Publishing: June 2021 | Report Code: LS11126 | Available Format: PDF
Healthcare IT Integration Market Overview
Healthcare IT integration is a consortium of IT and healthcare sector and involves the application of latest IT solutions to monitor people’s health, perform secured exchange of their electronic data and provide economical healthcare solutions. The application of IT in other domains has presented positive outcomes and the same is expected in terms of healthcare. The global healthcare IT integration market is estimated to witness a considerable growth during the forecast period. The major factors that will accelerate the growth of the healthcare IT integration market are high healthcare costs, government initiatives to curb this rising cost and the growing demand to incorporate IT in the healthcare domain. However, the cost of incorporation is expensive and needs to monitored for the growth in the global market.
The healthcare IT integration market has been categorized on the basis of product and services, and application. The products in healthcare IT integration market include interface/integration engines, media integration solutions, medical device integration software, and other integration tools. Based on the services provided, the market is segmented into implementation services, support and maintenance services, and training services. In the services segment, support and maintenance services hold the largest healthcare IT Integration market share and is expected to hold its position during the forecast period 2013-2023.
Based on application, the market is segmented into hospital integration, clinic integration, lab integration, radiology integration, medical device integration and others. Due to the multiple applications of IT integration in hospitals, that encourage value based healthcare reimbursement, the hospital integration segment holds the largest share and is expected to witness growth during the forecast period.
Healthcare IT Integration Market Dynamics
Growth Drivers and Restraints
The players in the global market are focusing to launch products with technological advancements which is causing rapid growth of the market. Another key factor that drives the growth of the healthcare IT integration market is the integration of healthcare industry with information technology and application of IoT (Internet of Things) to curb the overall healthcare cost. The government organizations have been providing their support and taking initiatives for the growth of the healthcare integration market size. The exchange of patient’s clinical data among hospitals and their partners, provides solutions for complex interoperability challenges and further supports the market growth.
However, high cost of integration tools and need to provide secure platforms for clinical exchange of data is are key restraints hindering the growth of the market.
Opportunity and Trends
The introduction of the electronic health record (EHR) market in hospitals, clinics and other organizations, to enable patient engagement, and increase the productivity conversely decreasing the healthcare cost, provides ample growth opportunities for the healthcare integration market. Further, Asia Pacific is an emerging healthcare market that holds a huge potential to offer IT solutions to curb healthcare complexities, this encourages investors and market players to consider expansion in the region.
Healthcare IT Integration Market Insights by Geography
Globally, North America leads the healthcare IT integration market followed by Europe. The reasons for the growth of North America healthcare IT integration industry are technologically advanced environment in the region, increased government intervention to provide better healthcare facilities and favorable reimbursement policies that aid in lowering the rising healthcare cost and the growing demand of integrating IT into the healthcare system. Additionally, as per the World Bank statistics, North America aging population (>65) has witnessed a considerable growth from 12% in 2013 to 15% in 2016, consequently increase in prevalence of age related diseases is also expected, which requires focus on the overall health condition of the individual. Further, the presence of large players in the North America market also adds to their subsequent growth in the global market. However, Asia-Pacific is expected to be the fastest growing healthcare IT integration market in the forecast period. The rise in awareness with respect to various health conditions and the consequent increase in expenditure for a better healthcare infrastructure, thereby providing quality healthcare facilities at lower cost are some of the drivers for the region’s fastest growth. Further, the regulatory bodies in this region are rather less stringent as compared to the rest of the world which will further boost the growth of the healthcare IT integration market.
Healthcare IT Integration Market Competitive Landscape
Leading companies across the globe are forming alliances or launching products to gain large healthcare IT integration market share.
In August 2016, Cerner Corporation partnered with 3M Health Information System to integrate population health management. Under the terms of the partnership, 3M's Patient-Focused Episodes software in integration with Cerner's HealtheIntent population health platform would provide the overall landscape of a patient’s condition than focusing on a single disease.
During the same time in August 2016, InterSystems Corporation and Stanley Healthcare, announced their partnership to incorporate IoT into healthcare. The partnership brought InterSystems interoperability platform to integrate with STANLEY Healthcare’s AeroScout Real-Time Location System (RTLS) platform for better processing of patient’s data and streamlining the process.
Other key players in the global healthcare IT integration market are Quality Systems Inc., Allscripts Healthcare Solutions, Inc., Orion Health, Oracle Corporation, Qualcomm Life, Inc., IBM Corporation, Corepoint Health LLC, GE Healthcare, Siemens Health, Epic Systems Corporation, Summit Healthcare Services, Inc.
By Product & Services
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