Forecast: Health IT Spending to Rise $16B Globally in the Next 5 Years

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According to the Markets and Markets forecast, global healthcare IT Spending will rise from 2012’s $40.4 billion to $56.7 billion by 2017.

The Misco.UK article cited a few factors as the main reasons for the sharp rise.

A 7% increase will be from governments reducing healthcare costs amidst aging population growth and the demand for healthcare systems integration, the report said.

The article also said investment and incentives in the US government, medical tourism in Asia and the growing demand for computerized physician order entry adoption for chronic diseases are other contributing factors in HCIT growth.

It also found that North America has the largest healthcare spending share as a result of the US and Canadian governments.

The market is forecast to grow at a compound annual rate of 7% by 2017.

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