Healthcare IT Integration Market worth $7.1 billion by 2026 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 5, 2021 /PRNewswire/ -- According to the new market research report "Healthcare IT Integration Market by Product (Interface Engine, Medical Device Integration, Media Integration), Service (Integration, Maintenance, Training, Consulting), End User (Hospital, Laboratories, Home Healthcare, Clinic) - Global Forecast to 2026", published by MarketsandMarkets™, the market is projected to reach USD 7.1 billion by 2026 from USD 3.9 billion in 2021, at a CAGR of 12.4%.
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The healthcare IT integration market is primarily driven by the substantial cost saving achieved through data integration in the healthcare industry; the increased use of connected care technologies during the COVID-19 pandemic; the rapid adoption of electronic health records and other healthcare IT solutions; the urgent need to integrate patient data into healthcare systems; and favourable government policies, funding programs, and initiatives to deploy healthcare IT integration solutions. However, interoperability issues and the high cost associated with healthcare IT integration solutions limit the overall adoption of these solutions.
In this report, the healthcare IT integration market is classified into three segments—product and service, end user, and region.
"The Services segment accounted for the largest market share in 2020."
The services segment accounted for a larger market share (60.8%) of the global healthcare IT integration market in 2020. Services account for a larger size of the healthcare IT integration solutions market owing to their indispensability. Healthcare professionals rely heavily on service providers for consulting, data storage, installation, training, maintenance, and regular technology upgrades. The products segment is expected to exhibit the highest CAGR of 12.7% during the forecast period. The rising adoption of healthcare IT integration solutions for simplifying the workflow of healthcare organizations; the growing need for data standardization; and the surging requirement to build, design, and implement standardized, interoperable networking platforms are likely to accelerate the growth of the healthcare IT integration services market during the forecast period.
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"The interface/integration engines segment accounted for the largest market share in 2020."
The healthcare IT integration market for products is classified into interface/integration engines, medical device integration software, media integration solutions, and other integration tools. In 2020, interface/integration engines accounted for the largest share (73.1%) of the healthcare IT integration products market. The growth of the market for interface engines can be attributed to the increasing need for information exchange within healthcare service provider facilities and with other affiliated organizations. However, the medical device integration solutions segment is expected to witness the highest CAGR of 13.3% during the forecast period. Factors such as the increasing adoption of EHR systems and other interoperability solutions in healthcare organizations, a growing number of regulatory requirements and healthcare reforms, the rising preference for home care settings, and the surging need to integrated healthcare systems to improve healthcare quality and outcomes are propelling the growth of the medical device integration software market.
"The support and maintenance services segment accounted for the largest market share in 2020."
The healthcare IT integration market for services is segmented into implementation and integration services, support and maintenance services, training and education services, and consulting services. In 2020, support and maintenance services accounted for the largest share (56.0%) of the healthcare IT integration market for services. Support and maintenance services take care of interoperability and software complexity issues. These services ensure that clients (healthcare providers) obtain access to the vendor company's technical knowledge base, gain support from its product support team, and acquire application management skills.
"The Hospitals segment accounted for the largest market share in 2020."
Based on end user, the healthcare IT integration market is categorized into hospitals, laboratories, clinics, diagnostic imaging centres, and other end users (telehealth service providers, pharmacies, home healthcare companies, nursing homes, and long-term care centres). In 2020, hospitals accounted for the largest share (71.8%) of the healthcare IT integration market. The large share of this segment is primarily attributed to the rising use of healthcare IT integration solutions in hospitals to maximize value-based reimbursements and the increasing adoption of medical device integration solutions to reduce medical errors and improve care quality and patient safety.
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"North America was the largest regional market for healthcare IT Integration market in 2020"
The healthcare IT integration market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share (57.2%) of the healthcare IT integration market, followed by Europe (22.9%). Factors such as the widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, the increasing number of coronavirus (COVID-19) patients in the US, and stringent regulations and guidelines imposed by various government and non-government authorities such as the Federal Communications Commission (FCC)and the Centres for Medicare and Medicaid Services (CMS) are driving the growth of the healthcare IT integration solutions in North America.
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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