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The global healthcare IT market exhibited strong growth during 2015-2020. Looking forward, the global healthcare IT market to grow at a CAGR of 15.5% during 2021-2026.
The term healthcare refers to the diagnosis, treatment and prevention of diseases or illnesses, and other physical and mental impairments. The healthcare industry along with information technology (IT) functions to manage, regulate, and mechanize operations in medical organizations. The use of modern techniques in the health and wellness sector offers an effective patient-centric approach for medical treatments and enables smooth communication between the doctors, patients, and other concerned people.
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The global health information exchange market is expected to reach USD 2.0 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 12.2%.
Growth in this market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability. However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.