Global Healthcare IT Market to Increase at 8% CAGR to 2022

Global healthcare IT market is expected to grow at a CAGR of more than 8 percent, reaching $206 billion by 2022, according to a market report by Technavio. The growth will be fueled by the need for greater efficiency and reduced costs. Health IT plays a role in automating the treatment process from the admission of patients, to creating transcripts of doctors’ diagnosis and maintaining follow-up schedules. Major healthcare IT vendors examined in the report include General Electric, IBM, McKesso, Philips, and Siemens. The Americas region controls close to half of the healthcare IT market, while the Asia-Pacific region will show the fastest growth rate over the forecast period, according to Technavio. Another market report, this one by Market Research Future (MRF), estimates the health IT market CAGR at a more robust 15 percent to 2023. The strong market growth is due to the high demand for various healthcare IT solutions among hospitals to manage the increasing load of patient information generated in the hospitals. Also, the growing need to improve the healthcare quality while improving operational efficiencies within the organizations is likely to fuel the segment growth, explailned MRF.