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Industry Landscape
The Health IT industry is experiencing rapid growth, driven by digital transformation, interoperability demands, and value-based care models. It's a dynamic sector with increasing investment in AI, telemedicine, and data analytics to improve patient outcomes and operational efficiency. Challenges include data security, regulatory compliance, and integrating legacy systems. The industry is crucial for modern healthcare delivery.
Total Assets Under Management (AUM)
US Health IT Market Size in United States
~$100.8 billion (2023)
(13.6% CAGR)
- Driving factors: digital health adoption, data analytics.
- Key segments: EHR, e-prescribing, telehealth.
- Future outlook: continued expansion due to innovation and demand.
Total Addressable Market
100.8 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI in Healthcare
Generative AI can revolutionize clinical decision support, drug discovery, and personalized patient care by creating synthetic data, generating medical reports, and designing new molecules.
Interoperability and FHIR
The widespread adoption of FHIR (Fast Healthcare Interoperability Resources) APIs is enabling seamless, secure exchange of health information across disparate systems, improving data fluidity and patient care coordination.
Remote Patient Monitoring (RPM)
RPM technologies, including wearables and connected devices, are increasingly used to track patient vital signs and health data outside traditional clinical settings, facilitating proactive care and chronic disease management.
Impactful Policy Frameworks
21st Century Cures Act (2016) - Information Blocking Rule
The 21st Century Cures Act's Information Blocking Rule (finalized in 2020 by ONC) prohibits healthcare providers, IT developers, and health information exchanges from knowingly interfering with the access, exchange, or use of electronic health information (EHI).
This policy mandates data sharing, increasing the demand for interoperable Health IT solutions and professionals skilled in data governance and security.
CMS Interoperability and Patient Access Rule (2020)
This Centers for Medicare & Medicaid Services (CMS) rule requires certain payers (Medicare Advantage, Medicaid, CHIP, and Qualified Health Plans) to implement patient access APIs and provider directory APIs, fostering greater data exchange.
It drives the need for health plans to modernize their IT infrastructure and for Health IT professionals to manage complex data integration projects and secure data transfer.
NIST AI Risk Management Framework (AI RMF 1.0, 2023)
While not a binding regulation, the National Institute of Standards and Technology (NIST) released a voluntary framework for managing risks associated with artificial intelligence, providing guidance on trustworthy and responsible AI development and use.
This framework influences best practices in AI development within Health IT, pushing for ethical AI, data privacy, and explainability, thus requiring expertise in AI governance and compliance.
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