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.
According to the new market research report Healthcare 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.
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By end user, the hospital segment is expected to grow at the highest CAGR during the forecast period.
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.
The services segment is expected to for the largest share of the Healthcare IT Integration Market in 2019.
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 Solutions 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.
The prominent players in this Healthcare Integration Market are 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), GE Healthcare (US), IBM (US), Oracle Corporation (US), Capsule Technologies, Inc. (US), Koninklijke Philips (Netherlands), AVI-SPL, Inc. (US), Corepoint Health (US), and MEDITECH (US).
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North America to hold the largest regional Healthcare Integration Market share in 2019.
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. 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.