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Healthcare IT Services Featured PR

The Healthcare Information Technology (IT) Services Market to Grow at 10% CAGR to Double its Size by 2016
Hyderabad, AP, India ( 09/12/2010
The global healthcare IT services market is forecast to reach $36 billion by 2016, growing at a Compound Annual Growth Rate (CAGR) of 11% during 2009-2016. The global healthcare IT services market will grow due to increased government and private spending on healthcare IT across the globe. In mature markets such as Europe, Canada and Australia, implementation of large scale healthcare IT projects such as regional IT integration has created a large market for IT services.

Under the American Recovery and Reinvestment Act (ARRA), $19 billion in incentives have been allocated for development of healthcare IT infrastructure in the US. This will continue to drive demand for professional IT services over the next three years. In Asia, the $124 billion reform in China that has made provisions for modernizing healthcare infrastructure by employing IT solutions will drive the IT services market. Large vendors such as IBM, Microsoft and Dell are already competing alongside Chinese vendors for services such as consulting and implementation in China. In India, the growth of private hospital chains and continued expansion of the private healthcare insurance market has spurred the IT healthcare services market. The growing installed base of healthcare IT solutions will continue to sustain demand for maintenance and support services.

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The global professional IT services market for healthcare is forecast to grow at 12% to almost double to $27 billion by 2016. Over the next three years, global professional services will witness high growth due to high levels of investment in new installations of healthcare IT solutions through government incentives, especially in process management, consulting and training. After 2013, market growth will be sustained by new as well as renewed service contracts for IT managed services. The global support and maintenance services market for healthcare is forecast to grow to $9 billion by 2016, growing at the rate of 8% CAGR in 2009-2016. The market will be sustained by the year on year renewal of support and maintenance contracts for the large installed base of healthcare IT products.

GlobalData’s new report, “Healthcare IT Services - Global Opportunity Assessment, Competitive Landscape and Market Forecasts to 2016” provides key market data on the Healthcare IT Services market. The report provides market value (USD million) for the two market categories – Support and Maintenance Services and Professional IT Services for healthcare. The report also provides company shares data for each of the aforementioned market categories. The report is a comprehensive source of information for healthcare IT services industry structure, and key pricing strategies as well as the current and future trends and drivers. The report is supplemented with global corporate-level profiles of the key market participants with information on company financials and market strategy wherever applicable. This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData’s team of industry experts.

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