Global Healthcare And Medical System Integrators Market Is Valued At 1448.51 Million USD In 2017
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The global Healthcare and Medical System Integrators market is valued at 1448.51 million USD in 2017 and is expected to reach 2841 million USD by the end of 2023, growing at a CAGR of 11.88% between 2017 and 2023.
Associated benefits such as operational cost reduction, minimizing errors in a medical facility and increased successful outcomes are expected to propel healthcare and medical system integrators industry growth. In addition, favorable government initiatives pertaining to the development of healthcare infrastructure and incorporation of information technology in existing establishments are expected to fuel industry growth over the forecast period.
In 2017, North America accounted for the majority share of the global market followed by Europe and Asia-Pacific. The large share of this region can be attributed to the stringent legislative and accreditation requirements regarding healthcare. The Asia Pacific medical care IT industry is expected to witness a lucrative CAGR from 2017 to 2023 due to the increased incidences of chronic diseases in geriatric as well as in pediatric population, rising awareness about the cost-effectiveness, convenience offered by these technologies, and rising medical expenditure.
The classification of Healthcare and Medical System Integrator includes Horizontal Integration and Vertical Integration, and Horizontal Integration is the largest segment in the market, its proportion in 2017 is about 60%.
Healthcare and Medical System Integrator is widely consumed in hospitals, clinics and healthcare?organizations, the most large application proportion of Healthcare and Medical System Integrator is hospitals.
Johnson Controls, Convergint Technologies, AVI Systems, Red Thread Spaces, AVI-SPL, Whitlock and Yorktel are among key companies operating in this industry. This industry is consolidated in nature marked by constant strategic collaborations and mergers & acquisitions. Players are striving to gain competitive advantage through capitalizing on available untapped opportunities.