Healthcare IT Integration Market is expected to reach above USD 11.42 billion by 2030 | Exactitude Consultancy

According to a research report published by Exactitude Consultancy. Companies covered: Epic Systems Corporation, NextGen Healthcare Inc., Allscripts Healthcare Solutions Inc., InterSystems Corporation, Oracle Corporation, iNTERFACEWARE Inc., Orion Health Group Ltd., Summit Healthcare Services Inc., IBM, Capsule Technologies Inc., GE Healthcare, Koninklijke, Philips, Lyniate, Redox Series E Funding, Cerner Corporation, ELLKAY, Ciox Health, Rivia Health, Apella

/EIN News/ -- Luton, Bedfordshire, United Kingdom, July 23, 2024 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Healthcare IT Integration Market.

Healthcare IT integration Market is expected to grow at 13% CAGR from 2022 to 2030. It was valued 3.80 billion at 2020. It is expected to reach above USD 11.42 billion by 2030.

The process of integrating different healthcare applications and systems to provide a single framework for easy patient data exchange among stakeholders is known as healthcare IT integration. It seeks to raise operational effectiveness, enhance patient care, and optimize clinical workflows.

The market for healthcare IT integration is propelled by the necessity of interoperability and data interchange, the emergence of cutting-edge technologies like AI and ML, and the increasing desire for patient-centered care models. There is competition in the industry, with many suppliers providing different kinds of solutions. In an effort to improve patient outcomes and save expenses, healthcare organizations are investing in IT integration solutions.

The quick uptake of electronic health records and other healthcare IT solutions is driving the growth of the healthcare IT integration market. These technologies improve patient care by incorporating intricate, private, and frequently unstructured patient data into the healthcare delivery process. The implementation of electronic health records has accelerated due to government initiatives in some nations, which has improved patient data security.

The healthcare system now includes end users such as pharmacies, hospitals, assisted living facilities, and health insurance providers thanks to IT services. Integrating real-time data is essential for healthcare providers to make wise decisions. Hospitals will priorities connecting different hospital systems with electronic health records as EHR systems expand, which will open up growth prospects for the healthcare IT integration industry.

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By 2030, the Chinese government wants to establish itself as a hub for AI innovation. Medical imaging is one of the main applications of AI in China, with growth rates of 40% expected to reach USD 2.5 billion by 2024.

The market for artificial intelligence in healthcare in South Korea was valued at USD 44 million in 2019 and is projected to grow to USD 194 million by 2023. Medical device software is South Korea's largest market for artificial intelligence (AI) and big data.

AI-enabled solutions can enhance patient interactions and drastically cut down on the administrative burden for healthcare professionals. According to a research, 33% of tasks are automatable. Customized artificial intelligence algorithms and data mining methods may offer profound insights, spot trends, and validate judgements, empowering healthcare practitioners to make necessary corrections, improve the effectiveness of their care delivery, and reduce mistakes. Both health treatment and the entire patient experience can be improved by this technology.

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Healthcare IT Integration Market Restraints

The complexity of legacy systems, concerns about data security and privacy, interoperability, high implementation costs, opposition to change, and a fragmented healthcare environment are just a few of the obstacles that healthcare integration must overcome. The acceptance of healthcare integration solutions is difficult as legacy systems are frequently out-of-date and cannot be merged with contemporary technologies. The sharing of sensitive patient data, which is subject to stringent regulatory obligations like GDPR and HIPAA, gives rise to data security and privacy challenges. Proprietary standards, protocols, and data formats create interoperability issues and make data transmission across systems challenging.

For smaller businesses with more limited resources, high implementation costs—such as those associated with software licencing, infrastructure purchases, and implementation services—can be prohibitively expensive. Concerns about resistance to change include perceived complexity of new technology, disruptions to processes, and extra effort. The effective execution of healthcare integration initiatives may be hampered by a unified healthcare environment that includes payers, suppliers, healthcare providers, and governmental organisations.

Healthcare IT Integration Market Key Players

• Epic Systems Corporation
• NextGen Healthcare Inc.
• Allscripts Healthcare Solutions Inc.
• InterSystems Corporation
• Oracle Corporation
• iNTERFACEWARE Inc.
• Orion Health Group Ltd.
• Summit Healthcare Services Inc.
• IBM
• Capsule Technologies Inc.
• GE Healthcare
• Koninklijke
• Philips
• Lyniate
• Redox Series E Funding
• Cerner Corporation
• ELLKAY
• Ciox Health
• Rivia Health
• Apella

To know an additional revised 2024 list of market players, request a sample report:

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Healthcare IT Integration Market Recent Developments

• February 2024: Rivia Health, a revenue cycle management solution for healthcare provider organizations, announced a $3.25 million series seed funding round led by PHX Ventures to expand its patient payment solution and enter new markets across the country​​.
• February 2024: Apella expanded its collaboration with Houston Methodist to implement its technology in all operating rooms. Apella uses ambient sensor technology and AI to provide data and insights for surgical teams, aiming to increase surgical volume and improve the quality of surgery​​.
• January 2022: ELLKAY, a healthcare IT integration company, acquired X-Link Medical Software Interfacing to enhance its capabilities in medical device data management and interoperability.

Key Market Takeaways

• Market Size: Valued at $4.12 billion in 2023, expected to reach $13.4 billion by 2032.
• Growth Rate: CAGR of 12.4% from 2024 to 2031​.
• Major Drivers: Increasing need for EHRs, telehealth services, and remote patient monitoring​.
• Key Products: Interface engines, medical device integration software, and media integration solutions​​.
• Leading Regions: North America holds the largest market share​.
• Challenges: High costs, interoperability issues, and a shortage of skilled professionals​.

Healthcare IT Integration Market Segmentation

By Product

• Interface/Integration Engines
• Medical Device Integration Software
• Media Integration Software
• Other Integration Tools

By Service

• Support And Maintenance Services
• Implementation And Integration Services

By End User

• Hospitals
• Laboratories
• Clinics
• Diagnostic Imaging Centers
• Others

By Region

• North America
• Asia Pacific
• Europe
• South America
• Middle East and Africa

Quantitative Analysis

•  Market size, estimates, and forecasts from 2023 - 2030

•  Market size and revenue estimates for product up to 2030

•  Market revenue estimates for application up to 2030

•  Market revenue estimates for type up to 2030

•  Regional market size and forecast up to 2030

•  Company financial

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