Global Healthcare IT Integration Market: Snapshot
The implementation of information technology in the healthcare industry has created a revolution towards faster diagnostics and treatments, and especially a massive improvement in speeds and efficiency of backend processing and documentation for healthcare institutes and organizations. It is essentially a support system for information management in the healthcare industry, through the use of computer systems that allow for a safe and secure transmission of data between the service providers, the healthcare institute, and the consumers. Healthcare IT integration brought about one of the most critically important functionalities in the healthcare industry: the advent of electronic health records. EHRs can effectively improve the overall efficiency, safety, and quality of a health delivery system.
The key factors involved in healthcare IT integration revolve around the improvement of quality of care available for a patient. They are also enabled to provide services that can significantly improve the productivity of a healthcare organization, while helping prevent or reduce the rate of medical errors caused by humans, and also cut down on the overall health costs. Healthcare IT integration also includes a wide array of methods – all electronic – to help manage the information provided by a patient, or the information generation throughout their care at a healthcare organization. This helps both the organization as well as the patient.
Global Healthcare IT Integration Market:
Healthcare IT integration refers to the practice of digital intervention for the effective management of patient health. The practice enables the effective archiving, monitoring, integration and communication of patient’s health in a secure environment. In primary healthcare centers, healthcare IT integration practices are used for purposes such as computerized provider order entry, clinical decision support, electronic prescribing, consumer health IT applications, and storage and transfer of electronic medical records across different end points.
This report on the global market for healthcare IT integration presents a detailed overview of the market’s present growth dynamics and an analysis of the key factors influencing its development. The future growth prospects of the market have been analyzed using the key growth drivers, restraints, trends, inputs from industry experts, and several industry-standard analytical tools. A detailed analysis of the competitive landscape of the global healthcare IT integration market has also been included in the report.
Global Healthcare IT Integration Market: Market Potential
In the past few years, the market for healthcare IT integration has witnessed significant traction and a huge rise in adoption across developed as well as developing economies. The market has benefitted from the significant rise in demand for advanced healthcare services, the vast rise in world’s geriatric population, increased prevalence of a number of chronic diseases and the resultant rise in the intervention of IT in the healthcare industry for faster and more efficient services amid rising demand.
The market has also significantly benefitted from the easy availability of technologically advanced products, declining prices of communication devices, technological advancement of healthcare industry, and the increased usage of mobile computing devices by healthcare practitioners as well as patients. With the increased intervention of IT technologies, the need for effective integration solutions and tools is also being felt. These factors will continue to drive the market in the next few years as well. However, the market’s growth could be restricted to a certain extent in the next few years owing to concerns regarding data security and high cost associated with healthcare IT integration.
Global Healthcare IT Integration Market: Regional Analysis
From a geographical perspective, the report segments the global healthcare IT integration market into North America, Europe, Asia Pacific, and Europe. Of these, the market in North America is presently the leading contributor to the overall market chiefly owing to the technologically advanced healthcare infrastructure. The vast usage of personal computing devices by the general population in countries such as the U.S. and Canada and the rising awareness regarding the vast benefits of IT intervention in the healthcare industry are also leading to the increased demand for healthcare IT integration services and solutions in North America. The market in Europe also holds a prominent position in the global market, mostly owing to aforementioned factors.
The market in Asia Pacific is considered one with vast untapped growth opportunities. The rising penetration of technological advancements in the healthcare industry in the region and improving healthcare infrastructure are driving the market for healthcare IT integration in the region. Moreover, government interventions through encouraging regulations aimed at boosting the adoption of IT-enabled advanced medical equipment and devices are also driving the market. The rising disposable incomes, increased awareness regarding technologically advanced treatment methodologies, and increased usage of mobile computing devices could help the Asia Pacific healthcare IT integration market gain further traction in the next few years.
Some of the leading players operating in the global healthcare IT integration market are Oracle Corporation, Interfaceware, Avi-Spl Inc., Ibm Corp., Intersystems, Orchestrate Healthcare, AGL Hospital Consulting, Siemens Healthcare, Cerner Corporation, Burwood Group, Boston Software Systems, Inc., The Sandino Group, LLC, and Liaison Technologies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.