The global healthcare IT market is estimated to reach $280.25 billion by 2021 with 15.9 percent growth, with the majority of the demand for healthcare IT solutions driven by the growing need to reduce healthcare costs while adhering to ongoing regulatory requirements, according to a report by Research N Reports.
Along with the demand to drive down healthcare costs, the estimated growth of the healthcare IT market through 2012 also can be attributed to the regulatory requirements set by government organizations for ensuring safety, security, and confidentiality of patient information, according to a summary of the report.
“The growing adoption of health information exchanges (HIEs) and electronic health record (EHR) systems and improved quality of care and clinical outcomes are some of the other factors driving market growth. In addition to the growing demand for information technology solutions from healthcare providers, the growing need of healthcare insurance providers to efficiently manage a comprehensive record of claims and reimbursements is also expected to contribute to the growth of the global healthcare IT market during the forecast years,” the report authors wrote in the summary.
Drilling down into different regions, the Asia-Pacific region represents the fastest-growing market for healthcare IT, “primarily due to the increasing healthcare expenditure, rising medical tourism, government initiatives to create eHealth platforms, and growth in the overall healthcare industry.” Further, the report authors wrote, “ In addition, increasing investments in the healthcare industry by key market players, rising demand for advanced healthcare technologies, and expansion of private sector hospitals to rural areas in countries such as China, Taiwan, and India are driving the growth of this region.”