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Federal Health IT Market to Reach $4.5 Billion by 2013
Feb 21, 2008 (10:02 AM EST)
RESTON, Va., Feb. 21 /PRNewswire/ -- Federal Health Information Technology (IT) spending will grow from $3.2 billion in 2008 to over $4.5 billion in 2013 at a compound annual growth rate (CAGR) of 7.1%, which is faster than the overall Federal IT market, according to a new report by INPUT, the authority on government business.
"While 7% CAGR seems robust, several things remain in the way of even more rapid growth," said Lauren Jones, principal analyst at INPUT. "This market, as well as the national Health IT market as a whole, will accelerate after standards are adopted and the vast volume of medical records are digitized, enabling them to be shared among health care providers," said Jones.
The report, Federal Health IT Market: 2008 - 2013 examines the Federal Health IT trends and the evolutionary path the market is likely to take in the next five years, and identifies ways vendors can assist agencies as they lay the foundation for a modern, interoperable federal health care system. The report suggests that vendors can influence and possibly even accelerate the market by actively participating in standards development organizations, as well as by assisting agencies in modernizing their Health IT systems.
Additionally, the strain of dealing with a burgeoning patient population of Baby Boomers enrolling in the Medicare program, aging veterans, and returning military personnel will drive continued modernization, enhancement, and expansion of Federal Health IT Systems.
"Many Health Care processes still need to be automated or modernized over the next few years in order to realize cost savings and, more importantly, to create comprehensive patient electronic health records (EHRs) that can be used to improve the quality of health care," said John Slye, principal analyst at INPUT and co-author of the report.
Vendors with domain expertise in Health IT, specialized technology, and established qualifications and relationships with key agencies are in the best position to influence and profit from market growth. Other vendors considering the market should evaluate their qualifications, ability to penetrate a highly competitive market, and fortitude to make a long term commitment to the market.
INPUT's Federal Health IT Market: 2008 - 2013 industry report is available on INPUT's website at http://HealthIT08.input.com
INPUT is the authority on government business. Established in 1974, INPUT helps companies develop federal, state, and local government business and helps public sector organizations achieve their objectives. Over 1,300 member organizations, including small specialized companies, new entrants to the public sector, and the largest government contractors and agencies, rely on INPUT for the latest and most comprehensive procurement and market information, consulting, powerful sales management tools, and educational & networking events. For more information about INPUT, visit http://www.input.com or call 703-707-3500.
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