The rapid growth of clinical and consumer health information technology has kept pace into 2015, fueled largely by the billions of dollars hospitals and clinics are investing in electronic health records.

According to a report on health care information technology by BBC Research, a market research firm, the market for clinical health IT grew to $15.6 billion in 2014, an increase of $1.5 billion over the previous year. The firm projects the market for healthcare IT to continue to grow faster than the overall U.S. economy in the coming years, pegging the industry's anticipated compound annual growth rate between now and 2019 at 4.8 percent.

It's no mystery what product is driving the growth: Electronic health records (EHRs), which account for 61.5 percent of the clinical health care IT market. EHRs have been on a tear since they received two big government-backed nudges into the economy in the first two years of the Obama administration, first with the American Recovery and Reinvestment Act, which put $17 billion toward promotion of EHRs, and later with the Patient Protection and Affordable Care Act, which also incentivized health providers to switch to electronic records.

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

Your access to unlimited BenefitsPRO content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dan Cook

Dan Cook is a journalist and communications consultant based in Portland, OR. During his journalism career he has been a reporter and editor for a variety of media companies, including American Lawyer Media, BusinessWeek, Newhouse Newspapers, Knight-Ridder, Time Inc., and Reuters. He specializes in health care and insurance related coverage for BenefitsPRO.