Well, IT can be applied to more industries: manufacturing, software development, retail, government, healthcare, etc. but in healthcare, it is harder to move out of the healthcare industry, but your specific job experience is useful if you want to move elsewhere but stay in healthcare. Also, healthcare jobs are limited to hospitals and healthcare facilities. There are way more business, organizations, government agencies than there are hospitals. BTW, you don't get free health care for working at a hospital. You get the same health insurance benefits as nurses, technicians, doctors who work at the hospital.
IT isn't totally shrinking. I've been in it since 1998. You need to constantly keep up your skill set. I hate Java. I used to see it as a popular programming language because it was the way a lot of businesses were going and the web was growing like crazy. Now, I wish I were back in UNIX, c and perl and shell scripting. Java, J2EE, JBoss, and Tomcat are constantly evolving and what you knew 5 years is now old. And it becomes obsolete when your company has to move up in version because older versions are no longer supported. The software manufacturers no longer support a version, that forces your company to upgrade, that forces you to learn the new version.
When one technology goes away, a new one is already coming around the bend. Mobile programming is good. Cell phone and tablet apps are a big deal, but again, the syntax and OS are a bit different than non-mobile Java apps so you need to update your skill set.