The increasing need for integration primarily drives the market for healthcare IT integration solutions as a result of the rising healthcare costs and the growing volume of data generated in healthcare systems. The need to improve patient safety and favorable government and private support for HCIT will also contribute to market growth in the coming years. However, the high cost of HCIT integration is limiting the overall adoption of these solutions.
By end user, the hospital segment is expected to grow at the highest CAGR during the forecast period.
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.
The services segment is expected to for the largest share of the Healthcare IT Integration Market in 2019.
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.
North America to hold the largest regional Healthcare Integration Market share in 2019.
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. In addition, factor such as the widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, rising number of coronavirus (COVID-19) patients in the US, and stringent regulations and guidelines laid down by the various government and non-government authorities such as the Health Insurance Portability and Accountability Act (HIPPA), the Federal Communications Commission (FCC), and the Centers for Medicare and Medicaid Services (CMS) are further driving the growth of the Healthcare IT Integration Solutions Market in North America.
The leading players in this Healthcare IT Integration Market include Infor (US), InterSystems Corporation (US), Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Koninklijke Philips (Netherlands), Capsule Technologies Inc. (US), AVI-SPL, Inc. (US), GE Healthcare (US), Oracle Corporation (US), IBM (US), Corepoint Health (Lyniate) (US), Orion Health (New Zealand), NextGen Healthcare Inc. (US), iNTERFACEWARE, Inc. (Canada), Epic Systems Corporation (US) and MEDITECH (US).
> In February 2020, Rhapsody and Corepoint launched their combined entity known as Lyniate, which supports both Rhapsody and Corepoint product lines and customer base. > In July 2019, Corepoint Health launched Corepoint One Interoperability Solution, a cloud-based integration engine. > In April 2019, GE Healthcare collaborated with the American College of Radiology (ACR) (US) to integrate its Edison platform with ACR’s Artificial Intelligence-Lab. > In February 2019, Veradigm (US) (a part of Allscripts Healthcare) entered into a partnership with NextGen Healthcare, Inc. (US) to improve connectivity and data exchange with payers and labs. > In August 2018, InterSystems Corporation (US) collaborated with Greater Houston Healthconnect (US) to offer Health Information Exchange (HIE) services to improve quality, patient safety, and efficiency of care.
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