Business
Global healthcare IT market likely to grow at a CAGR of 28.6% in 2020
The global healthcare information technology market is projected to grow at a compound annual growth rate of 28.6% from 2019 to 2020, GlobeNewswire reported.
The report adds that the global healthcare information technology market size is expected to reach USD 270.3 billion by 2021 from USD 227.5 billion in 2020, at a CAGR of 23.6%.
The major reason behind the HCIT growth in the market is said to be the rising infections of COVID-19.
Other factors in the growth are government mandates, support, and initiatives for HCIT solutions, the increasing use of big data in healthcare, high returns on investment for HCIT solutions, and the need to curtail escalating healthcare costs.
In addition, HCIT is of critical importance in keeping healthcare providers safe.
According to the forecast, the American market is estimated to register the highest CAGR because of the highest number of COVID-19 cases.