New research from Compass Intelligence (http://www.compassintelligence.com) shows that the Health Care IT market is primed for continued growth over the next five years. Compass Intelligence expects health care organizations including hospitals, doctors' offices, private practices, clinics and other health care organizations to spend an estimated $73.1 Billion this year on IT products, services and solutions. By 2014 expenditures are expected to climb to $85.0 Billion. Health care IT spending is being driven by the government's push for the market to adopt Electronic Health Records (EHR or EMR) backed by stimulus dollars, investments in systems and networks to support new applications, and the adoption of mobile applications, hardware, and other software to support patient care, patient records, and next generation medical diagnostics and imaging.
"The federal stimulus funding in the HITECH Act has sparked the health care industry to invest in systems, software, and network infrastructure to support EHR implementation," says Stephanie Atkinson, Managing Partner at Compass Intelligence. Ms. Atkinson also states, "The push for compliance is uncovering pent up demand and giving light to delayed technology investments." The interesting dynamic is that it is not just a matter of implementing new software, in fact, EHR is expected to impact the entire health care IT ecosystem.
Other key findings include:
- Over $14 Billion increase from 2010 to 2014 in Health Care IT Expenditures
- 4.5% Compound Annual Growth Rate over the next 5 years
- $705.8 Million will be spent on Mobile Applications in 2010
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