Global Healthcare IT Integration Market Size, Share & Industry Trends Analysis Report By Offering (Services and Products), By Services Type, By Products Type, By End User, By Regional Outlook and Forecast, 2021 - 2027
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Get in-depth analysis of the COVID-19 impact on the Healthcare IT Integration Market
Market Report Description
The Global Healthcare IT Integration Market size is expected to reach $7.9 billion by 2027, rising at a market growth of 12.8% CAGR during the forecast period.
Integrating information technology (IT) with healthcare operations is referred to as healthcare IT integration. Information technology (IT) integration in healthcare encompasses a wide range of automated ways for managing information about people's health and healthcare, for both individual and group patients.
Healthcare IT integration is a category of medical gadgets that allows physicians and clinicians to constantly monitor and care for infants and children. These devices can also be used to give the infant drugs, fluids, or even blood, check blood pressure, treat a variety of ailments, and keep track of the baby's status and health.
Healthcare IT integration allows healthcare equipment to collect and share data with the cloud as well as with one another, allowing for the rapid accumulation of data that can be precisely analyzed. IoT integrates sensor output and communications to perform services that were previously considered notional, from tracking and diagnostics to delivery methods. Wearable sensors, cloud-based sensors, and device integrated sensors are all options.
The healthcare business today has a continuous accumulation of patient data to stimulate diagnoses and preventative care, as well as to estimate the likely outcome of preventive therapy, thanks to developments in sensors and ICT. Integration of healthcare IT, such as automatic drug dispensers in hospitals, helps to improve efficiency. These types of integrated devices are also utilized to monitor medicinal cold storage in warehouses and well-funded drug stores with storage areas.
IoT-enabled sensors incorporated in healthcare equipment that monitor the patient's condition during and after surgery or therapy are examples of patient monitoring applications of healthcare IT integration. Patients can also be monitored remotely using these devices. As a result, the market for healthcare IT integration solutions is primarily driven by rising demand for healthcare IT integration.
COVID-19 Impact Analysis
All healthcare facilities are under tremendous strain as a result of the COVID-19 outbreak, and healthcare facilities around the world have been overloaded as a result of the daily visits of countless patients. In various nations around the world, the increased prevalence of coronavirus disease has fueled demand for accurate detection and treatment equipment.
Connected care technologies have shown to be quite beneficial in this area, since they enable healthcare professionals to track patients using digitally connected noninvasive equipment like home blood pressure monitors and pulse oximeters. Furthermore, the disease's rapid global spread has resulted in a shortage of hospital beds and healthcare staff. As a result, connected medical devices have become more popular for monitoring vital signs, and this trend is expected to continue in the future years. As a result, in the coming years, healthcare IT integration solutions are projected to be widely utilised.
Market Growth Factors:
EHRs and other healthcare IT solutions are being adopted at a rapid pace
Patient data is generally unstructured, complex, and private. Integrating this data into the healthcare delivery process is a hurdle that must be overcome in order to gain enhanced patient care potential. Despite the fact that EHRs have been in use for over a decade, the market has recently gained up steam as a result of government measures in several nations to increase patient data protection. In the United States, for example, the Health Information Technology for Economic and Clinical Health (HITECH) Act, which was enacted as part of the American Recovery and Reinvestment Act (ARRA), set aside funds to reward hospitals and physicians who demonstrate meaningful use of electronic health records.
Telehealth services and remote patient monitoring solutions are in high demand
Telehealth services are currently in high demand for monitoring and consulting. Delivering instructional content and ensuring uninterrupted contact between patients and healthcare providers has become possible thanks to advancements in healthcare systems. The efficient integration of medical devices and ICT, which helps offer healthcare services over great distances, is critical to the smooth operation of remote patient monitoring solutions. It's tough for doctors and nurses to carry patient records on the fly because they spend so much of their time away from computers in hospitals. As a result, numerous industry participants began to offer mobile platforms for healthcare IT solutions, such as mobile applications.
Market Restraining Factors
Challenges related to data integration
Patient information is created in all departments and at all points of treatment within the healthcare organization, making it a highly information-intensive industry. However, in order to create comprehensive and reliable patient records, it is critical to provide reliable information by integrating large amounts of data. Because numerous medical devices and diagnostic tools are employed in healthcare systems, there is an increasing need to integrate all of these systems to help healthcare practitioners respond quickly at multiple care delivery points.
Based on Offering, the market is segmented into Services and Products. During the projected period, the products segment is expected to grow at the fastest rate. The increasing deployment of healthcare IT integration solutions to streamline healthcare organizations' workflows, the growing need for data standardisation, and the growing need to build, design, and implement standardised, interoperable networking platforms are expected to propel the healthcare IT integration services market forward during the forecast period.
