The health information technology market, or HIT, is booming. It’s part of $1 trillion global health care marketplace, and the market is on track to record an 11 percent combined annual growth rate through 2013, a new report
found.
But to stay competitive,companies must factor in government incentives, new clinical decision-making and electronic health record requirements, according to a
Scientia Advisors’ global industry review. Organizations must also consider emerging competitors and markets in Asia and elsewhere in the developing world, the report said.
“Historically, therapeutics and medical devices have captured more than 90 per cent of worldwide healthcare product sales,” Harry Glorikian, managing partner for Scientia Advisors, a global management consulting firm that specializes in growth strategies for companies, said in a statement. “But with declining marginal benefits from new interventional products and greater emphasis on appropriate use of existing interventions, we project accelerating HIT-related sales.”
By 2013, HIT sales are projected to grow from 4 percent of worldwide healthcare products market to 5 percent. That will represent an “impressive” 25 percent increase in HIT's market share, Scientia Advisors said.
Scientia Advisors’ review, which is available on the company’s
Web site, also reviewed HIT’s potential impact on "front" and "back office systems," clinical testing, diagnostics and pharmacies. It also assessed how government mandates in North American, Germany, Norway, the U.K., China and Australia could impact worldwide the HIT market.
In addition, the report discussed how the U.S. stimulus bill would impact EHR, CDSS and HIT adoption by hospitals and the potential consequences of CDSS for healthcare market participants.
“Our studies allow us to provide strategic advice that is deeper, more defensible and more expansive than that offered elsewhere," Glorikian said. "We are pleased to share our insights with clients and prospective clients and to discuss companies' strategic planning needs.”
Amy Tierney is a Web editor for HealthTechZone, covering business communications Her areas of focus include conferencing, SIP, Fax over IP, unified communications and telepresence. Amy also writes about education and healthcare technology, overseeing production of e-Newsletters on those topics as well as communications solutions and UC. To read more of Amy's articles, please visit her columnist page.Edited by
Amy Tierney
