April 18, 2024

Integrated Patient Care Systems Market is Estimated to Witness High Growth Owing to Technological Advancements in Data Sharing

The integrated patient care systems market involves products and solutions that enable interoperable data sharing across healthcare facilities to provide seamless patient care. These include electronic health record systems, telehealth solutions, and population health management platforms that allow effective sharing of patient medical records, images, test results, and real-time updates between care providers. Integrated patient care systems help streamline workflows, reduce medical errors, and facilitate coordinated treatment plans across settings. The growing need for reducing costs and improving outcomes is driving higher adoption of these systems.

The Global integrated patient care systems market is estimated to be valued at US$ 33,450 Mn in 2024 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the integrated patient care systems are Grifols, S.A., SK Plasma, Fusion Healthcare, Takeda Pharmaceutical Company Limited, LFB, Octapharma AG, CSL Limited, Bio Products Laboratory Ltd., China Biologic Products Holdings, Inc., Kedrion, Shanghai RAAS, ADMA Biologics Inc., Kamada Pharmaceuticals, and Biotest AG.

The key opportunities in the integrated patient care systems market include growth in bundled payment models, investments in rural healthcare IT infrastructure, and rising demand for telehealth and remote patient monitoring solutions. Technological advancements like blockchain, artificial intelligence, and 5G networks will further drive seamless data sharing capabilities.

Market drivers

The growing geriatric population and increasing prevalence of chronic diseases are major drivers for the integrated patient care systems market. According to the UN, over 16% of the global population will be over the age of 65 by 2050. This will create the need for better care coordination and management of co-morbidities. Additionally, rising healthcare costs are prompting providers and payers to adopt integrated patient care approaches that can facilitate value-based care delivery and lower overall expenditure. Governments across regions are also promoting digital health adoption through favorable regulations and incentives which is positively impacting market revenues.

Current Challenges in the Integrated Patient Care Systems Market
The integrated patient care systems market is facing challenges due to the COVID-19 pandemic. There was a significant decline in elective surgeries and non-critical diagnoses & treatments during lockdowns & social distancing. This adversely impacted the demand for integrated patient care systems. Additionally, high installation & maintenance costs of these technologically advanced systems pose a challenge for small healthcare facilities to adopt them. Staff training & change management also require substantial resources. Clinical integration requires effective information exchange between all points of care which remains a hurdle. Data privacy & security concerns also challenge the growth trajectory of this market.

SWOT Analysis
Strength: Presence of automated workflows enhances efficiency. Real-time data access improves clinical decision making.
Weakness: High upfront installation costs. Requires specialized staff for maintenance & support.
Opportunity: Growing demand for integrated healthcare globally. Emerging markets in Asia Pacific provide scope for expansion.
Threats: Intense competition. Changing regulations & healthcare reforms impact vendors.

Geographical Regions
North America accounts for the largest share of the integrated patient care systems market in terms of value. This is attributed to the presence of advanced healthcare infrastructure and adoption of cutting-edge technologies in the region. Growing concerns about patient safety and quality of care further drive the market in North America.

Asia Pacific is poised to be the fastest growing regional market during the forecast period. This is ascribed to increasing healthcare expenditure, rising medical tourism, growing incomes, expanding medical insurance coverage, and improvements in the overall healthcare ecosystem across developing Asian countries.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it