Healthcare IT Integration Market Overview
Healthcare IT integration enables healthcare equipment to accumulate and share data with the cloud as well as each other to facilitate the accumulation of data that is accurately analyzed at breakneck speed.
From monitoring and diagnostics to delivery methods, IoT combines sensor output and communications to provide functions that were considered conceptual until recently. The sensors are wearable, cloud-based, or device embedded.
With advancements in such sensors and ICT, the healthcare industry now has a dynamic collection of patient data to foster diagnostics & preventive care as well as to measure the probable outcome of preventive treatment.
Healthcare IT integration such as automatic medication dispensers in hospitals helps to enhance their efficiency. Such integrated devices are also used to monitor the medicinal cold storage in warehouses as well as well-funded drug stores with storage spaces.
Patient monitoring applications of healthcare IT integration include IoT-enabled sensors integrated in healthcare equipment that monitor the condition of the patient during and after a surgery or treatment. Such sensors also enable the remote monitoring of patients. Thus increasing demand for healthcare IT integration primarily drives the market for healthcare IT integration solutions.
Impact of COVID-19 Pandemic Outbreak on Healthcare IT Integration Market
The outbreak of COVID-19 pandemic is expected to have a positive impact on healthcare IT integration market. Due to the spread of novel coronavirus, healthcare facilities across the world have been overwhelmed by the large number of patients visiting them on daily basis and thus medical practices of all sizes are under immense pressure.
The rising prevalence of this disease has fueled the demand for treatment devices and accurate diagnosis in different countries globally.In this regard, healthcare IT integration have proven to be very helpful, as it allows healthcare professionals to diagnose and monitor patients using digitally connected devices, such as pulse oximeters and home blood pressure monitors.
Moreover, the rapid spread of coronavirus disease across the globe has resulted in a shortage of healthcare workers. This has driven the demand for healthcare IT integrated devices for vital signs monitoring. Thus the healthcare IT integration market is anticipated to grow by 10%-12% by the end of Q4-2020.
Healthcare IT Integration Market: Drivers and Restraints
Increased accuracy in data analysis Is Propelling Growth of Healthcare IT Integration Market
The integration of IoT in healthcare equipment and machinery results in the mitigation of errors while dealing with a large quantity of sensitive patient data. Making data-driven decisions through the incorporation of automated workflows by integrating IoT sensors is an effective way to eliminate human errors and helps reduce process-related time, cost, and power consumption. This is expected to drive the integration of IoT sensors in healthcare devices.
The healthcare sector has started focusing on integrating AI and IoT technologies to enhance patient care. This upgrade is expected to improve scalable therapeutics, digital patient experience, and the interoperability of medical equipment.
Some companies have launched new applications. For instance, UroSense by Future Path Medical allows catheterized patients to examine their urine output & body temperature and Niox Mino by Aerocrine enables the routine measurement of nitric oxide content in a patient’s breath.
Privacy concerns and adherence to standard regulations to hinder growth of the market
The security of Personal Health Information (PHI), which is transmitted and stored by network connected healthcare sensors, is a priority for customers as well as regulatory organizations in the healthcare industry. Stringent access controls are needed to maintain data privacy as well as to comply with strict regulations imposed by regulatory bodies.
However, healthcare institutions cannot always secure personal data access points, such as smartphones, home network computers, and real-time data transfer. This is likely to result in the leakage of PHI, thus challenging the growth of the global healthcare IT integration market.
Healthcare IT Integration Market: Competition Landscape
Examples of some of the market participants in the global healthcare IT integration market identified across the value chain include
- NextGen Healthcare Inc.
- Allscripts Healthcare Solutions, Inc
- Cerner Corporation
- Corepoint Health
- Epic Systems Corporation
- AVI-SPL, Inc
- Orion Health
- iNTERFACEWARE, Inc
- InterSystems Corporation
Healthcare IT Integration Market: Regional Outlook
North America and Europe are expected to be the dominant regions in terms of market value in the healthcare IT integration market, owing to increased adoption of wearable devices, such as smart watches, augmented reality glasses, and fit bands in healthcare sector in these regions.
In addition, companies in this region are investing heavily in accelerating the upgradation of smart sensing healthcare through continuous developments in information & communication technology, broadband data connectivity, as well as e-location technology.
The Healthcare IT Integration market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment.
The market report also maps the qualitative impact of various market factors on market segments and geographies.
The report covers exhaustive analysis on
- Healthcare IT Integration Market Segments
- Healthcare IT Integration Market Dynamics
- Healthcare IT Integration Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved in the Market
- Technology Landscape
- Value Chain of the Market
- Market Drivers and Restraints
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil, Rest of Latin America)
- Europe (Germany, Italy, U.K, Spain, France, Nordic countries, BENELUX, Russia, Rest of Europe)
- East Asia (China, Japan, South Korea)
- South Asia and Pacific (India, Malaysia, Indonesia, Singapore, Australia & New Zealand, Rest of South Asia and Pacific)
- Middle East and Africa (GCC Countries, Turkey, Northern Africa, South Africa, Rest of MEA)
Healthcare IT Integration Market: Segmentation
The healthcare IT integration market can be segmented on the basis of component, end-user, and region.
- Interface/Integration Engines
- Media Integration Solutions
- Medical Device Integration Software
- Other Integration Tools
- Training & Education
- Implementation & Integration
- Support & Maintenance
- Diagnostic Imaging Centers