Global Healthcare IT Integration Market: Overview
When health integration technology (IT) is integrated into primary care, the improvement in the quality of care is evident despite the cost-effectiveness of healthcare for patients. This is achieved through electronic methods used in the management of information regarding patients’ health and treatment. Electronic prescribing, computerized disease registries, telehealth, clinical decision support, consumer health IT solutions, and electronic medical record systems such as EHRs, EMRs, and PHRs are some tools used in healthcare IT integration.
According to a survey by Black Book, for healthcare systems to thrive, investing in digital transformation is of utmost importance to sustain growth and maintain enhanced patient services. System integration throughout healthcare enterprises is one of the major challenges faced by healthcare leaders in the current scenario. Investment decisions have become more complex with the utilization of latest technologies such as population health tools. Over the next decade, if hospitals, clinics, and health centers are to ensure streamlined reporting, reduction of operational costs, minimized billing errors, better data quality, and efficient financial processes, they need to deploy highly effective healthcare IT integration solutions.
Global Healthcare IT Integration Market: Growth Factors
Owing to the fact that healthcare IT integration tools can significantly boost the performance of a healthcare organization with minimum effort, the growth of the global healthcare IT integration market is guaranteed over the forthcoming period. Highly accurate and complete data associated with a patients’ history is made available via healthcare IT integration tools during emergencies as well as routine visits. If a patient is suffering from a serious health condition, communication between healthcare professionals can assist assured and faster recovery outcomes. Healthcare IT integration also assures that data can be shared in a more secure manner, whereby the patient and his family are active decision-makers. The provision of safer and optimized care at lower costs, reduced medical errors, and better quality of timely information for diagnosing diseases early on, are some other benefits accompanying the use of healthcare IT integration tools.
Global Healthcare IT Integration Market: Segmentation
The global healthcare IT integration market can be segmented by product, service, end-user, and region. By product, medical device integration solutions, interface engines, and media integration tools are some key segments of the global healthcare IT integration market. The major service segments of the global healthcare IT integration market can be training & education, consulting, support & maintenance, and implementation & integration. Diagnostic imaging centers, hospitals, clinics, and laboratories are the prominent end-use segments of the global healthcare IT integration market. The hospital segment is likely to surface at the fore, thanks to the focus on patient experience and increasing deployment of healthcare IT (HCIT) solutions. In addition, the fact that hospitals are more equipped with the financial resources required for building an advanced system, will also provide a considerable impetus to the growth of the global healthcare IT integration market.
Global Healthcare IT Integration Market: Regional Analysis
Asia Pacific is observed to be the fastest growing segment, supported by several conducive government initiatives, coupled with the multiplying healthcare expenditure. As eHealth and telehealth trends attain more popularity, the demand for healthcare IT integration will rise significantly, especially in the light of the present Covid-19 pandemic. High rate of adoption of EHRs and EMRs has also been responsible for the growth of the market.
Expanding at a high CAGR, India, Japan, China, South Korea, and Australia are expected to emerge as the key contributors of the global healthcare IT integration market. Growing penetration of HCIT across the healthcare domains, coupled with the increased awareness about the high returns and productivity offered by these products and services will boost the expansion of the market through the forthcoming timeline. Moreover, the number of patients have been rising in the region, and with the already high percentage of population, catering to the needs of a multitude has become a key challenge. Several market players are attempting to make the most out of the immense opportunity represented by this region.
Global Healthcare IT Integration Market: Competitive Players
NextGen Healthcare Inc., InterSystems Corporation, GE Healthcare, Capsule Technologies Inc., Allscripts Healthcare Solutions, MEDITECH, Orion Health, and Koninklijke Philips are some noteworthy healthcare IT integration companies with a global presence. While numerous market players are focusing on product launches, others are making an effort at discerning their position in the global market, with partnerships, acquisitions, and mergers to fortify their footprint.
Global Healthcare IT Integration Market: Regional Segment Analysis
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