The global healthcare IT market is forecast to grow at a CAGR of 10% from 2002 to 2009 to reach revenues of $19.5 billion by 2016. The market is mainly driven by the increased adoption of healthcare IT in developing countries. For example, India and China are seeing increased private investment in hospitals. Healthcare IT has been found to increase efficiency and cost savings, and has therefore seen widespread adoption in developed countries since 2000. In the US, the federal funding for meaningful use will see a greater rate of adoption of healthcare IT in previously untouched rural hospital markets.
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The HIS (Hospital Information Systems) market in the US was valued at $2.6 billion in 2009 and is expected to grow at a CAGR of 19.3% over the next seven years.
The economic stimulus provided by the ARRA (American Recovery and Reinvestment Act) will increase the adoption rates to 90% for physicians and 70% for hospitals in the US. The ARRA, signed into law by President Obama on February 17, 2009, allocated $20 billion towards health IT (Information Technology). The ARRA promises financial incentives to providers and hospitals for the meaningful use of certified healthcare IT products. Under the provisions of ARRA, incentive payments made to physicians and hospitals are expected to significantly increase the uptake of certified healthcare IT systems, according to analysis from the Congressional Budget Office (CBO). Under the ARRA, the CBO estimates that by 2019, 65% of physicians and 45% of hospitals will have adopted certified healthcare IT systems. Before 2009, HIS adoption rates stood at only 10%, with private hospitals being the only market for vendors in the US. The government stands to gain by the reduction of medical errors, reduced adverse event related costs and an improved overall healthcare system, by bringing about work flow efficiency and accountability. The change to improve efficiency throughout the healthcare systems and improve patient safety came in 2004, with President Bushs federal initiative to establish Electronic Health Records (EHR) for all Americans by 2014.
GBI Researchs report, Healthcare IT Market to 2016 - Demand for Integration of Advanced Clinical Applications to Drive the Market provides key data, information and analysis on the global Healthcare IT market. The report provides market landscape, competitive landscape and market trends information on two Healthcare IT market categories Hospital Information System and Medical Imaging Information Systems. The report provides comprehensive information on the key trends affecting these categories, and key analytical content on the market dynamics. The report also reviews the competitive landscape with major acquisitions and mergers in the last three years and a detailed analysis of the pipeline products in each category. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GBI Researchs team of industry experts.
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