Healthcare IT- the fastest growing sector of healthcare innovation

Healthcare IT- the fastest growing sector of healthcare innovation

• Healthcare IT is a $100 billion global business, comparable in scale to a Latin american economy, and is predicted to grow at a near double digit rate for at least the next decade (Source: Gartner)

• Healthcare IT in Europe outsourcing market is presently worth $396.4 million and major IT initiatives in European member States will enable this market to almost double in size organically over the next four years, to be worth $697.7 million by 2010 (Source: Frost &Sullivan)

• Market for telemedicine products and services in US is estimated to be around $400 million anually, growing by 15-20%per year (Source: US Department of Commerce)

• The overall healthcare IT in US market is growing at compound annual growth rate (CAGR) of 7.4%, 8.1% in Canada and 7.9% in Europe – driven by the adoption of electronic health records and clinical information systems and the need to automate claims processing, customer service and diagnostics (Source: Datamonitor)

any guesses for middleeast…

The Middle East Healthcare Sector is expected to be worth US$60 billion by 2025 as the need for investment in facilities and services escalates. No other region in the world faces such rapid growth in demand and surely the IT portion would be significant.

Factors driving this innovation
• Rising demand for health and social services, due to an growing local and expat population and higher income and educational levels.
• Increasing expectations from citizens who want equal access, regardless of location, to the best care available
• Shortages of health professionals in some regions and oversupply in others
• Rapidly rising burden of long-term conditions on health such as Obesity, diabetes, UAE is the second capital of diabetes.
• Managing huge amounts of health information and making it available securely, accessibly and in a timely manner at the point of need
• Providing the best possible health and social care under limited budgetary conditions
These are just a few factors, stay tuned for many more to come and please add to the comments and grow the list.

Article by Naseem Begum-PhD Healthcare Technology- for BiomedME