Interoperability and data sharing will become increasingly pivotal and far-reaching for delivering effective healthcare as populations’ worldwide age and people live longer lives, thereby accelerating the healthcare interoperability solutions market growth.
The market for healthcare interoperability solutions is anticipated to grow at a 14.5% CAGR to reach US$ 16.2 billion in market value by the end of 2033, up from US$ 3.7 billion in 2022.
The expansion of the market was aided by government initiatives to enhance patient care and safety, the growing demand for healthcare cost containment, and government support for healthcare interoperability.
The adoption of cloud technology related to healthcare services is one of the emerging trends in the healthcare interoperability solutions market and a major driving force.
Electronic health record data is rapidly growing, making it difficult to store large amounts of data on local storage devices without risking losing vital information.
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The offline mode makes it difficult to share large amounts of data. As a result, healthcare interoperability software solutions are becoming essential and crucial. They enable easy sharing and storage of big data, which spikes the global healthcare interoperability solutions market size.
Furthermore, the government’s implementation of various healthcare reforms has increased the market’s demand for healthcare interoperability solutions.
On the flip side, raising concerns about the safety and security of patient data is putting a brake on the market. Due to the sheer rise in cyber-attacks worldwide, healthcare companies face a significant challenge in protecting patient information.
The pandemic has had a positive impact on the market for healthcare interoperability solutions, and this is expected to shape the healthcare interoperability solutions market future trends.
Pre-COVID, healthcare organizations faced challenges with interoperability and ineffective data management, which were exacerbated during the pandemic, and clinicians missed important COVID-19 information due to interoperability issues in healthcare, which resulted in inpatient treatment delays and clinicians’ inability to document patients’ status adequately.
Due to the rapid changes each day of the pandemic, data exchange was ineffective and challenging to coordinate. With new coronavirus variants causing new COVID-19 outbreaks worldwide, data sharing through interoperability becomes even more critical.
On account of the factors mentioned above, the healthcare interoperability solutions market is likely to garner a revenue of about US$ 5.5 Bn by 2026.
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- The services segment is expected to account for the largest share in terms of type in the healthcare interoperability solutions market. The recurring cost of services such as software upgrades/updates and maintenance accounts for a large portion of this segment.
- Based on end use, the healthcare providers segment is anticipated to have the highest CAGR in the healthcare interoperability solutions market during the forecast period. The same can be attributed to the rising need to contain rising healthcare costs, patient volume etc.
- Based on level, structural Interoperability possibly sums up the largest share in the healthcare interoperability solutions market due to the widespread adoption of eHealth system interoperabilitysuch as e-prescribing.
- Owing to an uptick in demand for data exchange, the on-premise segment is likely to hold the majority of healthcare interoperability solutions market share based on deployment.
- The diagnosis segment is expected to dominate the healthcare interoperability solutions market, given the growing need for adequate information flow for disease diagnosis, allowing healthcare professionals to assess patients’ conditions fully.
“The market for healthcare interoperability solutions is expected to dominate the North American region. Some of the major factors driving the adoption of healthcare interoperability solutions in this region are the growing demand for high-quality healthcare, the implementation of favourable initiatives, effective EHR implementation by healthcare organizations, and healthcare costs have nearly doubled in the last decade, particularly in the United States.
According to the Organization for Economic Co-operation and Development (OECD), public spending on healthcare and long-term care in OECD countries will rise from 6% of GDP in 2018 to nearly 9% by 2030 and 14% by 2060.” affirms an FMI analyst.
Competitive Landscape in Healthcare Interoperability Solutions Market: The leading companies in the healthcare interoperability solutions market include Koninklijke Philips NV, Interfaceware Inc., Orion Health Group Limited, Infor Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Nextgen Healthcare, Inc., OSP Labs, EPIC Systems Corporation, and Intersystems Corporation.
- Epic Systems is a well-known player in the healthcare interoperability solutions market with registration and scheduling tools, managed care administration and billing applications, and EHR interoperability solutions in healthcare. To promote interoperability, the company launched its novel One Virtual System Worldwide initiative and added new features to its Care Everywhere solution.
- WakeMed Health and Hospitals have invested in Fujifilm’s Synapse VNA and Synapse Accessibility Business viewer to improve health interoperability standardsand facilitate real-time coordination, according to FUJIFILM Medical Systems Inc., a significant supplier of clinical imaging and medical informatics software.
- Software Solutions
By Level of Interoperability:
- Foundational Interoperability
- Structural Interoperability
- Semantic Interoperability
By End User:
- Healthcare Providers
- Healthcare Payers
- North America
- Latin America
- Asia Pacific
- Middle East and Africa
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