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

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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.

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