North America expected to lead health IT market growth

NEWS IN BRIEF — Posted May 27, 2013

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The global health information technology market is expected to reach $56.7 billion by 2017, with the U.S. and Canada accounting for the largest share.

A May report by research firm MarketsandMarkets said the two nations are expected to account for the largest share of health IT investments because of a higher demand for integrated health IT systems, increased patient engagement, a rise in the aging population, and government-led investments and incentives.

Under the Health Information Technology for Economic and Clinical Health Act, part of the 2009 economic stimulus package, $25.9 billion was invested to promote the use of health IT through the meaningful use incentive program. Physicians can earn up to $44,000 over five years from Medicare or nearly $64,000 from Medicaid for the meaningful use of electronic health record systems.

The report said growth in medical tourism is expected to contribute to health IT growth in Asian markets (link).

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