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North America healthcare information technology market to gain traction by 2024

Author : Ronak Bora | Published Date : 2021-01-16 

Although the chaos resulting from the COVID-19 pandemic has been a bolt from the blue, the healthcare information technology (IT) market has been making the most of the opportunities arising from the adversity. The market for healthcare IT in North America is a fertile ground for significant growth, driven by factors including favorable government policies and the highly advanced healthcare sector in the region.

The North America healthcare information technology market held a valuation of more than 69 billion in 2019 and is projected to surge at a fruitful CAGR of 14.1% between 2020 and 2026. By the end of 2026, the North America healthcare information technology market is anticipated to be worth more than 181.3 billion, thanks to the high degree of adoption of wireless and broadband based medical devices.

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The top three trends delineating the growth of the North America healthcare IT market are:

Increased utilization of EHR by caregivers to reinforce demand

The Electronic Health Record (EHR) segment has been soaring of late, and this is likely to be advantageous for the growth of the North America healthcare information technology market over the next few years. The findings of a recent study reveal that nearly 85% of the primary care physicians in Canada and more than 79% of the community specialists have been utilizing EHR. The high rate of adoption of EHR can also be accredited to the promotion of the technology by the Health Information Technology for Economic and Clinical Health Act (HITECH) in the U.S., which has included the adoption of interoperable electronic health record across its healthcare infrastructure as a major national goal, thus incentivizing its deployment.

Although these have been some primary growth drivers, the North America healthcare information technology market is also likely to receive a boost from the increasing deployment of data mining, software solutions, as well as clinical trial management systems.

U.S. to be a hub of opportunities owing to espousal of advanced technologies

The key factor responsible for the growth of the US healthcare IT market is the structured approach toward the utilization of information technology across healthcare via multiple entities including the healthcare providers, the government, researchers, and numerous organizations. The rapid and extensive espousal of advanced technologies including telemedicine and cloud computing across healthcare has also been fueling the growth of the market. In 2019, the US healthcare IT market collected more than 61.7 billion.

mHealth segment likely to reign supreme due to self-management of fitness via health apps

The mHealth segment has been receiving considerable impetus over the past few years, driven by the spiraling popularity of health apps and mHealth solutions including smart wearable devices and smart watches. Approximately 64% of the American adults have been using an app to keep track of their health metrics, according to the findings of the Healthcare Information and Management Systems Society (HIMSS). A vast portion of the population in the region has been prioritizing fitness and since mobile phones, internet, and the web are apt at simplifying their fitness strategies, they are being increasingly drawn toward the adoption of mHealth.

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Moreover, the trend of remote patient monitoring due to the pandemic-induced restrictions have also been aiding the growth of the North America healthcare information technology market.

The patient-centered approach of healthcare professionals driven by the belief in a future that is not simply virtual-first and highly convenient, but meant to prioritize the patient first, has been a prime reason for the development of the North America healthcare information technology market over the past decade. Driven by this core belief, the market size will continue to soar in the ensuing years.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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