New research from ReportsnReports.com forecasts the global healthcare information technology market will enjoy a $13.4 percent annual growth through 2020 as more organizations use electronic health record systems and health information exchanges.
ReportsnReports.com said Tuesday healthcare providers have adopted IT tools for managing workflows and patient data in an effort to meet regulatory requirements and cut medical costs.
North America and Europe held the biggest shares of the market during 2014, the report says.
The Asian-Pacific health IT sector is forecast to grow at a 15.4 percent compound annual growth rate over the next five years, driven by medical tourism and a demand for medical information and communication technologies.
The report also projects the health IT market’s clinical segment will achieve a 19.8 percent CAGR over the forecast period.
Vendors mentioned in the report include General Electric, Oracle, Siemens, Philips, Cerner, McKesson, Epic Systems and Infor.