How Will the Healthcare Data Integration Market Grow? Key Trends and Opportunities for 2025 and Beyond
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How Will the Healthcare Data Integration Market Grow Over the Forecast Period Based on Its Expected CAGR?
The market for healthcare data integration has experienced swift growth in recent years. Due to increase in adoption of clinical decision support systems (CDSSs), shift towards value-based care models that emphasize integrated data, the emergence of value-based care models, the need for data-driven decision-making, and increasing adoption of cloud-based data integration solutions, it’s projected to expand from $2.4 billion in 2024 to $2.84 billion in 2025, with a compound annual growth rate (CAGR) of 18.4%.
The market size of healthcare data integration is set to experience a steep acceleration in the coming years. It is projected to reach $5.52 billion by 2029, expanding at a compound annual growth rate (CAGR) of 18.1%. The surge in growth anticipated in the forecast period can be credited to the uptake of electronic health records (EHRs), heightened demand for interoperability data, the increase in digital health solutions, forward strides in data analytics and artificial intelligence (AI) in the healthcare industry, and emphasis on enhancing patient care. The expectancy period shows major trending shifts towards electronic health records (EHRs), fusion of varied data sources, movement towards value-oriented care, progress in technology, and the expansion of telehealth.
How Are the key drivers expanding the growth of the healthcare data integration Market?
The healthcare data integration market is likely to expand due to the rising use of electronic health records (EHRs). EHRs are digital platforms that securely handle and store patient health data, effectively allowing healthcare providers to access, share and analyze this information. Heightened demand for EHR IT systems can be attributed to their capacity for improved efficacy, data centralization and accessibility, interoperability, and enhanced patient engagement. Crucially, healthcare data integration solutions facilitate interoperability by linking EHR systems to other healthcare IT systems including laboratory information systems (LIS), pharmacy systems, and radiology systems. As an example, The Office of the National Coordinator for Health Information Technology, a US-based federal health IT agency, reported in October 2023 that the percentage of individuals nationwide provided access to and using their online medical record or patient portal rose to 73% in 2022, a significant increase from the 59% previously recorded. Consequently, the growing use of electronic health records (EHRs) is positively influencing the expansion of the healthcare data integration market.
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Who Are the Dominant Players Expanding Their Reach in the Healthcare Data Integration Market?
Major companies operating in the healthcare data integration market are:
• McKesson Corporation_x000D_
• Dell Technologies Inc._x000D_
• International Business Machines Corporation_x000D_
• Oracle Corporation_x000D_
• Salesforce Inc._x000D_
What Are the Top Trends Shaping the Evolution of the Healthcare Data Integration Market?
Major corporations in the healthcare data integration market are honing their competitive edge by concentrating on the development of novel data integration solutions such as Clinical Data Studio and Health Record Connect. These new data integration technologies improve and quicken workflows in clinical trials. Medidata Solutions Inc., a U.S.-based tech company that introduces and promotes software for clinical trials, introduced these offerings in November 2023 to expedite and enrich clinical trials. They blend lab data, electronic health records, and sensors to optimize clinical data workflows. Clinical Data Studio focuses on standardizing data while Health Record Connect amalgamates clinical research data into healthcare databases, revolutionizing the way studies are conducted with insights drawn from AI. With the help of actionable data findings, the quality of data and management procedures are enhanced, boosting clinical trial results. By merging various healthcare data sources, these solutions enhance efficiency and patient outcomes in clinical research environments.
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What Are the Key Components of the Healthcare Data Integration Market, and How Do Its Segments Perform?
The healthcare data integration market covered in this report is segmented –
1) By Component: Tools, Services
2) By Type Of Integration: Application Integration, Data Integration, Device Integration, Healthcare Information Exchange (HIE), System Integration, Other Integrations
3) By Deployment: Cloud, On-Premises
4) By Business Application: marketing, Sales, Operations And Supply Chain, Finance, Human Resources (HR)
5) By End-user: Hospital, Clinics, Laboratories, Other End-Users
Subsegments:
1) By Tools: Data Integration Software, Middleware Solutions, Data Mapping Tools, Etl (Extract, Transform, Load) Tools
2) By Services: Data Integration Consulting, Implementation And Support Services, Cloud Integration Services, Managed Data Services
Which Regions Are Setting the Pace for Healthcare Data Integration Market Growth?
North America was the largest region in the healthcare data integration market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare data integration market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Are the Defining Features of the Healthcare Data Integration Market?
Healthcare data integration is the process of combining and consolidating data from several sources within the healthcare ecosystem into a single set that can be cleansed, converted, and analyzed to deliver essential insights and business intelligence to the healthcare industry. This integration enables healthcare organizations to access a comprehensive view of patient information, clinical data, administrative records, and other relevant data types to support decision-making, improve patient care, enhance operational efficiency, and facilitate regulatory compliance.
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