Service Type Outlook
Based on Services Type, the market is segmented into Support & Maintenance Services and Implementation & Integration Services. In 2020, the support and maintenance services segment acquired the largest revenue share of the Healthcare IT Integration Market. Interoperability and software complexity problems are handled through support and maintenance services. These services ensure that clients (healthcare providers) have access to the vendor's technical knowledge base, receive assistance from its product support team, and learn how to administer applications.
Product Type Outlook
Based on Products Type, the market is segmented into Interface/Integration Engines, Medical Device Integration Software, Media Integration Software, and others. The Medical Device Integration Software segment obtained a significant revenue share of the Healthcare IT Integration Market in 2020. The medical device integration software market is growing due to factors such as increased adoption of EHR systems and other interoperability solutions in healthcare organizations, an increase in regulatory requirements and healthcare reforms, a rising preference for home care settings, and a growing need for integrated healthcare systems to improve healthcare quality and outcomes.
End User Outlook
Based on End User, the market is segmented into Hospitals, Laboratories, Clinics, Diagnostic Imaging Centres, and others. In 2020, the Hospitals segment held the maximum revenue share of the Healthcare IT Integration Market. The expanding use of healthcare IT integration solutions in hospitals to maximize value-based payments and the increasing acceptance of medical device integration solutions to minimize medical errors and enhance treatment quality and patient safety are principally responsible for this segment's high share.
|Market size value in 2020||USD 3.4 Billion|
|Market size forecast in 2027||USD 7.9 Billion|
|Historical Period||2017 to 2019|
|Forecast Period||2021 to 2027|
|Revenue Growth Rate||CAGR of 12.8% from 2021 to 2027|
|Number of Pages||257|
|Number of Tables||450|
|Report coverage||Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Companies Strategic Developments, Company Profiling|
|Segments covered||Offering, End User, Region|
|Country scope||US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria|
Based on Regions, the market is segmented into North America, Europe, Asia Pacific, and Latin America, Middle East & Africa. In 2020, North America emerged as the leading region in the overall Healthcare IT Integration Market. Factors such as the widespread adoption of clinical device connectivity and interoperability solutions to reduce rising healthcare costs, the rising number of coronavirus (COVID-19) patients in the United States, and strict rules and guidelines implemented by government and non-government authorities such as the Federal Communications Commission (FCC) and the Centers for Medicare and Medicaid Services (CMS) are driving the growth of the healthcare IT integration market in the region.
Free Valuable Insights: Global Healthcare IT Integration Market size to reach USD 7.9 Billion by 2027
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens Healthineers AG (Siemens AG), AllScripts Healthcare Solutions, Inc., General Electric (GE) Co. (GE Healthcare), NextGen Healthcare, Inc., Epic Systems Corporation, IBM Corporation, Oracle Corporation, Infor, Inc. (Koch Industries), Koninklijke Philips N.V., and Wipro Limited.
Recent Strategies Deployed in Healthcare IT Integration Market
» Partnerships, Collaborations and Agreements:
- Oct-2021: Epic Systems entered into an agreement with NOVO Health, through its subsidiary NOVO Health Technology Group. This agreement aimed to introduce a cloud-based Epic EHR implementation among its community of healthcare providers utilizing Microsoft Azure health IT. In addition, the cloud-based EHR implementation aimed to empower healthcare providers with the health IT they require for quality care delivery.
- Jul-2021: Royal Philips joined hands with Cognizant, a world-leading professional services firm. This collaboration aimed to allow healthcare organizations and life sciences companies to enhance patient care and boost clinical trials.
- May-2021: Oracle entered into a partnership with HealthPartners, an integrated health care organization. This partnership aimed to shift business processes in finance, supply chain, and human resources to the cloud. Oracle Fusion Cloud Applications Portfolio that involves Oracle Fusion Cloud Supply Chain & Manufacturing (SCM), Oracle Fusion Cloud Enterprise Resource Planning (ERP), and Oracle Fusion Cloud Human Capital Management (HCM), would modernize and simplify work that is important to the success of HealthPartners.
- Apr-2021: Siemens Digital Industries Software extended its partnership with SAP, a German multinational software corporation. This partnership aimed to allow the companies to provide new solutions for the Service and Asset Lifecycle. Under the initial focus on discrete manufacturing, Siemens would begin to deliver the SAP Asset Strategy and Performance Management application, SAP Asset Intelligence Network, and the SAP Enterprise Portfolio and Project Management package.
- Aug-2020: Allscripts came into a partnership with Israel’s Sheba Medical Center. This partnership aimed to boost the speed of artificial intelligence technologies and to enhance patient care via the hospitals. In addition, Sheba Medical Center utilized the Allscripts dbMotion Solution for effortless interoperability and patient data harmonization, would host a lab space to promote innovative projects.
