Deltek: Federal Health IT Market Worth $6.4B by 2021 Amid Continued Agency Investments

A Deltek market report predicts the federal health information technology market to reach $6.4 billion in spending by 2021 at a compound annual growth rate of 1.4 percent due to investments aimed to analyze, digitize, secure and share health information.

Deltek said Wednesday federal agencies such as the Defense Health Agency and the Department of Veterans Affairs will continue to invest in health IT products and services in efforts to boost health outcomes and mitigate fraud, waste and abuse.

“Although future health initiatives remain largely uncertain under the new presidency, the need to update or replace [electronic health records], establish interoperability, spur medical innovation and improve outcomes will drive demand for contractor solutions and support,” said Angie Petty, a senior principal research analyst at Deltek.

Deniece Peterson, Deltek director of research, added vendors will secure positioning in the federal health IT market if they offer health IT technologies that work to utilize data to help agencies build on healthcare effectiveness and control costs.

Other aspects that will impact the market include data centricity in federal health IT, the priorities of the new administration, policies and legislation for funding and growth in the provider market segment.

You may also be interested in...

Blue Origin

Blue Origin Launches 14th New Shepard Mission With Updated Crew Capsule

Blue Origin, a space company owned by Amazon CEO Jeff Bezos, used a capsule with updated crew systems during the company's 14th mission with the New Shepard rocket. The updated capsule featured new push-to-talk communications systems, noise reduction tools, cushioned wall linings, environmental systems and a crew alert system, Blue Origin said Thursday.

Teledyne

Teledyne Subsidiary to Produce Additional Navy LCS Missile Defense Modules

A Teledyne Technologies subsidiary has secured an $18M contract from Northrop Grumman to manufacture four more missile defense systems for the U.S. Navy's littoral combat ship mission package.

Orion

Lockheed’s Orion Spacecraft Concludes Assembly, Testing for NASA’s Artemis Mission to Lunar Orbit

Lockheed Martin has sent the Orion capsule to NASA’s exploration ground systems team for final preparations ahead of the unmanned Artemis I mission to lunar orbit that will launch later this year. The spacecraft concluded assembly operations and testing at Kennedy Space Center in Florida.