Health information technology (HIT) is the fastest growing segment of the $1 trillion global health care marketplace—and its “impressive” 11 per cent combined annual growth rate is likely to continue through 2013, according to a Scientia Advisors global industry review released today.
But, in order to remain competitive, the study found, companies must factor in government incentives, new clinical decision-making and electronic health record requirements, as well as emerging competitors and markets in Asia and elsewhere in the developing world.
Scientia Advisors, based in Cambridge, MA and Palo Alto, CA, is a global management consulting firm specializing in growth strategies for major and emerging companies.
“Historically, therapeutics and medical devices have captured more than 90 per cent of worldwide healthcare product sales,” said Harry Glorikian, Scientia Advisors’ managing partner.
“But with declining marginal benefits from new interventional products and greater emphasis on appropriate use of existing interventions, we project accelerating HIT-related sales.” By 2013, indications are that HIT sales will grow from four per cent of the worldwide health care products market to five per cent—representing a 25% increase in HIT’s market share.
Key trends and growth drivers: