The world market for health care IT solutions and services was $125 billion in 2015 and is projected to reach $297 billion by 2022, registering a compound annual growth rate of 13.2% from 2016 to 2022, according to a new report from Allied Market Research. Health care provider solutions dominated the market in 2015 and are projected to capture more than a two-thirds share by 2022. North America led the market in 2015, and is expected to maintain its position throughout the study period.
According to the report, the market has witnessed significant growth in recent years due to increase in demand for quality systems, along with patient safety and care, proactive supportive government initiatives, and a growing acceptance of mHealth and telehealth practices. Other factors driving growth include the increasing adoption of smartphones and patient-doctor convenience.
The analysis points to health care provider solutions as the dominant segment throughout 2022, owing to the increasing demand for health care provider solutions and electronic health records to manage hospitals, nursing homes, and pharmacies. Also, the implementation of the Affordability Care Act has contributed toward market growth.
Meanwhile, the claims management solutions segment controlled the largest share of the health care payor solutions niche in 2015. The demand was mainly due to the complexity in data management from a large number of the insured patient population. Increasing fraudulent activities has made the use of advance health care payor methods essential for insurance companies, the analysis concludes.
While North America was the leading regional market, the Asia-Pacific market is anticipated to grow rapidly, due to increasing awareness about the benefits of HCIT solutions. In addition, improvements in health care infrastructure and an increase in healthcare expenses in such emerging markets as India and China are expected to boost market growth in this region.
For more information, click here.