The Healthcare IT Integration industry is growing rapidly and is expected to continue growing in the foreseeable future. According to a recent study, the global Healthcare IT Integration Market size is projected to reach $3.9 billion in 2021 and is poised to reach $7.1 billion by 2026, growing at a CAGR of 12.4% from 2021 to 2026. The healthcare integration market is growing due to a number of factors, such as increasing demand for streamlining healthcare processes, rising need for real-time data access, and government initiatives to promote interoperability. Additionally, the growing adoption of electronic health records and the need to improve patient care, reduce operational costs, comply with regulations, and improve efficiency are also driving the market’s growth. Moreover, technological advancements and the emergence of cloud-based solutions are also contributing to the growth of the market.
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Current Trends in Healthcare Integration Market
1. Cloud-based solutions: Cloud-based solutions are becoming increasingly popular in healthcare integration. These solutions allow healthcare organizations to securely store and access data from any location, while also providing access to powerful analytics and reporting tools.
2. Interoperability: Interoperability is becoming an increasingly important part of healthcare integration. Interoperability allows different systems to communicate with each other, which helps to streamline processes and reduce errors.
3. Artificial Intelligence (AI): AI is being used to improve healthcare integration by automating many of the manual processes associated with data integration. This technology can be used to streamline data collection, analysis, and reporting.
4. Blockchain: Blockchain is being used to improve the security of healthcare data by creating an immutable ledger that can store and transfer data securely. This technology can also be used to create smart contracts, which can automate the exchange of data between different systems.
5. Big Data: Big data is being used to analyze large amounts of data quickly and accurately. This data can be used to identify trends and correlations that can help healthcare organizations make better decisions.
Some of the prominent key players are:
- Infor (US),
- InterSystems Corporation (US),
- Cerner Corporation (US),
- Orion Health (New Zealand),
- NextGen Healthcare, Inc. (US),
- iNTERFACEWARE, Inc. (Canada),
- Allscripts Healthcare Solutions, Inc. (US),
- Epic Systems Corporation (US) and many more…….
Opportunity: Growing demand for telehealth services and remote patient monitoring solutions
Currently, telehealth services are in demand for monitoring and consultation purposes. Advancements in healthcare solutions have made it possible to deliver educational content and ensure uninterrupted communication between patients and healthcare providers. The smooth functioning of remote patient monitoring solutions depends on the successful integration of medical devices and ICT, which helps deliver healthcare services over long distances. As doctors and nurses spend the majority of their working time away from computers in hospitals, it is difficult for them to carry patient records on the go. Therefore, many market players started providing mobile platforms, such as mobile applications, for healthcare IT solutions. In Europe, in July 2020, a study conducted by HIMSS and Siemens Healthineers revealed that 93% of health facilities had adopted at least one type of telehealth service or solution just before the COVID-19 outbreak.
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The global market is segmented into five major regions, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2020, North America accounted for the largest share (57.2%) of the global market, followed by Europe (22.9%). Factors such as the widespread adoption of clinical device connectivity and interoperability solutions to curtail the rising healthcare costs, the increasing number of coronavirus (COVID-19) patients in the US, and stringent regulations and guidelines imposed by various government and non-government authorities such as the Federal Communications Commission (FCC)and the Centres for Medicare and Medicaid Services (CMS) are driving the growth of the healthcare IT integration solutions in North America.
