Global Healthcare IT Integration Market to 2024 by Product (Interface Engine, Medical Device Integration, Media Integration), Service (Implementation, Support, Training) - ResearchAndMarkets.com

DUBLIN--()--The "Healthcare IT Integration Market by Product (Interface Engine, Medical Device Integration, Media Integration), Service (Implementation, Support, Training), End-User (Hospital, Laboratory, Diagnostic Imaging Centers), Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Global Healthcare IT Integration Solutions Market is Projected to Reach USD 5.3 Billion by 2024 from USD 3.1 Billion in 2019, at a CAGR of 10.9%.

The market for HCIT integration solutions is primarily driven by the increasing need for integration owing to the rising healthcare costs and the growing volume of data generated in healthcare systems. The need to improve patient safety and the favorable government and private support for HCIT will also contribute to market growth. However, the high costs of HCIT integration will hinder the overall adoption of solutions and thereby restrain market growth in the coming years.

In 2018, the interface/integration engines segment accounted for the largest share of the market.

On the basis of type, the interface/integration engines segment accounted for the largest share of the healthcare IT integration products market in 2018. 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.

In 2018, the support & maintenance services segment accounted for the largest share of the market.

On the basis of type, the support & maintenance services segment accounted for the largest share of the healthcare IT integration services market in 2018. Healthcare providers prefer outsourcing their healthcare IT support & maintenance needs to either healthcare IT integration solution vendors or third-party support & maintenance service providers to focus on their core business areas.

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.

Market Dynamics

Drivers

  • Cost-Benefits of HCIT Integration Vis--Vis Rising Healthcare Expenditure
  • Growing Adoption of EHRs and Other HCIT Solutions
  • Favorable Government Support and Initiatives
  • Growing Need to Integrate Healthcare Systems
  • Potential for Reductions in Medical Error Rate and Improvements in Care Quality

Restraints

  • Interoperability Issues
  • High Cost of HCIT Integration

Opportunities

  • Growing Telehealth and Remote Patient Monitoring Markets
  • Emerging Markets

Challenges

  • Integration Between Various HCIT Solutions Within the Healthcare Industry
  • Data Security Concerns
  • Lack of Skilled Healthcare IT Professionals

Industry Insights

Industry Trends

  • Fast Healthcare Interoperability Resources
  • Growing Need for Semantic Interoperability
  • Increasing Adoption of Application Programming Interface

Product Portfolio Analysis

HCIT Expenditure Analysis

HCIT Adoption Trend in the US

Regulatory Analysis

Company Profiles

  • Allscripts Healthcare Solutions, Inc.
  • Avi-Spl, Inc.
  • Capsule Technologies, Inc.
  • Cerner Corporation
  • Corepoint Health
  • Epic Systems Corporation
  • GE Healthcare
  • IBM
  • Infor
  • Interfaceware, Inc.
  • Intersystems Corporation
  • Koninklijke Philips
  • Medical Information Technology, Inc.
  • Nextgen Healthcare, Inc.
  • Oracle Corporation
  • Orion Health Group Limited
  • Osplabs
  • Redox, Inc.
  • Siemens Healthineers
  • Summit Healthcare Services, Inc.

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Contacts

ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900