Posted 12/4/2023, 1:15:00 AM
Healthcare IT Market Poised for 11% CAGR Growth to $168B by 2027, Driven by Quality and Efficiency Demands Despite Cybersecurity Challenges
- The healthcare IT market is expected to grow at a CAGR of 10.89% between 2022 and 2027 and increase by $168.86 billion in size
- Growth is driven by increasing focus on improving quality of services and efficiency through IT solutions
- Market is segmented by end-user (healthcare providers and payers), component (services, software, hardware), and geography
- North America will account for 46% of market growth due to integrated healthcare infrastructure, many vendors, and high adoption of technology
- Major challenge is vulnerability of electronic medical records to cybercrime such as hacking and data theft