate healthcare systems

+High rate of return on investment

+Financial support from the U.S. government

+Government initiatives (e-health, health connect, pay-for-performance (P4P) program, e-Health Ontario and Alberta Netcare)

+Rise in aging population

+Growing demand for CPOE adoption in order to reduce medication errors

+Rise in incidences of chronic disorders

 

Major growth constraints on the growth in the healthcare information technology market include:

-High cost of healthcare IT solutions

-High maintenance and service costs

-Interoperability issues

-Shortage of healthcare IT professionals

-Poor standard healthcare protocols such as Health Insurance Portability and Accountability Act (HIPAA)

-Unprecedented growing incidences of data breaches of patient information

 

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