Healthcare IT Integration Market Landscape 2020-2025: Growing Patient Volumes due to COVID-19 Outbreak Driving Growth
DUBLIN, Aug. 17, 2020 /PRNewswire/ -- The "Healthcare IT Integration Market by Product (Interface Engine, Medical Device Integration, and Media Integration), Service (Integration, Maintenance, Training, and Consulting Services), End-User, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global healthcare IT integration solutions market is projected to reach USD 5,953.2 million by 2025 from USD 3,475 million in 2020, at a CAGR of 11.4% during the forecast period.
The healthcare IT integration solutions market is projected to grow at a CAGR of 11.4% during the forecast period.
The market for HCIT integration solutions is driven primarily by the growing adoption of EHRs and other HCIT solutions as well as rising demand for telehealth, remote patient monitoring, and home healthcare solutions due to the COVID-19 outbreak is expected to drive the market growth during the forecast period. However, the high costs of HCIT integration will hinder the overall adoption of solutions and thereby restrain market growth in the coming years.
By product, the interface/integration engine segment holds the largest market share during the forecast period.
Based on product type, the healthcare IT integration products market is segmented into interface/integration engines, medical device integration software, media integration solutions, and other integration tools. The interface/integration engines segment accounted for the largest share of the healthcare IT integration products market in 2019. The large share of this segment can be attributed to the increasing need for information exchange within healthcare service provider facilities or with other affiliated organizations. Furthermore, the emergence of health information exchange (HIE) backed by government initiatives to promote integrated healthcare infrastructure also supports the growth of this market.
By services, the consulting services segment is expected to register the highest CAGR during the forecast period.
Based on services type, the healthcare IT integration services market is segmented into implementation and integration services, support and maintenance services, training and education services, and consulting services. The consulting services segment is projected to register the highest CAGR during the forecast period. Factors such as the increasing importance of value-based care, technological advancements, and growing consolidation in the healthcare market are driving the demand for consulting services.
Asia Pacific (APAC) is projected to witness the highest growth during the forecast period.
The APAC market is estimated to register the highest CAGR during the forecast period. The growth in this market can be attributed to the presence of less-stringent regulations, increasing demand for quality healthcare at low costs, and improving healthcare infrastructure in several APAC countries. In addition, the current outbreak of COVID-19 in the Asia Pacific has resulted in the increased patient pool, especially in China and India. The growing patient volume, along with the rising need for accurate and timely diagnosis and treatment of this disease, will fuel the growth of the healthcare IT integration solutions market in the APAC.
Research Coverage
The report analyzes the various healthcare IT integration solutions and their adoption pattern. It aims at estimating the market size and future growth potential of the healthcare IT integration market for different segments such as product & service, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Key Topics Covered
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
4.1 Healthcare IT Integration Solutions Market Overview
4.2 Apac: Healthcare IT Integration Solutions Market, by End-user & Country (2019)
4.3 Healthcare IT Integration Solutions Market: Geographic Growth Opportunities
4.4 Healthcare IT Integration Solutions Market: Developing Vs. Developed Markets
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Cost-Benefits of HCIT Integration Vis-a-Vis Rising Healthcare Expenditure
5.2.1.2 Growing Patient Volume Due to the COVID-19 Outbreak
5.2.1.3 Growing Adoption of Ehrs and Other HCIT Solutions
5.2.1.4 Favorable Government Support and Initiatives
5.2.1.5 Growing Need to Integrate Healthcare Systems
5.2.1.6 Potential for Reductions in Medical Error Rate and Improvements in Care Quality
5.2.2 Restraints
5.2.2.1 Interoperability Issues
5.2.2.2 High Cost of HCIT Integration
5.2.3 Opportunities
5.2.3.1 Growing Telehealth and Remote Patient Monitoring Markets
5.2.3.2 Emerging Markets
5.2.4 Challenges
5.2.4.1 Integration Between Various HCIT Solutions Within the Healthcare Industry
5.2.4.2 Data Security Concerns
5.2.4.3 Lack of Skilled Healthcare IT Professionals
6 Industry Insights
6.1 Industry Trends
6.1.1 Fast Healthcare Interoperability Resources
6.1.2 Growing Need for Semantic Interoperability
6.1.3 Increasing Adoption of Application Programming Interface
6.2 Impact of COVID-19 on the Healthcare IT Integration Solutions Market
6.3 Product Portfolio Analysis
6.4 HCIT Expenditure Analysis
6.4.1 North America
6.4.2 Europe
6.4.3 Asia-Pacific
6.5 HCIT Adoption Trend in the US
6.6 Regulatory Analysis
7 Healthcare IT Integration Solutions Market, by Product & Service
7.1 Introduction
7.2 Services
7.3 Products
8 Healthcare IT Integration Solutions Market, by End-user
8.1 Introduction
8.2 Hospitals
8.3 Laboratories
8.4 Clinics
8.5 Diagnostic Imaging Centers
8.6 Other End-users
9 Healthcare IT Integration Solutions Market, by Region
9.1 Introduction
9.2 North America
9.3 Europe
9.4 Asia-Pacific
9.5 Latin America
9.6 Middle East & Africa
10 Competitive Landscape
10.1 Overview
10.2 Market Ranking/Share Analysis
10.2.1 Healthcare Interface/Integration Engines
10.2.2 Medical Device Integration Software
10.2.3 Media Integration Solutions
10.3 Competitive Leadership Mapping
10.3.1 Visionary Leaders
10.3.2 Innovators
10.3.3 Dynamic Differentiators
10.3.4 Emerging Companies
10.4 Competitive Situation & Trends
10.4.1 Product Launches & Enhancements
10.4.2 Agreements, Partnerships, & Collaborations
10.4.3 Mergers
11 Company Profiles
11.1 Cerner Corporation
11.2 Capsule Technologies, Inc.
11.3 GE Healthcare
11.4 Koninklijke Philips
11.5 Corepoint Health (Lyniate)
11.6 Summit Healthcare Services, Inc.
11.7 Allscripts Healthcare Solutions, Inc.
11.8 Epic Systems Corporation
11.9 Intersystems Corporation
11.10 Medical Information Technology, Inc.
11.11 Redox, Inc.
11.12 Osplabs
11.13 Avi-Spl, Inc.
11.14 Oracle Corporation
11.15 Nextgen Healthcare, Inc.
11.16 Interfaceware, Inc.
11.17 Orion Health Group Limited
11.18 Infor
11.19 IBM
11.20 Siemens Healthineers
For more information about this report visit https://www.researchandmarkets.com/r/1bqk7r
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