According to a research report released by Transparency Market Research, the competitive rivalry in the global healthcare API market is set to increase over the coming years, as the newer players steadily grow in size. The global healthcare API market is expected to reach US$234.2 mn by the end of 2024. This market’s revenue is expected to expand at a CAGR of 4.2% within a forecast period from 2016 to 2024. The global healthcare API market had achieved a total revenue of US$162.4 mn at the end of 2015. In terms of services, the global healthcare API market was dominated by the appointments segment, which in 2015 had taken up a revenue generation of US$43.1 mn. It is expected to reach US$62.9 mn by the end of 2024 and is likely to be progressing at a leading CAGR in the above forecast period.
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eHealth Records Surge in Popularity as Healthcare API Gains Steam
Electronic health records have been a highly applauded concept in the healthcare industry, mostly due to the ease with which medical personnel can access, modify, and share patient data. The effective use of EHRs can help a hospital save a lot of time and storage space as compared to physical patient records. “The global healthcare API market has benefitted massively from the growth in demand for EHRs due to the ease with which the two digital systems can be integrated. API-integrated EHRs are also benefitting from the incentive schemes and initiatives taken up for the propagation of the HER systems across the world,” states a TMR analyst.
Another plus point in favor of the global healthcare API market is the growing preference of patient-centric healthcare services delivery. The newer value-based models being implemented in the healthcare industry focus on customer satisfaction, care quality, and improving the overall outcome, and the integration of healthcare API can be very beneficial to promote these functions.
Cloud-based Deployment Surges in Demand
The global healthcare API market has so far been dominated by on-premise deployment methods. They are much more secure than outsourcing API and also allow a faster and more flexible process. However, a lot of small and medium scale companies are finding the advantage of approaching cloud-based deployment. They are very cheap when compared to on-premise healthcare API and have been growing more secure over the years. A lot of clients have since been migrating from on-premise healthcare API to cloud-based systems. Larger entities are also preferring clouds due to the space they can save through its implementation.
Privacy Concerns Still High in Healthcare API
While the implementation of IT functionalities in healthcare have increase drastically in scope over the past few years, the digitization of data has risen concerns among users regarding the ease with which external entities might pilfer through it. Users are worried about others being able to access and modify data, which will be detrimental to a healthcare organization.
“A lot of institutions and organizations are currently providing immense opportunities to the players in the global healthcare API market in terms of financial aid. The shift in trends towards line-value-based models in the healthcare industry have resulted in greater patient satisfaction rates, which has gathered the interest of many investors,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Healthcare API Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”