The global healthcare IT integration market is expected to register a CAGR of 15% during the forecast period of 2018–2023. The healthcare IT integration simply means putting information technology (IT) to work 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.
Need to Increase Efficiency of Current Medical Practices and Institution
Healthcare IT integration will help healthcare providers to maintain an accurate and complete information of a patient’s health, which can give better care during a medical emergency and routine medical examinations. It will also help in better coordination of the care being given to a patient with the assurance of a secured sharing of information. Family caregivers can also have easy access to the data. Integration of healthcare IT has helped in the quick diagnosis of health problems, reduced medical errors, and has provided safety care at reduced costs. Seamless integration of systems in health IT is essential for carrying out remote monitoring and patient diagnosis, and in the mobile integration for the transfer and record of various vital medical data.
The healthcare IT integration helps in providing a service-oriented architecture (SOA), which facilitates a secure, cost-effective, and reliable way of information transfer. It helps to coordinate the various components of a healthcare setup like software applications, databases and computing platforms, to help make a quick, effective, and cost-effective clinical decision. Thus, it caters to the need to increase the efficiency of the current medical practices and institutions. This factor is driving the healthcare IT integration market.
The other factors, such as the surging need to curtail the ever-increasing healthcare cost, high return on investments, and rise in demand for paper-less technology are driving the healthcare IT integration market.
Lack of Skilled IT Professionals in Healthcare
There is a stiff demand for skilled IT professionals, mostly in the maintenance and creation of electronic medical record systems, cybersecurity, and system integration. However, IT labor crunch has been a major challenge for the healthcare sector. Healthcare IT integration requires experienced IT managers and executives. The competition for information-security analyst managers, research scientists, and data administrators is intense and often does not match the lucrative offers of the software industry. This a major reason for the lack of skilled IT personnel in the healthcare industry. Apart from the developed countries of North America and most of Europe, the crunch is highly prominent in the countries of Asia-Pacific and Africa, that are still to achieve medical facilities in remote areas.
Lack of adequate funding has also been a major issue, as they do not give a concrete platform for the healthcare IT professionals to develop databases and software tools. Lack of resources and lucrative offers has thus, made healthcare IT less attractive for skilled IT professionals and has restrained the growth of the healthcare IT integration market as a whole. The other factors, such as high maintenance and security cost and lack of interoperability among different IT products is also hindering the growth of the market.
United States Leads the Market in North America
In 2017, the United States healthcare IT integration market held the largest market share in North America due to the presence of high-quality healthcare system and modern medical technology in the country. Additionally, the growing importance of healthcare IT in public is likely to contribute towards the growth of the healthcare IT integration market.
Key Developments in the Market
- January 2018: Allscripts acquired Practice Fusion business.
- October 2017: Allscripts acquired McKesson’s Enterprise Information Solutions business.
The major players include Allscripts Healthcare Solutions, Inc., Cerner Corporation, Corepoint Health LLC, GE Healthcare, IBM, InterSystems Corporation, Oracle Corporation, Orion Health, and Siemens Healthcare, among others.
Reasons to Purchase the Report
- Follow the current and future global healthcare IT integration market
- in the developed and emerging markets.
- Examining the various perspectives of the market with the help of Porter’s Five Forces Analysis.
- Identify the segment that is expected to dominate the market.
- Identify the regions that are expected to witness the fastest growth during the forecast period.
- Identify the latest developments, market shares, and strategies employed by the major market players.
- 3-month analyst support along with the Market Estimate sheet (in Excel).
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1.1 Market Definition
2. Research Methodology
3. Executive Summary
4. Key Inferences
5. Market Overview
5.1 Current Market Scenario
5.2 Porter's Five Forces Analysis
5.2.1 Bargaining Power of Suppliers
5.2.2 Bargaining Power of Consumers
5.2.3 Threat of New Entrants
5.2.4 Threat of Substitute Products and Services
5.2.5 Competitive Rivalry within the Industry
6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
6.1.1 Increasing Need to Curtail Ever-increasing Healthcare Cost
6.1.2 Need to Increase Efficiency of Current Medical Practices and Institution
6.1.3 High Return on Investments
6.1.4 Rise in the Demand for Paperless Technology
6.2.1 Lack of Skilled IT Professionals in Healthcare
6.2.2 High Maintenance and Security Cost
6.2.3 Lack of Interoperability among Different IT Products
6.4 Key Challenges
7. Market Segmentation
7.1 By Product
7.1.1 Interface Engines
7.1.2 Media Integration Products
7.1.3 Medical Device Integration Setup
7.2 By Mode of Service
7.2.1 Operation Services
7.2.2 Support and Upkeep Services
7.3 By End User
7.4 By Geography
7.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 Australia & New Zealand
22.214.171.124 South Korea
126.96.36.199 Rest of Asia-Pacific
7.4.4 Middle East & Africa
188.8.131.52 South Africa
184.108.40.206 Rest of the Middle East & Africa
7.4.5 South America
220.127.116.11 Rest of South America
8. Competitive Landscape
8.1 Mergers & Acquisition Analysis
8.2 Agreements, Collaborations, and Partnerships
8.3 New Products Launches
9. Key Players
9.1 Allscripts Healthcare Solutions, Inc.
9.2 Cerner Corporation
9.3 Corepoint Health LLC
9.4 GE Healthcare
9.6 InterSystems Corporation
9.7 Oracle Corporation
9.8 Orion Health
9.9 Siemens Healthcare
*List not Exhaustive
10. Future of the Market