Healthcare IT market to be worth $229B by 2020

The global healthcare IT market is estimated to reach $228.79 billion by 2020, growing at a annual rate of 13.4 percent, according to a report by Research and Markets.

The healthcare IT market is driven by increasing healthcare expenditures, increasing use of data-driven technologies, introduction of various healthcare reforms and changing regulations and growing pressure on healthcare organizations to curb healthcare costs. The growing need of healthcare insurance providers to efficiently manage an in-depth record of claims and reimbursements is also expected to contribute to the growth.

Yet many regions are slow to adopt the newest programs of healthcare information due to the high costs incurred for implementation, maintenance, and upgrading services; dearth of in-house IT skilled resources; and inadequate IT infrastructure. Rising incidences of data breaches, high costs incurred on training staff, technical difficulties in integrating healthcare IT solutions, and interoperability issues are other key reasons there is a slowing down the adoption of healthcare IT solutions, especially in emerging markets.

The global health IT market is divided into healthcare provider solutions, healthcare payer solutions, and HCIT outsourcing services. The healthcare provider solutions segment is further segmented into clinical solutions and non-clinical solutions. The HCIT outsourcing services segment is further categorized into provider HCIT outsourcing services, payer HCIT outsourcing services, operational HCIT outsourcing services, and IT infrastructure management services.