Spending on federal health IT to reach $8.1B by 2023

The federal health IT goods and services market is expected to see significant growth through 2023, according to Deltek market report.

Here are five key market trends.

1. Spending on vendor-provided federal health IT goods and services will increase from $6.1 billion in 2018 to $8.1 billion in 2023.

2. The growth represents a compound annual growth rate of 5.6 percent.

3. Legislation and policies, such as the Medicare Access and CHIP Reauthorization Act of 2015 and the 21st Century Cures Act, will encourage health IT growth on a nationwide level.

4. However, federal health agency budget cuts may hinder health IT spending.

5. There is expected to be a growing demand for mobile health solutions, including telehealth services, during the forecast period.

More articles on health IT:
5 popular clinical process improvement vendors, as ranked by KLAS
Lancaster General Health partners with private equity firm to launch $300M precision medicine fund
Philips posts $4.8B in sales for Q1, dips 2% from 1 year prior: 4 things to know

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies by clicking here.


Top 40 Articles from the Past 6 Months