(PharmaNewsWire.Com, November 03, 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.
Based on product & service, the market is categorized mainly into products and services. In 2019, the services segment was expected to account for the largest share of the Healthcare IT Integration Market. The large share of this segment can primarily be attributed to its indispensable nature. In addition to this, the rising need for simplifying workflows in healthcare organizations; the increasing demand for data standardization; and the growing need to build, design, and implement standardized, interoperable networking platforms are also driving the demand for healthcare IT integration services.
Based on end-user, the Healthcare IT Integration Solutions Market is segmented into hospitals, laboratories, clinics, diagnostic imaging centers, and other end users. Hospitals are expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the high purchasing power of hospitals to buy advanced healthcare IT integration solutions and the increasing focus on offering high-quality patient care through the use of HCIT solutions.
Some of the key players competing in the healthcare IT integration market are Infor (US), InterSystems Corporation (US), Cerner Corporation (US), Orion Health (New Zealand), Epic Systems Corporation (US), NextGen Healthcare (US), iNTERFACEWARE, Inc. (Canada), Allscripts Healthcare Solutions, Inc. (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 integration market.
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.
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.
North America is expected to account for the largest share of the Healthcare 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.
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