Health Care IT Market Expected to Grow into a Billion Dollar Industry by 2020

A recent study conducted by Research and Markets projects an expected growth of the Health Care IT Industry by 2020. The study shows that the demands to comply to local and international health care guidelines prompts health care companies including IPMI providers to upgrade their IT by means of integrating more mobile applications or upgrades in current system programs to comply by regulatory government initiatives.

The health care IT market is mainly health care provider solutions, health care payer and health care IT outsourcing services. The study forecasts the health care IT market to be a $228.7 Billion Dollar industry with IT infrastructure management as the highest contributor of the projected growth over the next 5 years.

The largest shares of the health care IT market currently belongs to North America with a share of 45.5% of the health IT market, followed by  Europe, Asia-Pacific, South America, The Middle-East and Africa. The study raises a point that even though North America and Europe are still expected to hold the largest shares in this market for the next 5 years, the significant growth in the industry will be greatly attributed to the rising demands of health care IT products in Asia and the Pacific as well as South America. Right now, the major companies in the health care IT industry are Allscripts Healthcare Solutions, Athena Health, McKesson Corporation, Epic Systems Corporation, Siemens Healthcare, GE Healthcare and Cerner Corporation.

In the next 5 years, India, China and Brazil are expected to be the 3 largest players in the industry due to the expected government reforms on their health care efficiency and quality, forcing health care providers and everyone involved in the industry to ramp up their health care IT system, whether it’s by direct technology upgrade or by offshore IT solutions.

This interesting market growth in the health care industry will definitely bring significant changes throughout the health care network. We are already seeing emerging trends in innovative health care services, payments and processing methods in recent years. The projected growth of this industry is one of the most exciting developments that we can expect in the global health care industry.

Photo by: Ted Eytan