Major players in the healthcare IT integration market are Infor, InterSystems Corporation, Cerner Corporation, Orion Health, NXGN Management, LLC, iNTERFACEWARE Inc., Allscripts Healthcare, LLC, Epic Systems Corporation, AVI-SPL, Inc., Corepoint Health, Oracle, GE Healthcare, IBM Corporation, Siemens Healthcare GmbH and Qualcomm Life, Inc.
The global healthcare IT integration market is expected to decline from $3.55 billion in 2021 to $4.03 billion in 2022 at a compound annual growth rate (CAGR) of 13.55%. The change in growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic in 2021. The market is expected to reach $6.75 billion in 2026 at a CAGR of 13.79%.
The healthcare IT integration market consists of sales of healthcare IT integration products and services by entities (organizations, sole traders, and partnerships) that help in integrating information technology (IT) into healthcare.It includes a variety of electronic methods used for systematic collection of real-time data of patients in digital format to create a healthcare ecosystem.
Healthcare IT integration allows information such as patient’s medical history, current treatment information, treatment plans, important dates for treatments, laboratory reports, test results, and other to be retrieved instantly and securely available by authorized users to improve the quality of healthcare.
The main components of healthcare IT integration include product and service.Healthcare IT integration products are used in integration of healthcare data such interface/integration engines, medical device integration software, media integration software, and other integration tools.
The different applications of healthcare IT integration include clinic integration, radiology integration, lab integration, hospital integration and other applications.
North America was the largest region in the healthcare IT integration market in 2021.Asia Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rapid adoption of electronic health records by physicians is significantly contributing to the growth of the healthcare IT integration market.The electronic health record is a systematic collection of real-time data of patients in digital format by physicians or hospitals, whose information is instantly and securely available by authorized users.
Electronic health records require healthcare IT software and its integration into healthcare institutes for smooth functioning and maintenance of vast medical data. For instance, in 2019, according to the National Centre for Health Statistics, in the United States, approximately 89.9% office-based physicians are using electronic health records to treat patients. Therefore, the rapid adoption of electronic health records by physicians is expected to propel the growth of the healthcare IT integration market over the coming years.
Technological advancement in healthcare IT integration is the key trend being followed by the companies operating in the healthcare IT integration market. For instance, in 2021, Lyniate, an American-based healthcare IT integration developing company launched its new product, Lyniate Envoy with API technology from Datica Inc., which offers turnkey data exchange with any healthcare IT systems including Corepoint and Rhapsody. It also allows users to network with approximately over 1300 healthcare organizations for maintaining and monitoring patients’ data exchange using FHIP, C-CDA, DICOM, and others.
In November 2019, NextGen Healthcare Inc., an America-based software and services company, acquired Medfusion Inc., for an undisclosed amount. Through this acquisition, NextGen Healthcare Inc., aims to enhance its ambulatory platform, consumer healthcare platform experience, expand market reach in healthcare IT integration, and easy-to-use interface designed to run on any device. Medfusion, Inc. is a US-based patient experience platform leader that provides healthcare IT integration.
The countries covered in the healthcare IT integration market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.