Technology has become ubiquitous throughout the continuum of healthcare. The advancements include quantum leaps not only in the use of the information but also advanced mechanisms for the collection of information.
Driven by technologists, healthcare providers, clinicians and increasing consumer awareness the total Global Healthcare IT Market is estimated to reach USD 1,075.06 Billion by 2028. The Market stood at a revenue of USD 323.83 Billion in the year 2021, and is expected to exhibit a Compound Annual Growth Rate (CAGR) of 18.7%.
Healthcare IT offers numerous advantages and opportunities such as improving clinical outcomes, reducing human errors, improving practice efficiencies, facilitating care coordination, and tracking data over time. These advantages are in turn expected to drive the growth of the healthcare IT market.
The global healthcare IT market is largely driven by factors such as an increase in demand for telehealth and mHealth solutions from a large number of smartphone users, adoption of cloud technology-related HCIT services, implementation of various healthcare reforms such as the Patient Protection and Affordable Care Act (PPACA), and a rapid increase in the number of elderly people.
In the last few years, the volume of electronic data produced in the healthcare industry has expanded to terabytes and petabytes, primarily due to the digitization of administrative, clinical, and financial information. With the volume growing almost twofold every year, it is expected to reach exabytes and even zettabytes in the coming years. In addition to the growing volume, the sheer diversity of data in healthcare presents a major challenge for healthcare providers. The vast amount of data makes healthcare analytics more complex when compared to other industries. To address these challenges in the healthcare industry, service providers are increasingly advancing healthcare analytics and data management solutions.
M&A Transaction Activity
Below are M&A transaction activities which has been compiled from our work with businesses within this sector and our independent research in publicly available information. For additional information, please contact us here.
