Integrated Patient Care Systems are Expected to Witness High Growth Owing to Increased Importance of Patient-Centric Care Models

Integrated patient care systems consist of various healthcare software that coordinates patient data across the care continuum. These systems allow efficient flow of patient information between doctors, specialists, labs, and health facilities, thereby facilitating seamless transitions for patients across inpatient and outpatient settings. Integrated care systems promote a holistic patient-centric approach by providing a unified patient record accessible by all care providers. This streamlines clinical workflows and ensures optimal healthcare delivery. Integrated patient care also improves medication management, prevents medical errors, and reduces duplication of tests.

The global Integrated Patient Care Systems Market is estimated to be valued at US$ 33,450 Mn in 2023 and is expected to exhibit a CAGR of 6.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The increased importance of patient-centric care models driven by favorable government initiatives represents a major opportunity for integrated patient care systems. Modern healthcare systems are transitioning from traditional fee-for-service models to value-based and population health models. This shift promotes proactive, coordinated, and continuous care delivery across settings. Integrated patient care systems facilitate this transition by offering a holistic view of patients and population health. This allows providers to better manage patient needs and health outcomes. The growing prioritization of patient-centric approaches is expected to drive robust adoption of integrated patient care systems over the forecast period.

Porter’s Analysis
Threat of new entrants: The integrated patient care systems market has moderate threat of new entrants as it requires high initial investments and involves various regulatory approvals. Bargaining power of buyers: Individual buyers have low bargaining power due to the specialized nature of integrated patient care systems. However, large hospitals and healthcare groups have moderate bargaining power. Bargaining power of suppliers: A few major players dominates the supply market, giving them higher bargaining power over pricing and supply volumes. Threat of new substitutes: There are limitedsubstitute options for integrated patient care systems. However, the increasing adoption of cloud-based patient care management software poses a threat. Competitive rivalry: The market is highly competitive with the presence of multiple global and regional players. Companies compete based on clinical expertise, product innovation, and service quality.

SWOT Analysis
Strengths: Integrated systems provide holistic patient care management, improve care coordination, and increase operational efficiencies for healthcare providers. Weaknesses: Higher costs of integrated systems, reluctance among some providers to adopt new technologies, and interoperability issues with legacy systems. Opportunities: Growing geriatric population, rising chronic diseases, and demand for improved healthcare outcomes present ample opportunities. Threats: Data security concerns, equipment malfunctions, budget constraints in developing regions, and disruptions from alternative point solutions.

Key Takeaways
The global integrated patient care systems market is expected to witness high growth over the forecast period driven by surging healthcare costs, increasing incidence of chronic diseases, growing geriatric population, and rising need for care coordination and data interoperability.

Regionally, North America dominates the global market currently owing to presence of advanced healthcare infrastructure, favorable government policies, growing prevalence of chronic diseases, and swift technology adoption by healthcare providers in the region.

Key players operating in the integrated patient care systems market 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 companies are focused on enhancing their product portfolio through acquisitions and new product launches. For instance, in 2021, Grifols acquired a minority stake in Avadim Technologies to expand its digital health offerings. Similarly, Takeda acquired Octapharma’s plasma products and has strengthened its presence in the market.