|Market Size in 2020||Market Forecast in 2028||CAGR (in %)||Base Year|
|USD 3.96 Billion||USD 10.60 Billion||13.1%||2020|
Healthcare IT Integration Market
The Global Healthcare IT Integration Market accounted for USD 3.96 Billion in 2020 and is expected to reach USD 10.60 Billion by 2028, growing at a CAGR of 13.1% from 2021 to 2028.
The usage of Information Technology in the healthcare sector has created a very influential revolution in faster diagnostics and treatments and improvement in the speeds of backend processing and documentation for the institutions and organizations operating in the healthcare sector. The market is primarily driven by demand for a system that can increase the efficiency of healthcare providers and organizations. There has been increasing usage of technologies such as Robotic Process Automation (RPA) which is used for the processes such as imaging diagnostics, enabling early and accurate diagnostics and reducing patient waiting times. Also, the upcoming 5G communication network will be useful to transfer real-time data among healthcare professionals, thus resulting in improved administrative and management services.
The Covid-19 pandemic is expected to have a positive impact on Healthcare IT Integration Market. A large number of patients have been visiting healthcare facilities across the world, there has been a rising demand for efficient healthcare facilities. The rising prevalence of COVID-19 has boosted the demand for accurate diagnosis and treatment devices. Using digitally connected devices, healthcare professionals have been using healthcare IT facilities in order to diagnose and monitor patients effectively. Also, there has been a scarcity of healthcare workers and this has driven the demand for healthcare IT integrated devices while monitoring vital signs.
There has been increasing demand for healthcare systems that can enhance the efficiency of healthcare providers and institutions. Also, the increasing usage of paperless technology, increasing necessity to integrate healthcare systems, rising government initiatives, and support, and increasing adoption of Electronic Health Records systems have been the factors that are boosting the demand for the Healthcare IT Market.
The rising demand to decrease healthcare expenditure with the help of advanced operational technologies is also fueling the demand. The use of automated workflows using IoT sensors has been useful to make data-driven decisions, which is an effective way to reduce human errors, cost, power consumption, and overall process time. There has been also focusing on using AI and IoT technologies to enhance patient care, improve scalable therapeutics, interoperability of medical equipment, and digital patient experience.
This is due to the factors such as increased adoption of EHRs, rising regulatory requirements, and reforms in the healthcare sector, the need of integrated healthcare systems in order to improve healthcare quality and reforms are factors responsible for the rising demand for the Medical device integration segment. The shift of point-of-care diagnostics systems from hospitals to home care settings is also the reason for the rising demand.
An interface engine is software that facilitates the data between various healthcare IT systems. The integration engines help the IT department to combine together the separate systems, thus facilitating the clinicians and other users to access the data housed within multiple EHRs. Also, as they are less expensive and take less time for implementation, there has been increasing demand for such systems.
This is due to the fact that the advancement of healthcare solutions has facilitated to deliver the educational content, thus ensuring uninterrupted communication between healthcare providers and patients. With the movement of medical care from traditional hospitals to ambulatory medicine, there has been a necessity to provide all the required information and documentation in digital records to keep them safe and easily accessible to the concerned authorities.
Diagnostic imaging is basically a process that physicians use to look inside the body. Demand for this segment has considerably increased since it provides an early and accurate diagnosis. Doctors are able to diagnose correctly the likelihood of developing any disease. Also, the procedures used in these centers are painless and they are much more affordable.
The Hospitals segment is estimated to grow at a CAGR from 2021 to 2028. The demand is especially increasing in hospitals because of the increasing usage of e-prescriptions, electronic health records (EHRs), and other technology-based tools that help patients gain easy access to the best healthcare facilities. The increasing usage of electronic prescribing, telehealth, and medical record systems such as EMRs, EHR, and PHRs have increased the overall demand for healthcare IT systems in hospitals.
North America held a share of 38% in 2020. The increasing demand in this region is due to the reasons such as the rising adoption of IT in the healthcare sectors by many healthcare providers, increasing government initiatives to support Healthcare IT and rising demand for the optimization of the healthcare infrastructure. The better healthcare facilities and the rising investments done by the institutions and organizations are also the reasons for the increasing demand in this region.
Asia-Pacific is expected to have a CAGR of 16.4% from 2021 to 2028. This is mainly due to favorable government initiatives to implement IT in the healthcare industry, eHealth solutions due to the COVID-19 outbreak, growing medical tourism, and the increasing need for advanced telehealth. The increasing patient population base and rising commercialization of healthcare IT integration are the reasons for the demand.
Report Scope :
|Report Attributes||Report Details|
|Report Name||Healthcare IT Integration Market Size Report|
|Market Size in 2020||USD 3.96 Billion|
|Market Forecast in 2028||USD 10.60 Billion|
|Growth Rate||CAGR of 13.1%|
|Number of Pages||188|
|Forecast Units||Value (USD Billion), and Volume (Units)|
|Key Companies Covered||InterSystems Corporation, Cerner Corporation, Infor, Orion Health, Allscripts Healthcare Solutions, NextGen Healthcare, Oracle Corporation, IBM, Corepoint Health, Meditech, AVI-SPL, Inc., Capsule Technologies Inc., GE Healthcare, Siemens Healthcare GmbH and Dell Technologies among others|
|Segments Covered||By Product, By Service, By End Users and By Region.|
|Historical Year||2015 to 2020|
|Forecast Year||2020 - 2028|
|Customization Scope||Avail customized purchase options to meet your exact research needs. Request For Customization|
In 2019, Medsphere Systems Corporation, a leading provider of affordable healthcare IT services company, acquired Wellsoft Corporation, a provider of Emergency Department Information Systems (EDIS). Medsphere is planning to introduce a comprehensive solution for urgent care centers, which capitalizes on Wellsoft’s technology, using Medsphere’s RCM Cloud revenue cycle suite.
The Global Healthcare IT Integration Market is segmented as follows:
The Global Healthcare IT Integration Market was valued at USD 3.96 Billion in 2020.
The Global Healthcare IT Integration Market is expected to reach USD 10.60 Billion by 2028, growing at a CAGR of 13.1% between 2021 to 2028.
Some of the key factors driving the Global Healthcare IT Integration Market growth are increasing demand for the healthcare systems that can enhance the efficiency of the healthcare providers and the institutions, the increasing usage of paperless technology, increasing necessity to integrate healthcare systems, rising government initiatives and support and increasing adoption of Electronic Health Records systems.
North America held a share of 38% in 2020. The increasing demand in this region is due to the reasons such as rising adoption of the IT in the healthcare sectors by many healthcare providers, increasing government initiatives to support Healthcare IT and rising demand for the optimization in the healthcare infrastructure.
Some of the key players in the Healthcare IT Integration market include InterSystems Corporation, Cerner Corporation, Infor, Orion Health, Allscripts Healthcare solutions, NextGen Healthcare, Oracle Corporation, IBM, Corepoint Health, Meditech, AVI-SPL, Inc., Capsule Technologies Inc., GE Healthcare, Siemens Healthcare GmbH and Dell Technologies among others.