The global health IT sector is expected to more than double in value by 2028, according to a May 16 study by Brandessence Market Research & Consulting.
The research firm predicts the global valuation of the healthcare information system market will reach $579.6 billion by 2028, up from $282.7 billion in 2021.
The report said the growth is being fueled by improvements to personal care delivery, streamlining of data storage, increased adoption of electronic health records and the realization during the pandemic that the systems in place were inadequate.
Revenue cycle management makes up the greatest share of the health IT business because of growing insurance coverage for low- and middle-income people and an increased need for services because of COVID-19, according to Brandessence.
The major players in the market are Accenture, Oracle, GE Healthcare, Cerner, McKesson and Microsoft, the report said.