Healthcare IT market to surpass $230B by 2023: 5 things to know

Technology is advancing at tremendous speeds, with it becoming integral to the healthcare field. A Global Market Insights report found the healthcare IT market will continue expanding through 2023.

Here are five things to know:

1. By 2023, the report expects the market to hit more than $230 billion.

2. The market is likely to increase at a compound annual growth rate exceeding 14 percent from 2016 to 2023.

3. In the forecasted period, the Asia-Pacific region will likely experience the most growth due to higher healthcare expenditures, more chronic diseases, increasing per capita income as well as more medical tourism.

4. In 2014, North America was the market leader with a market share surpassing 45 percent.

5. The drive to truncate healthcare costs will fuel market expansion.

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