Compass Intelligence Indicates the Direction of Growth in the Healthcare Industry

Compass (News - Alert) Intelligence, a global consulting and market analytics firm, specializes in segment and vertical market intelligence for the high-tech and telecom industries. It has published findings on the future of the Healthcare IT market.

 

The Healthcare IT market, according to Compass Intelligence, is slated to experience continuous growth over the next five years. Healthcare organizations including hospitals, private practices, clinics and other healthcare sectors are estimated to spend $73.1 billion in the year 2010 on IT products, services and solutions.

 

Expenditures are expected to climb to $85.0 billion by the year 2014. The increased Healthcare IT spending is triggered by the Government's desire to get organizations to adopt Electronic Health Records, EHR, in short, that are backed by stimulus dollars, and investments in systems and networks to support the new applications.

 

In addition, the market for mobile applications is also being tapped for adoption by the government. New software to support patient care, records and next-gen diagnostics and imaging are being examined for adoption. 

 

Such a move on the part of the Government has acted as an incentive for the healthcare Industry to invest in Hi-Tech Products.

 

'The federal stimulus funding in the HITECH Act has sparked the health care industry to invest in systems, software, and network infrastructure to support EHR implementation,' Stephanie Atkinson, Managing Partner at Compass Intelligence, said.

 

Ms. Atkinson also said that the push for compliance is uncovering pent-up demand and is now making way for delayed technology investments. The interesting dynamic is that it is not just a matter of implementing new software, in fact, EHR is expected to impact the entire health care IT ecosystem.

 

Additionally, the research also found that there would be an estimated $14 Billion increase or more from 2010 to 2014 in Health Care IT Expenditures, and it was also predicted that $705.8 Million would be spent on Mobile Applications in 2010. The Compound Annual Growth over the next five years was expected to be about 4.5 percent.

 

Compass Intelligence offers clients a tailored research experience through excellent customer support. It provides subscriptions and research reports, insight videos, forecasts, competitive analysis, market data and expert recommendations on multiple markets. 

 

In a related news item, the latest research from Compass intelligence shows that 'business' prepaid is fast becoming a growth market. Compass Intelligence expects to see continued growth of Business Prepaid subscribers of roughly 10percent over the next three years. Estimated to represent approximately five million of the 57 million prepaid subscribers by the end of 2010, business users make up a small but interesting segment of the prepaid category and a significant portion of the overall wireless market.