Healthcare IT Integration Market

Global Healthcare IT Integration Market Size (2023 to 2028)

The global healthcare IT integration market size is estimated to be worth USD 5.97 billion by 2028 from USD 3.38 Billion in 2023, registering a CAGR of 12.04% between 2023 to 2028.

Digital health is growing worldwide and is now an integral part of all existing health systems worldwide. Electronic health record (EHR) systems are an excellent way to improve patient care. After the Covid-19 pandemic is over, virtual healthcare will almost certainly proceed in its current form. To improve the effectiveness and reliability of their resource usage, public healthcare organizations are turning to emerging technology to simplify and improve their internal processes. Higher standards of quality are achieved as a result of the integration of information in the hospital.

Health information technology (IT) incorporation into primary care encompasses a wide range of electronic approaches for managing information about people's health and health care for individual patients and groups of patients. Health data integration allows for the collaborative use of data from various systems. Healthcare IT integration is a medical equipment category that allows physicians and doctors to constantly track and care for infants and children.

MARKET DRIVERS:

Y-O-Y growth in the adoption of EHRs and other HCIT solutions is expected to promote the growth rate of the global healthcare IT integration market.

Beyond its conventional use in disease treatment, the Electronic Healthcare Record (EHR) has become an important source for big data research in recent years. When vital signs and other medical device outcomes are combined with an EHR, they provide evidence that can be used to improve clinical decision support initiatives.   

The creation, design, development, and maintenance of information systems for healthcare organizations is what healthcare information technology (HCIT) is all about. It is expected to improve medical care, reduce costs, reduce manual errors, and enable ambulatory and inpatient healthcare providers to optimize reimbursement. During the forecast era, the demand for home healthcare is expected to rise, driving the adoption of healthcare IT solutions and services such as telehealth, telemedicine, and mHealth to close the demand-supply gap.

According to WHO, Over the last 15 years, the adoption of national electronic health record (EHR) systems has increased steadily, with a 46% rise in the last five years. More than half of upper-middle- and high-income countries have implemented a national EHR program. Lower-middle (35%) and low-income countries have much lower adoption rates. Integration of EHR systems with laboratory (77%) and pharmacy (72%) information systems are recorded by the majority of Member States with national EHR systems, followed by picture archiving and communications systems (PACS) (56 percent).

Due to the COVID-19 pandemic, the need for virtual healthcare worldwide has grown significantly, which is expected to boost the global healthcare IT integration market.

Patients are being kept captive, and medical personnel is at risk of contracting an infection. Doctors and healthcare systems worldwide are scrambling to adopt virtualized treatment methods that remove the need for patients and healthcare professionals to meet in person, as coronavirus disease 2019 (COVID-19) cases are expected to rise. The concept of virtual healthcare is increasingly gaining traction in the industry due to the increasing number of working people and technological advances.

Growing funding and programs by various governments are predicted to accelerate the growth rate of the healthcare IT integration market.

Many government policies encourage the use of both non-clinical and clinical solutions, especially electronic medical/health records (EMR/EHR), mobile health, and telehealth. Rising government funding and policy for treatment and care. The term's meaning, on the other hand, is very general. Synonyms for mHealth, telehealth, health informatics, and particularly eHealth are frequently used.

Y-O-Y growth in the adoption of telehealth and remote patient monitoring technologies is expected to favor the global healthcare IT integration market.

In recent years, healthcare IT and the telehealth market has expanded, and it is projected to reach $390 billion by 2024. Telehealth connects patients to essential health care facilities by videoconferencing, remote control, electronic consults, and wireless communications. The American Hospital Association (AHA) supports the enhancement of patient care by hospitals' efforts to provide high-quality, advanced telehealth services. Remote Patient Monitoring (RPM) or Telehealth is an outpatient healthcare approach that encourages patients and doctors to use mobile medical devices to monitor vital data or interpret data in real-time. About 200 million people in the US and the EU suffer from chronic diseases such as cardiac arrhythmia, hypertension, sleep apnea, ischemic diseases, hyperlipidemia, diabetes, asthma, and chronic obstructive pulmonary disease (COPD). This has been made possible thanks to remote patient control (RPM). RPM is a technology used to remotely track a patient's well-being while not under their physician's supervision. RPM reduces costs and increases the quality of life of chronically ill patients without the need for institutionalization. Today's healthcare is all about lowering prices by reducing the overuse and abuse of healthcare resources.

MARKET RESTRAINTS:

The growing number of data breaches is one of the significant factors is expected to hamper the growth rate of the global healthcare IT integration market.

According to recent reports, the number of data breaches in the health and medical industry in the United States has risen over the last decade. Additionally, risks associated with the cyber-attacks, lack of funding, proper infrastructure, capability, and legal structures hampered the implementation of EHRs, thus estimated to impede the market growth.

