Healthcare Integration Market size is forecast to reach $5.1 billion by 2025, growing at a CAGR of 10.9% during the forecast period 2020-2025.Healthcare Integration is the organization and management of health services so that people get the care they need, when they need it, in ways that are user-friendly, achieve the desired results and provide value for money. Advancements in technology, improving the safety of patient and the ability of adapting to the changing healthcare environment are the major factors driving the growth of Healthcare Integration Market. Increase in the adoption of digital healthcare and increase in the investments by the major companies is said to further enhance the overall market demand of Healthcare Integration Market during the forecast period 2020-2025.
Key Takeaways
- North America dominated the Healthcare Integration Market in 2019 owing to the rise in the investments by the major companies and the ability of adapting to the changing health environment.
- The increase in the technology and knowledge among consumers is likely to aid in the market growth of Healthcare Integration Market.
- Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market will be provided in the Healthcare Integration Market report.
Product-Segment Analysis
The Medical Device Integration Software held the largest share in the Healthcare Integration Market in 2019 owing to the factors such as enabling unified interoperability across healthcare systems, helping in the operation of financial data in the healthcare and improving the quality of patient monitoring. Interface Engines is estimated to be the fastest growing segment with a CAGR of 7.95% during the forecast period 2020-2025.The growth in this segment is owing to the factors such as allowing the users to access data within multiple EHRs, sending alerts when an abnormal condition arises and Interface Engine is less expensive.
End User-Segment Analysis
The Hospitals held the largest share in the Healthcare Integration Market in 2019 owing to the factors such as improving the quality of healthcare, lowering overall healthcare costs, and improving patient safety. Laboratories is estimated to be the fastest growing segment owing to the factors such as increasing consistency between systems, long-term cost savings and flexible order entry with real time results reporting.
Geography Segment Analysis
The North America held the largest share in the Healthcare Integration Market in 2019 with a market share of 39.1% in 2019 of the overall market share. The growth in this segment is owing to the factors such as increasing investments by major companies in the healthcare and growing awareness regarding the benefits of Healthcare Integration. Asia-Pacific is estimated to be the fastest growing segment owing to the factors such as advancements in technology and government initiatives to improve the quality of healthcare.
Drivers- Healthcare Integration Market
- Enhances efficiency of the healthcare systems
Integrated healthcare systems improves communication among healthcare providers and work together to create a comprehensive treatment plan taking into account the patient needs, preferences, participation and health outcomes which increases the growth of Healthcare Integration Market. The best possible care delivery can be provided through cohesive service management in a user-friendly environment.
- Improves quality of care and patient safety
Integrated healthcare systems have been implementing ways to improve levels of patient care and informed clinical decisions. Patients now can monitor their own health with wearables and mobile applications which results in having better access to cost-effective healthcare solutions. Healthcare institutions can be better equipped through integrated healthcare systems for providing more efficient patient care.
Challenges- Healthcare Integration Market
- Requires skilled professional and high maintenance cost
The advanced technologies and various integration systems used in the healthcare systems result in high maintenance and security cost. Integration of healthcare systems requires highly skilled professionals as various technologies are used in it which is estimated to reduce the growth of Healthcare Integration Market.
Healthcare Integration-Industry Outlook
Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Healthcare Integration Market. In 2019, Healthcare Integration Market share is consolidated by the top ten players present in the market. Healthcare Integration top 10 companies are Allscripts Healthcare Solutions Inc, Cerner Corporation, Epic System Corporations, Siemens Healthcare, LLC, GE Healthcare, Core-point Health, Sandiano Group, Cognizant, Athena Health among others.
Acquisitions/Product Launches
- In 2019, GE Healthcare launched the Edison development program to accelerate the adoption and impact of intelligent applications and developer services across health systems.
- In 2019, Allscripts Healthcare solutions joined with Northwell to create the next-generation artificial intelligence based Electronic Health Record (EHR).
