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Chicago, May 02, 2023 (GLOBE NEWSWIRE) — The healthcare IT integration industry is poised for significant growth in the near future. As healthcare providers continue to invest in digital systems and networks, the need for integration solutions will increase as well. This will create a need for better interoperability standards and data exchange, which will be a major focus of healthcare IT integration. Additionally, the development of artificial intelligence-based solutions, such as machine learning and natural language processing, will help to automate certain processes and further streamline the integration of healthcare data. Finally, the emergence of blockchain technology could also play an important role in the healthcare IT integration industry, as it could provide a secure, immutable platform for the sharing of patient information.
Healthcare IT Integration market in terms of revenue was estimated to be worth $3.9 billion in 2021 and is poised to reach $7.1 billion by 2026, growing at a CAGR of 12.4% from 2021 to 2026 according to a latest report published by MarketsandMarkets™. The growth in the healthcare IT integration market is mainly driven primarily by the increased use of connected care technologies during COVID-19, rapid adoption of electronic health records and other healthcare IT solutions, urgent need to integrate patient data into healthcare systems and favourable government policies, funding programs, and initiatives to deploy healthcare IT integration solutions. On the other hand, the interoperability issues and the high cost associated with healthcare IT integration solutions are restraining the growth of this market.
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Healthcare IT Integration Market Scope:
|Market Revenue in 2021||$3.9 billion|
|Estimated Value by 2026||$7.1 billion|
|Growth Rate||Poised to grow at a CAGR of 12.4%|
|Market Size Available for||2019–2026|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product & service, end-user and region|
|Geographies Covered||North America, Europe, Asia Pacific, Latin America and Middle East & Africa|
|Report Highlights||Updated financial information / product portfolio of players|
|Key Market Opportunity||Growing demand for telehealth services and remote patient monitoring solutions|
|Key Market Drivers||Rapid adoption of electronic health records and other healthcare IT solutions|
The healthcare IT integration market has been segmented on the basis of product & service, end-user and region. Based on products, the healthcare IT integration market has been segmented into interface/integration engines, medical device integration software, media integration solutions, and other integration tools, used in system integration. Based on services, the healthcare IT integration market is further classified into implementation and integration, support and maintenance; training and education; and consulting services. The services segment accounted for the largest share of the global healthcare IT integration market in 2020. The large share of this segment is attributed to the surging requirement to build, design, and implement standardized, interoperable networking platforms.
Furthermore, support and maintenance services accounted for the largest share in the services segment. These services are key in helping healthcare organisations comply with regulations related to healthcare IT integration, which drives the growth of the support and maintenance services segment.
North America accounted for the largest share of the Healthcare IT integration market in 2020. This can be attributed to the growing demand to curtail the soaring healthcare costs and the rising need to improve the overall efficiency of healthcare organizations in the region. Market growth in North America is further propelled by the availability of government funding for healthcare providers for the development of state-wide and nationwide healthcare information exchanges in the US, rising preference for telehealth solutions and home healthcare facilities due to the growing number of COVID-19 patients, and the presence of large hospitals that demand integrated healthcare networks. The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the growing patient volume and the rising need for accurate and timely diagnosis and treatment of this disease.
Key Market Players:
Key players offering healthcare IT integration products and services in this market include Infor (US), InterSystems Corporation (US), Cerner Corporation (US), Orion Health (New Zealand), NextGen Healthcare, Inc. (US), iNTERFACEWARE, Inc. (Canada), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), AVI-SPL, Inc. (US), Corepoint Health (Lyniate) (US), and Oracle Corporation (US). These companies adopted strategies such as service launches, business expansions, agreements, partnerships, collaborations, and acquisitions to strengthen their presence in the healthcare IT Integration market.
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Hypothetic Challenges of Healthcare IT Integration Market in Near Future:
- Security Concerns: With the increased integration of healthcare IT systems, there is a heightened concern regarding the security of patient data, as well as the potential for malicious attacks on healthcare IT systems.
- Lack of Interoperability: Many healthcare IT systems are not currently designed to work with each other, meaning that data cannot be shared between systems. This can lead to inefficiencies and data silos.
- Cost and Resource Limitations: Implementing and maintaining healthcare IT systems can be expensive, and may require significant investments of time, money, and resources.
- User Training Requirements: It is essential for healthcare providers to be properly trained in the use of any healthcare IT system. This can be a significant challenge, since users may need to learn new technology quickly and efficiently.
- Regulatory Compliance Issues: Healthcare IT systems must comply with a range of regulatory requirements, including HIPAA, HITECH, and other laws. Ensuring compliance can be a significant challenge.
Top 3 Use Cases of Healthcare IT Integration Market:
- Electronic Health Records (EHR) Integration: The integration of EHRs with other healthcare IT systems helps in improving the accuracy and efficiency of patient care. EHR integration enables healthcare providers to store, access, and exchange patient data more securely and quickly, resulting in better healthcare outcomes.
- Clinical Decision Support (CDS): CDS integration helps healthcare providers make better decisions in real-time, by integrating evidence-based clinical information with patient data. This enables healthcare providers to provide personalized, evidence-based care to their patients.
- Telemedicine: Telemedicine integration allows physicians to remotely monitor and diagnose patients, providing access to care for those who may not have access to healthcare centers. This integration helps to reduce the cost of care and makes healthcare more accessible to those who need it.
- In September 2021 Lyniate (US) launched Lyniate Rapid -a healthcare API gateway and manager designed to help health teams create and safeguard APIs, including Fast Healthcare Interoperability Resources (FHIR)-based APIs.
- In April 2021, Lyniate (US) acquired Datica, Inc.(US). The acquisition of Datica Integration Business (from Datica, Inc.) has extended the ability of its customers to connect and aggregate the data from multiple systems of record through FHIR.
- In January 2021 Koninklijke Philips N.V. (Netherlands) signed an agreement with Capsule Technologies Inc. (US) aiming to acquire Capsule Technologies, Inc. under its Connected Care segment, to expand its product offering in the segment.
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