Global Healthcare Interoperability Solutions Market, By Type (Software Solutions, Services), Level of Interoperability (Foundational Interoperability, Structural Interoperability, Semantic Interoperability), Deployment (Cloud-based, On-premise) End User (Healthcare Providers, Healthcare Payers, Pharmacies) – Industry Trends and Forecast to 2029.
Market Analysis and Size
In recent years, healthcare interoperability has become one of the significant needs across health systems. These healthcare interoperability solutions can address strategy development, patient access API management, data curating and management, implementation and support, and consent management. Interoperability solutions do not just assist in compliance with industry requirements but also work towards digital transformation. Data Bridge Market Research analyses that the healthcare interoperability solutions market is expected to reach the value of USD 139.93 million by the year 2029, at a CAGR of 8.40% during the forecast period. “Healthcare providers” accounts for the largest end user segment in the healthcare interoperability solutions market owning to the presence of government mandates and rise in healthcare costs.
Interoperability in healthcare is the integration and use of electronic health data, along with timely and secure access to improve health outcomes for individuals and populations. At present, the health care industry is highly focused on enhancing the quality of health care facilities and operational efficiency, declining medical errors that occur while conducting various medical procedures, and minimizing the cost of operations. These solutions can exchange health information across two or more systems and further utilize the data once it is received. Lack of interoperability and integration among payers, pharmacies, clinicians, patients, and even legislators could weaken the unified Healthcare continuum.
Healthcare Interoperability Solutions Market Dynamics
- The rise in the adoption of electronic health records (EHR)
It is a challenge to store the bulk data generated by the electronic health records (EHR) on the local storage devices due to the risk associated with the loss of essential data. Hence, deploying these interoperability solutions in the healthcare sector becomes critical to enable easy sharing and storage of big data.
- The increase in the cost of operations and the decline in reimbursements for laboratory services
The surge in the cost of various medical procedures, along with the reduction in reimbursements for laboratory services, accelerate the demand for healthcare interoperability solutions across healthcare providers and healthcare payers.
- Regulatory Compliance
Maintaining compliance with medical reforms and regulations raises the demand for these solutions.
- Government investments for healthcare interoperability
The increase in the funding by the federal government to drive the adoption of these solutions further influence the market.
Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the healthcare interoperability solutions market.
- Advancements in software technology
Furthermore, advancements in software technology extend profitable opportunities to the market players in the forecast period of 2022 to 2029. Additionally, a high emphasis on streamlining imaging workflows will further expand the healthcare interoperability solutions market's growth rate in the future.
- Lack of accurate interoperability solutions
- Complexity with lack of consistent data
On the other hand, a lack of accurate interoperability solutions, an absence of standards, and outdated legacy systems are expected to obstruct market growth. Also, complexity with lack of consistent data and concerns regarding data privacy are projected to challenge the healthcare interoperability solutions market in the forecast period of 2022-2029.
This healthcare interoperability solutions market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare interoperability solutions market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Covid-19 Impact on Healthcare Interoperability Solutions Market
Dr. Petra Wilson, European Program Director of the UK's Personal Connected Health Alliance, states, "We are at a point now where we can really see some of the benefits that have arisen out of the crisis for digital health" in a HIMSS webinar held on November’2021. High need for healthcare interoperability solutions is emerging with the COVID crisis, as these systems can talk to each other across national and regional boundaries and have been acknowledged globally. One of the biggest challenges faced during the pandemic was ineffective data exchange. Data sharing through interoperability has become even more critical with the emergence of new variants of the coronavirus.
- Infor, the industry cloud company has launched a new interoperability solution for the healthcare sector, "FHIR Server", in July 2021. The new solution promises to help healthcare organizations leverage and analyze their data better. Infor FHIR Server is being considered as one of the most modern, advanced, and scalable FHIR servers commercially available in the current market.
- Epic Systems (US) partnered with Anthem, Inc. (US) in May 2021 to address potential gaps in care by harnessing Epic’s Payer Platform and easing administrative burdens.
- Koninklijke Philips N.V. (Netherlands) signed an agreement to acquire Capsule Technologies, Inc. (US) in In January 2021 to transform care delivery.
Global Healthcare Interoperability Solutions Market Scope and Market Size
The healthcare interoperability solutions market is segmented on the basis of type, level of interoperability, deployment and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
- Software Solutions
On the basis of type, the healthcare interoperability solutions market is segmented into Software Solutions and Services. Software Solutions are further segmented into EHR interoperability solutions, lab system interoperability solutions, imaging system interoperability solutions, healthcare information exchange interoperability solutions, enterprise interoperability solutions and other healthcare interoperability solutions.
Level of Interoperability
- Foundational Interoperability
- Structural Interoperability
- Semantic Interoperability
On the basis of level of interoperability, the healthcare interoperability solutions market is segmented into foundational interoperability, structural interoperability, and semantic interoperability. The semantic segment is projected to witness the highest growth during the forecast period in terms of revenue. Whereas, in the past, the structural part dominated the healthcare interoperability solutions market.
On the basis of deployment, the healthcare interoperability solutions market is segmented into cloud-based and on-premises. The cloud-based segment dominates the market and is expected to witness highest growth in the coming years.
- Healthcare Providers
- Healthcare Payers
On the basis of level of interoperability, the healthcare interoperability solutions market is segmented into healthcare providers, healthcare payers and pharmacies. Healthcare providers segment is further divided into hospitals and clinics, long-term care centers, diagnostics and imaging centers and other healthcare providers.
Healthcare Interoperability Solutions Market Regional Analysis/Insights
The healthcare interoperability solutions market is analysed and market size insights and trends are provided by country, type, level of interoperability, deployment and end user as referenced above.
The countries covered in the healthcare interoperability solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the healthcare interoperability solutions market because of the strong base of healthcare facilities and presence of major key players within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives for eHealth, rise in medical tourism, and growing demand for quality healthcare in the region.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure Growth Installed Base and New Technology Penetration
The healthcare interoperability solutions market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare interoperability solutions market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare interoperability solutions market. The data is available for historic period 2010-2020.
Competitive Landscape and Healthcare Interoperability Solutions Market Share Analysis
The healthcare interoperability solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare interoperability solutions market.
Some of the major players operating in the healthcare interoperability solutions market are Allscripts Healthcare, LLC, Cerner Corporation, Epic Systems Corporation, Infor, iNTERFACEWARE Inc., InterSystems Corporation, Jitterbit, NXGN Management, LLC, Koninklijke Philips N.V., ViSolve Inc., Orion Health group of companies, OSP Labs, AM HEALTHCARE TECHNOLOGY, Deevita LLC, GENERAL ELECTRIC COMPANY, and IBM among others.
Research Methodology : Global Healthcare Interoperability Solutions Market
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please request an analyst call or can drop down your enquiry.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.
Customization Available : Global Healthcare Interoperability Solutions Market
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