Health IT by the numbers: Market estimates in precision medicine, AI, data analytics, cybersecurity, EHRs

The market values for various technology sectors within health IT are poised to soar in the upcoming years, according to multiple CAGR and growth reports.

Here are five things to know about global growth in health tech.

1. Artificial intelligence. Experts with ReportsnReports.com forecast that AI in the healthcare market could reach $7.988 billion by 2022, up from $667.1 million in 2016 at a CAGR of 52.68 percent between 2017-2022. The market growth is driven primarily by a growing use of big data in the industry, AI's ability to improve patient outcomes, the imbalance between the healthcare workforce and patients and a desire to reduce healthcare costs.

2. Cybersecurity. The global cybersecurity market will be worth more than $206 billion by the end of 2025, according to a Persistence Market Research report. The report also estimates the global cybersecurity market will expand at a CAGR of 12.0 percent between 2017 and 2025.

3. Data analytics. In 2017, the global clinical data analytics market was estimated at around $2.9 billion, and its experts expect a CAGR of 35 percent between 2018 and 2023, according to The Financial.

4. EHRs. The global eHealth market is forecasted to reach $132.35 billion by 2023, up from $47.60 billion in 2018 at a CAGR of 22.7 percent during 2018 to 2023, according to ReportsnReports.com. The growth is driven by regulatory mandates and government initiatives for the implementation of eHealth solutions, growing mHealth, telehealth, and remote patient monitoring interests, and the need to curtail escalating healthcare costs.

5. Precision medicine. Persistence Market Research estimates the global precision medicine market will be value at $172.95 billion by 2024. The report expects it will register a 14.7 percent CAGR between 2016 and 2024.

More articles on health IT:

Former Uber exec joins Noom's board of directors: 3 things to know
USC researchers to share genomic data with scientists
Researchers discovered a way to diagnose genetic diseases from EHR data: Here's how

© Copyright ASC COMMUNICATIONS 2019. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.

 

Top 40 Articles from the Past 6 Months