Lack of understanding regarding the privacy and protection, costs associated with the regulation terms, adoption of smartphones is lower in rural areas, a growing number of data protection issues, shortage of qualified healthcare IT professionals, and the cost of HCIT integration are further expected to restrict the global healthcare IT integration market growth.

Impact of COVID-19 on the global healthcare IT integration market:

With most countries implementing restrictions that allow people to stay at home in the event of a coronavirus pandemic in 2020, the need for virtual healthcare services has increased even further. The decade of the 2020s may be known as how digital technology reshaped the healthcare system.

The COVID-19 pandemic is now heavily depending on communities and economies worldwide, claiming lives and causing upheaval and transition. Similarly, digital health technology has been used to meet the most pressing needs during the pandemic, including early outbreak response and later effect mitigation. As the outbreak grew, national and local health agencies began to enlist the help of private firms to increase service coverage. Various companies were approached, representing various services ranging from building ICT infrastructure to aggregating and analyzing data at scale to facilitate virtual and/or AI-powered healthcare services. The position of EHR is developing and digitizing in healthcare these days as more patient data become digital and a growing number of customers want mobile access to health records. During the pandemic, community service capability extension and transformation were crucial in assisting the NHS response and preventing the service from being overloaded during the initial peak. Due to that demand, staff shortages, and increasingly complex patient needs, community health facilities were put under a lot of stress during the COVID-19 pandemic.

REPORT COVERAGE:

This research report on the global healthcare IT integration market has been segmented and sub-segmented based on the product, service, end-user, & region.

Global Healthcare IT Integration Market - By Product:

• Interface/Integration Engines
• Medical Device Integration Software
• Media Integration Solutions
• Other Integration Tools

Based on the product, during the forecast period, the medical device integration software segment is predicted to grow at the fastest rate. The medical device integration software market is growing due to factors such as rising use of EHRs and other interoperability solutions in healthcare organizations, the shift of point-of-care diagnostics from hospitals to home care settings, increased regulatory requirements and healthcare reforms as well as the demand for integrated healthcare systems to enhance healthcare quality and outcomes.

Another largest market is estimated to be interface engines, which are predicted to grow at a CAGR of 12% over the forecast period. An interface engine, also known as an integration engine, is a software program that connects multiple healthcare IT systems and processes data. These integration engines assist IT organizations in connecting different systems, allowing physicians and other authorized users to access data from different EHRs or other applications. An interface engine's job is to make workflow easier by allowing users to change directions and sending alerts whenever something goes wrong.

Global Healthcare IT Integration Market - By Service:

• Implementation & Integration
• Support & Maintenance
• Training & Education
• Consulting

Based on the service, the consulting segment is expected to hold the largest share in the global market during the forecast period. The majority of telehealth devices on the market are utilized for both monitoring and consultation. Delivering educational content and ensuring uninterrupted contact between patients and healthcare providers has become feasible due to advancements in healthcare systems.

Global Healthcare IT Integration Market - By End-User:

• Hospitals
• Laboratories
• Clinics
• Diagnostic Imaging Centers
• Other End Users

Based on the end-user, the hospitals held the greatest proportion of the market for healthcare IT integration solutions in 2020. The strong spending power of hospitals to acquire sophisticated healthcare IT integration solutions and the growing focus on providing high-quality patient care via the usage of HCIT solutions can be attributable to this segment's large share.

Global Healthcare IT Integration Market - By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American regional market dominates the global healthcare IT integration market and is expected to remain so for several years. Because of the well-established healthcare industry and superior reimbursement facilities in the region, this area is likely to grow its market share in the future. Because of the increased acceptance of digital healthcare in the country and the increasing investments made by companies there, the United States occupies most of the market in the North American region.

During the forecast period, Asia Pacific is predicted to expand at the fastest rate. The high growth rate of this region can be attributed to favorable government initiatives for implementing IT in the healthcare industry, growing medical tourism, increasing demand for advanced telehealth and eHealth solutions as a result of the COVID-19 outbreak, and rising demand for quality healthcare in this region. Emerging nations, such as India, which already spend a lower percentage of GDP on healthcare, are looking for methods to decrease costs, and one method to do so is to include IT into the healthcare system. If these countries intend to reduce their healthcare spending, they must establish a more targeted healthcare policy. The Asia Pacific healthcare IT integration market may keep growing in the next few years due to growing disposable incomes, higher awareness of technologically advanced treatment methodologies, and greater use of mobile computing devices. This rise will also be attributed to the region's growing geriatric population, rising disposable income and public awareness of healthcare services, investments by regional key market participants, and improved health infrastructure.

KEY MARKET PARTICIPANTS:

Companies such as GE Healthcare, Allscripts Healthcare Solutions Inc., MEDITECH, Cerner Corporation, IBM Corporation, Oracle Corporation, Corepoint Health, Orion Health, Capsule Technologies Inc., Infor, NextGen Healthcare Inc., and Koninklijke Philips are expected to play a leading role in the global healthcare IT integration market.