- Jul-2020: Allscripts extended its partnership with Microsoft, an American multinational technology corporation. This partnership aimed to allow the expanded development and delivery of cloud-based health IT solutions. The five-year extension would complement Allscripts’ cloud-based Sunrise electronic health record, which would make Microsoft the cloud provider for the solution and open up co-innovation opportunities to assist transform healthcare with smarter, more scalable technology.
- Feb-2020: Allscripts entered into a partnership with Manorama Infosolutions, a healthcare IT company located in India. This partnership aimed to provide an integrated Healthcare Management Information System and Health Information Exchange platform.
» Acquisitions and Mergers:
- Dec-2021: Oracle Corporation signed an agreement to acquire Cerner, an American supplier of health information technology services, devices, and hardware. This acquisition would enable Oracle to transform healthcare delivery by offering medical professionals better information and enabling them to make enhanced treatment decisions leading to better patient results.
- Sep-2021: GE signed an agreement to acquired BK Medical, a leader in advanced surgical visualization. This acquisition aimed to allow BK Medical’s Active Imaging platform to outreach new customers and new markets across the globe, and the integration of GE Healthcare’s diagnostic imaging technology with BK’s capability to allow decision-making and surgical visualization in intervention would enable better decision-making across the care continuum.
- Jan-2021: Philips took over Capsule, a leading vendor-neutral Medical Device Integration Platform. This acquisition aimed to complement Philips’ strategy to change the delivery of healthcare along the health continuum with integrated solutions.
- Feb-2020: Infor took over Intelligent InSites, a leading provider of healthcare software and services. This acquisition aimed to allow Infor to provide an expanded portfolio of technology for healthcare organizations.
» Product Launches and Product Expansions:
- Dec-2021: IBM Watson Health, along with Healthcare IT Leaders launched the integration of IBM Digital Health Pass with Healthcare IT Leaders Healthy Returns, a complete portfolio of enterprise COVID-19 services. The IBM Digital Health Pass is developed to allow companies to verify COVID-19 test outcomes or vaccination status for employees, customers, and visitors visiting their site like a sports stadium, university, airplane, government building, or workplace.
- Nov-2021: GE Healthcare released 60 innovative technology solutions ranging the healthcare spectrum consisting of patient screening, therapy planning, diagnostics, guidance, and monitoring. During a global pandemic and mounting pressure on the healthcare sector, the company boosted innovations underpinned by artificial intelligence (AI) and digital solutions to assist in transforming healthcare delivery, which make the process easier and more efficient for clinicians and health systems, and more personalized and accurate for patients.
- Jul-2021: Infor launched its FHIR Server, the company’s vision for assisting healthcare companies better leverage and evaluate their data. By using this new application, companies can expand their electronic health records (EHR) and clinical systems’ Fast Healthcare Interoperability Resource (FHIR) and application programming interface (API) capabilities, streamline care coordination by offering required information to providers & patients, and accelerate their organization’s digital transformation along with using prevailing clinical systems connected to an innovative FHIR-based ecosystem.
- May-2021: Allscripts launched ADP Empower, a new program. This program is designed to improve various voices in the healthcare technology industry and provide valuable resources to underrepresented entrepreneurs to expand their businesses and boost innovation.
Scope of the Study
Market Segments Covered in the Report:
- Services and
- Support & Maintenance Services
- Implementation & Integration Services
- Interface/Integration Engines
- Medical Device Integration Software
- Media Integration Software
By End User
- Diagnostic Imaging Centres
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Market Players
List of Companies Profiled in the Report:
- Siemens Healthineers AG (Siemens AG)
- AllScripts Healthcare Solutions, Inc.
- General Electric (GE) Co. (GE Healthcare)
- NextGen Healthcare, Inc.
- Epic Systems Corporation
- IBM Corporation
- Oracle Corporation
- Infor, Inc. (Koch Industries)
- Koninklijke Philips N.V.
- Wipro Limited
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How valuable will the healthcare IT integration market be in the future?
The healthcare IT integration market size is projected to reach USD 7.9 billion by 2027.
What are the key driving factors and challenges in the healthcare IT integration market?
Telehealth services and remote patient monitoring solutions are in high demand are driving the market in coming years, however, challenges related to data integration limited the growth of the market.
What are the major top companies in the competitive landscape?
Siemens Healthineers AG (Siemens AG), AllScripts Healthcare Solutions, Inc., General Electric (GE) Co. (GE Healthcare), NextGen Healthcare, Inc., Epic Systems Corporation, IBM Corporation, Oracle Corporation, Infor, Inc. (Koch Industries), Koninklijke Philips N.V., and Wipro Limited.
Which segment shows a high revenue share of the healthcare IT integration market in 2020?
The Services segment acquired maximum revenue share in the Global Healthcare IT Integration Market by Offering 2020, and would continue to be a dominant market till 2027.
Which region dominated the healthcare IT integration market in 2020?
The North America is the fastest growing region in the Global Healthcare IT Integration Market by Region 2020, and would continue to be a dominant market till 2027.