Healthcare IT Integration Industry Development And Future Growth
Market growth strategies-
- Increasing need for integration primarily drives the market for healthcare IT integration solutions.
- Rising healthcare costs and the growing volume of data generated in healthcare systems.
- Need to improve patient safety and favorable government and private support for HCIT.
Global market size-
According to the new market research report Healthcare IT Integration Market is projected to reach $6.0 billion by 2025, at a CAGR of 11.4%.
Leading Players & Growth Strategies -
Some of the key players competing in the healthcare IT integration solutions market are Infor (US), InterSystems Corporation (US), Cerner Corporation (US), Orion Health (New Zealand), iNTERFACEWARE, Inc. (Canada), Allscripts Healthcare Solutions, Inc. (US), Epic Systems Corporation (US), AVI-SPL, Inc. (US), Corepoint Health (Lyniate) (US), NextGen Healthcare (US), Capsule Technologies Inc. (US), GE Healthcare (US), IBM (US), Koninklijke Philips (Netherlands), and Oracle Corporation (US). These players have adopted various growth strategies such as partnerships, agreements, collaborations, and new product launches to increase their presence in the global healthcare IT integration market.
Top Market Segments-
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.
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.
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Geographic Overview -
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.