Healthcare IT Market to Hit USD 834.35 Billion by 2029 with 14.7% CAGR | MarketsandMarkets | PR Newswire [Video]

, /PRNewswire/ — The global healthcare IT market is projected to reach USD 834.35 billion by 2029 from USD 420.23 billionin 2024, at a high CAGR of 14.7% during the forecast period. Increasing demand for interoperability among healthcare systems is the main reason for the growth of this market; as the continuously rising amount of communication and data sharing across EHRs, laboratory systems, and billing software, the need for seamless integration becomes more critical. Moreover, government initiative, such as the 21st Century Cures Act, mandating that healthcare organizations improve their data-sharing capabilities. Further, advancements in technology such as cloud computing and artificial intelligence are enhancing interoperability that is, in turn, fuelling the expansion of the Healthcare IT market. A report from the Office of the National Coordinator for Health Information Technology (ONC) found that while hospitals in the U.S. can access health information from outside their own systems, less than half are integrating that data into individual patient records. This shows …