by The global Integrated Patient Care Systems Market is estimated to be valued at US$ 19.57 Bn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Integrated patient care systems are medical information tools that consolidate all patient health records, clinical data and workflows across all treatment settings. They facilitate easier sharing of critical patient information between healthcare providers, enable coordinated care transitions, improve patient outcomes and experiences. Integrated systems integrate medical records from diverse sources like EMR systems, interoperable data exchange systems and personal health record platforms. They support longitudinal view of patient clinical history, unified care plan across ambulatory and inpatient settings and aid medical decision making with seamless data accessibility. Their adoption is growing among large healthcare organizations to improve coordination, reduce errors and duplication of care, and enhance quality and efficiency of healthcare delivery.
Market key trends:
One of the major trends in the integrated patient care systems market is the growing focus on patient-centric connected care models. There is increasing focus on streamlining information exchange between different stakeholders involved in a patient’s care journey. This is driving demand for integrated platforms that gives unified real-time view of patient’s wellness status and care plan involving physicians, nurses, therapists and other medical personnel. Another key trend is the rising adoption of healthcare IT solutions and systems to automate workflows, minimize manual tasks and errors, and generate better health outcomes. This is positively impacting demand for advanced integrated systems that digitally transforms clinical processes. Growing investments by healthcare providers and governments to implement digital health and interoperability initiatives is also promoting integrated patient care systems market growth.
Porter’s Analysis
Threat of new entrants: New players will face high initial cost for establishing infrastructure and gaining customer trust which makes the threat relatively low.
Bargaining power of buyers: Individual customers have low bargaining power but large healthcare providers and insurance companies wield significant influence to negotiate on price and features which leads to higher bargaining power of buyers.
Bargaining power of suppliers: The integrated patient care systems market has significant technological expertise relying on specialized software and hardware components. This gives moderate bargaining power to suppliers in the market.
Threat of new substitutes: Though alternative point solutions are available, integrated patient care systems offer consolidated patient information and management tools offering no close substitutes currently.
Competitive rivalry: Being a rapidly growing market, the rivalry is high among incumbent players to gain market share and competitive edge through new product launches and partnerships.
Key Takeaways
The global Integrated Patient Care Systems Market Share is expected to witness high growth, exhibiting a CAGR of 11% over the forecast period, due to increasing demand for improved patient care services and treatment outcomes.
Regional analysis: North America dominates the integrated patient care systems market currently owing to higher technology adoption, stringent regulations and better healthcare infrastructure. Asia Pacific is projected to experience the fastest growth during the forecast period supported by growing medical tourism, private healthcare investment and digitization programs across emerging countries.
Key players operating in the integrated patient care systems market are Cerner Corporation, McKesson Corporation, Philips Healthcare, GE Healthcare, Siemens Healthcare, Epic Systems Corporation, Allscripts Healthcare Solutions, IBM Corporation, Athenahealth, Inc., Oracle Corporation, Infor, MEDITECH, NextGen Healthcare, eClinicalWorks, athenahealth, Inc., NXGN Management, LLC, Medical Information Technology, Inc., CareCloud Corporation, Greenway Health, LLC, CureMD Healthcare.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
