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The Healthcare IT Integration Market is segmented by Product (Interface Engines, Medical Device Integration Setup, Other Products), Mode of Service, End User, and Geography
Fastest Growing Market:
The global healthcare IT integration market was expected to grow with a CAGR of 10.52% during the forecasted period. The market is being driven by factors, such as the need to build a single platform for patients' records and other healthcare providers, need to increase the efficiency of current medical practices and institutions, need to cut or contain healthcare expenditure, and rise in the demand for paperless technology.
The expenditure on health per capita in developed regions, such as North America and Europe, is already very high and is increasing rapidly in some regions. For instance, as per the report of CMS, the healthcare spending in the United States increased by 3.9% to reach USD 3.5 trillion, or USD 10,739 per person in 2017. Emerging economies, such as India, which already spend a lesser percentage of GDP on healthcare, are also looking for budget cut and one of the ways to go ahead is by introducing IT in healthcare. If these countries have to move toward less expenditure on healthcare, then they have to implement a more focused healthcare policy. For any policy to be implemented, comprehensive data is required about the past and present conditions and projection for the future, which is acutely missing in these countries.
In many of the instances, patients are asked to go for some tests and costs associated with them are really high. These tests may have been performed earlier by some other doctor at another lab, however, due to lack of a proper database for patient information, in most of the cases, patients have to go for the repetitive test. This is again adding to the overall healthcare cost. Use of IT in healthcare and integrating with other medical departments can minimize such repetitive tests by creating a comprehensive database for patients' information, such as Electronic Medical Record (EMR). This indicates that there is a rising need to inculcate some modifications in the healthcare cost structure, which can be achieved by incorporating healthcare integration tools at the point of care.
Healthcare IT integration is defined as integrating information technology (IT) with operations in healthcare. The integration of information technology (IT) in healthcare includes a variety of automated methods that are used to manage information about people's health and healthcare, for both individual and group of patients.
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In the product segment of the healthcare IT integration market, interface engines are believed to have the largest market size and are expected to witness a CAGR of 10.78% during the forecast period.
An interface engine, also known as an integration engine, is a software program that processes the data between various healthcare IT systems. These integration engines help IT departments tie together disparate systems, allowing the clinicians and other authorized users to access data housed within multiple EHRs or other applications. The role of an interface engine is to ease the workflow by providing flexibility to change direction and send alerts when any abnormal condition arises. Streamlined healthcare workflows and interface engines are a vital combination of support and delivery of the products. Some of the top interface engines found are Cloverleaf, Corepoint, Rhapsody, Datagate, and IGUANA. The interface engines are, thus, found to be less expensive and take less time to initially implement because an engine allows for the leveraging of data. An engine is flexible in its acceptance of data.
With the rising significance of the interface engine, there is a rapid future growth estimated for this segment.
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North America currently dominates the market for healthcare IT integration and is expected to continue its stronghold for a few more years. This region is expected to increase its market share in the future, owing to the well-established healthcare industry and better reimbursement facilities in the region. The United States holds the majority of the market in the North American region, due to the higher adoption of digital healthcare in the country and the rising investments done by the companies over there.
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The healthcare IT integration market is highly competitive and consists of several major players. However, with technological advancements and product innovations, mid-size to smaller companies are increasing their market presence by introducing new ingredients with lesser prices. Companies, like Allscripts Healthcare Solutions Inc., Cerner Corporation, GE Healthcare, and IBM Corporation, hold a substantial share in the market.
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Need to Build a Single Platform for Patient’s Record and Other Healthcare Providers
4.2.2 Need to Increase Efficiency of Current Medical Practices and Institution
4.2.3 Need to Cut or Contain Healthcare Expenditure
4.2.4 Rise in the Demand for Paperless Technology
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals in Healthcare
4.3.2 High Maintenance and Security Cost
4.4 Industry Attractiveness- Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.1 Interface Engines
5.1.2 Medical Device Integration Setup
5.1.3 Other Products
5.2 By Mode of Service
5.2.1 Operation Services
5.2.2 Support and Upkeep Services
5.3 By End User
5.3.5 Other End Users
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle East & Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle East & Africa
5.4.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Allscripts Healthcare Solutions Inc.
6.1.2 Cerner Corporation
6.1.3 GE Healthcare
6.1.4 IBM Corporation
6.1.5 Siemens Healthcare GmbH
6.1.6 Corepoint Health LLC
6.1.7 InterSystems Corporation
6.1.8 Oracle Corporation
6.1.9 Orion Health
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments