PALO ALTO, Calif., May 24 /PRNewswire/ -- The opportunity in the HCIT market is abundant. Eventually, the market will move to better integration of the provider, payer, and consumer, and along the way transform and reshape the 21st century healthcare system.
Frost & Sullivan (http://www.healthcare.frost.com ) finds that U.S. Markets for Healthcare IT, approximately $40.5 billion, expects to grow at 6.5 to 7.0 percent in the next 5 years and reach approximately $50.0 billion in 2008.
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"Due to several compounding factors, the future growth of the Healthcare IT market will be significant," explains Frost & Sullivan research analyst Steve Tobin. "Healthcare delivery organizations across the board are determined to implement IT solutions that decrease costs, improve quality of care, and reduce medical errors."
From the government push for a national health information infrastructure to robust technology solutions that provide enterprise integration, documentation, and discrete data, HCIT will provide the fundamental platform for both public and private projects. The country is at the beginning of a decade expansion towards nationwide healthcare information integration with every provider organization moving towards complete digital environment.
Unquestionably, financial resources of purchasing organizations remain strained. As organizations carefully budget for a few major projects every year, lengthy implementation cycles continue to inhibit possible double-digit adoption rates.
"Financial incentives and competitive pricing structures are only a few areas that will allow competitors to maximize their penetration of this market," notes Tobin. "However, the HCIT market remains at low penetration rates and it is expected that the current 'land run' will continue to augment significant opportunity for all solution providers, especially those with robust and useful technology."
Multiple approaches and strategies will be necessary to maximize contracts and provide customer satisfaction. Among other aspects, useful and cost effective technology, result driven contracts, partnerships, acquisitions, and other mechanisms that improve patient care and efficiently allocate resources will preclude a favorable market opportunity for solution companies.
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U.S. Markets for Healthcare IT - Opportunity Analysis F144-48 Contact: Melina Trevino Corporate Communications - North America P: 210.247.2440 F: 210.348.1003 E: melina.trevino@frost.com Radhika Menon Theodore Corporate Communications P: +91 (044) 42044541 E: rmtheodore@frost.com Donna Jeremiah Corporate Communications - Asia Pacific P: +603 6304 5832 F: +603 6201 7402 E: djeremiah@frost.com Surbhi Dedhia Corporate Communications - India P: +91 22 2832 4705 Ext: 131 E: sdedhia@frost.com
Frost & SullivanCONTACT: Melina Trevino, Corporate Communications - North America,+1-210-247-2440, or fax, +1-210-348-1003, or melina.trevino@frost.com , orRadhika Menon Theodore, Corporate Communications, +91-044-42044541, orrmtheodore@frost.com , or Donna Jeremiah, Corporate Communications - AsiaPacific, +603-6304-5832, or fax, +603-6201-7402, or djeremiah@frost.com ,or Surbhi Dedhia, Corporate Communications - India, +91-22-2832-4705 Ext:131, or sdedhia@frost.com , all of Frost & Sullivan
