The healthcare industry is on the cusp of radical changes and has yet to reach its pivotal moment. Blockchain, predictive analytics and other latest technologies are leading the Digital Transformation (DX) by rapidly replacing the traditional healthcare systems. As a matter of fact, digital health applications have gained tremendous traction in the past few years and are slowly going mainstream, creating a significant impact on the cost of operations, quality of care, and accuracy of patient information. On top of that, technologies like machine learning and artificial intelligence are shifting the paradigm of medical treatment and research.
Healthcare IT Spending – Global Snapshot
Owing to reforms in healthcare regulations and emergence of new technologies, healthcare spending of the organizations in market research, IT and advanced computing solutions has increased manifold. In 2017, digital health investments crossed $6.5 billion, approximately 109% up from 2016. This growth curve is expected to continue in 2018.
- According to an analysis by Forrester Research, in 2018, healthcare organizations will increase their spending on IT by 10% over the amount they spent in 2017.
- As per the reports of IDC Health Insights, healthcare IT spending in Western Europe will grow to $14.6 billion in 2018.
- According to the predictions by India-based market research firm, by 2020, the global healthcare IT solutions market will grow at a compound annual growth rate of 13.4 percent, reaching worth $228.79 billion.
- Federal healthcare IT spending is projected to exceed $4.8 billion in 2019.