Global market for Healthcare IT solutions & services to reach USD 297 billion by 2022
According to a report published by Allied Market Research, the global market for healthcare IT (HCIT) solutions & services was USD 125 billion in 2015 and is projected to reach USD 297 billion by 2022, registering a CAGR of 13.2% over 2016-2022. The key factors contributing to the rise of the healthcare IT market is increase in healthcare organisations, which have faced several challenges such as patient data management, need to reduce operational costs and demand for enhanced healthcare services. However, the limited knowledge about HCIT among individuals and high deployment costs incurred for establishment of infrastructure are expected to strict the market growth over the forecast period. Geographically, North America led the global market due to high acceptance of HCIT solutions & services, well-established healthcare systems, center to numerous renowned HCIT players. However, the Asia-Pacific is expected to grow rapidly, registering a CAGR of 15.3% over the analysis period, due to increasing cognisance about the usefulness of HCIT solutions. Moreover, reforming healthcare infrastructures and increase in healthcare expenses in the emerging geographies, such as India and China, are estimated to boost the HCIT market.