Report: Global HIT market to exceed $228B by 2020
- The global healthcare IT market should hit $228.79 billion by 2020, fueled by a compound annual growth rate of 13.4%, according to a new analysis by ReportLinker.
- Leading the demand for new health IT solutions is providers' need to cut costs while ensuring the security and confidentiality of personal health information.
- Also contributing to market growth is the need for data management solutions and health insurers' services.
The report breaks the health IT market down by product, end user and geography. Within the product section, market activity and expectations are further segmented into healthcare product solutions, payer solutions, and HIT outsourcing services.
With the uncertainty of a Trump presidency on the nation and the economy, and with Republicans vowing to repeal or replace the Affordable Care Act, it’s hard to guess the impact on digital health. But if Trump is looking for ways to cut healthcare costs for employers, that could be good for digital health, some experts say.
Telemedicine devices that facilitate home care management could also prosper from cost-cutting policies.
“Any technology, digital technology, that enables employers or consumers to be activated and to change their behavior, take control of their health, particularly fozr chronic conditions, will benefit greatly from any administration, Frank Moss, co-founder and chairman of Twine Health told Healthcare Dive recently.
On the down side, investment in health IT innovations could suffer—at least in the near term—from uncertainty about the future healthcare landscape.