July 21, 2020
According to the research report titled ‘Global Healthcare IT Integration Market Size study, by Product (Interface/Integration Engines, Medical Device Integration Software, Media Integration Solutions, Others), Services (Support & Maintenance Services, Implementation & Integration Services, Training & Education Services, Consulting Services), End-User (Hospitals, Clinics, Laboratories, Diagnostic Imaging Centers, Others) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global healthcare IT integration market generated revenues worth USD 3 billion in the year 2019 and is predicted to expand with a CAGR of 11% between 2019 and 2026.
For those uninitiated, healthcare IT integration is a category of medical devices that physicians and doctors use to monitor health of patients uninterruptedly. These devices are also utilized to offer services that can significantly improve the productivity of healthcare organizations, while preventing medical errors & faults caused by humans, which further for lowers overall healthcare costs.
Rising volume of data generated in healthcare systems coupled with increased pervasiveness of various chronic disorders are key factors driving the growth of global healthcare IT integration industry. In fact, International Data Corp. stated that around 153 exabytes of data was generated in the healthcare industry in 2013 and this volume is estimated to reach 2,314 exabytes by the end of 2020.
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Favorable government initiatives towards integration of healthcare IT solutions are also aiding the market expansion. However, high cost of incorporating HCIT and complexities associated with such devices may act as restraining factors to the overall market growth.
As per product type, the market is divided into media integration solutions, medical device integration software, interface/integration engines, and others. In terms of service type, worldwide healthcare IT integration industry is classified into consulting services, training & education services, implementation & integration services, and support & maintenance services. The end-user scope of the market comprises of diagnostic imaging centers, laboratories, clinics, hospitals, and others.
From the regional point of view, North America healthcare IT integration industry is expected to register significant growth during the estimated timeframe, primarily due to rising adoption of IT technologies in healthcare sector and shifting focus of public entities towards reducing healthcare costs while improving patient care.
Meanwhile, Asia-Pacific market is slated to record highest growth rate in the ensuing years. Commercialization of healthcare IT Integration devices by leading players and large patient population are swaying the business dynamics in Asia-Pacific.
The prominent companies operating in worldwide healthcare IT integration market are Corepoint Health, IBM Corp., GE Healthcare, Orion Health Group Limited, InterSystems Corporation, Epic Systems Corporation, iNTERFACEWARE Inc., Nextgen Healthcare Inc., Cerner Corporation, and Allscripts Healthcare Solutions Inc. among others.