(PharmaNewsWire.Com, March 11, 2021 ) According to the new market research report Healthcare IT Integration Market is projected to reach USD 6.0 billion by 2025 from USD 3.5 billion in 2020, at a CAGR of 11.4% during the forecast period.
The increasing need for integration primarily drives the market for healthcare IT integration solutions as a result of the rising healthcare costs and the growing volume of data generated in healthcare systems. The need to improve patient safety and favorable government and private support for HCIT will also contribute to market growth in the coming years. However, the high cost of HCIT integration is limiting the overall adoption of these solutions.
Some of the key players competing in the healthcare IT integration solutions market are Infor (US), InterSystems Corporation (US), Cerner Corporation (US), Orion Health (New Zealand), iNTERFACEWARE, Inc. (Canada), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), NextGen Healthcare (US), Capsule Technologies Inc. (US), AVI-SPL, Inc. (US), Corepoint Health (Lyniate) (US), GE Healthcare (US), IBM (US), Koninklijke Philips (Netherlands), and Oracle Corporation (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global healthcare IT integration market.
Allscripts Healthcare Solutions Inc. (US) held the second-largest share of the global healthcare IT integration solutions market. Its position in the market can be attributed to its robust product portfolio and reliable distribution channel across the world. To maintain its position in the market, the company focuses on expanding its product portfolio through strategies such as product launches and partnerships. For instance, in February 2020, Veradigm Allscripts Healthcare Solutions Inc. (US) entered into a partnership with Manorama Infosolutions (India) to provide an integrated healthcare management system and health information exchange platform in India. This partnership enabled Allscripts to expand its geographic reach in India.
Cerner Corporation (US) was the leading player in the healthcare IT integration solutions market and accounted for the largest share in 2019. The company is a leading supplier of HCIT solutions, services, devices, and hardware to various industries, including healthcare. Moreover, the company has a robust portfolio of healthcare IT integration solutions, including medical device integration software tailored for medium and large enterprises. Cerner’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world. The company invested approximately USD 783.6 million in 2019 in R&D. To garner a large share of the healthcare IT integration solutions market, the company continuously focuses on inorganic growth strategies such as collaboration and agreements. For instance, in October 2019, the company collaborated with ResMed (US), where Cerner planned to connect the ResMed digital health data platform to its EHR platform. This would aid healthcare providers in delivering more seamless home care services and making more informed treatment decisions.
North America is expected to account for the largest share of the Healthcare IT Integration Market in 2019, followed by Europe. The large share of North America can be attributed to the high adoption of healthcare IT technologies, initiatives undertaken by the US Federal government towards improving patient care and reducing healthcare costs, and the growing need for the optimization of healthcare infrastructure. In addition, factor such as the widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus (COVID-19) patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS) are further driving the growth of the Healthcare IT Integration Solutions Market in North America.
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