The global healthcare interoperability solutions market was valued at about USD 1.8 billion in 2017 and is expected to cross USD 6 billion in 2026.
This report on the healthcare interoperability solutions market sheds light on all the essential factors such as the size, share, demand, growth, gross profits, earnings, and revenue to evaluate the rise of the industry in the future. It assesses the data gathered from the past years 2016 and 2017 to give an extensive view of the trends and predicts the possible rise of the industry during the years 2019 to 2026 while considering 2018 as the base year.
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Healthcare interoperability solutions provide advantages to the companies and administration in the healthcare sector with the ability to share and manage information among the devices and information systems throughout the healthcare sector despite the organizational boundaries in order to facilitate the better delivery of care to the patients. The ongoing technological advancements and digitization have spread onto various industries; healthcare is no exception. Healthcare is going through a massive growth as technology is being used to engage patients, consumers, and caregiver along with providing real-time data and analytics, which helps in providing better support care. This has led to the growth of the healthcare interoperability solutions market.
Currently, a patient’s health records are recorded in multiple formats, including free text, papers, electronic health care records, payer application, and various hospital information system. This has led to an increase in unstructured data which, when combined correctly, could help in the betterment of the health care facilities and operational efficiency, reduce the cost of procedures and decrease medical errors. The growing need to organize data is the major driving factor of the healthcare interoperability solutions market. The rising investments in the healthcare sector, government initiatives towards patient care, and a growing focus towards patient-centric care delivery are the other factors contributing towards the growth.
The lack of healthcare interoperability solutions among the pharmacies, healthcare payers, healthcare providers, and stakeholders has weakened the growth of the healthcare sector. The lack of trained healthcare IT professionals, increasing complexity, along with the prevalence of inconsistent data and data privacy concerns are some of the major restraints on the growth of the market.
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Some key findings from our Healthcare Interoperability Solutions market forecast report
The industry has been categorized into different segments based on the Interoperability levels as Structural Interoperability, Semantic Interoperability, and Foundational Interoperability, based on the Software as Integrated and Standalone, based on type as Services and Software Solutions, and based on end-user as Pharmacies, Healthcare Payers, Healthcare Providers, to assess their size, share, demand, trends, gross profit, total earnings, revenue and speculate their further aspects.
According to 2017 eHealth Initiative Survey which gathered responses from various respondents including, IT leaders, clinical staff, administrative leaders from hospitals, medical groups, physician practices, and healthcare organizations among others, it was found that about 68% of the healthcare providers concluded that the current interoperability solutions fail to meet the required goals. Thus, there exists a lot of opportunities for investment.
Apart from the healthcare companies, major tech giants are slowly grabbing onto the underlying opportunities and are expected to play a vital role in the coming years. Recently, in August 2018, Google, Amazon, IBM, Microsoft, Oracle, and Salesforce pledged together to remove the barriers of interoperability in healthcare at CMS’ Blue Button 2.0 Developer Conference in Washington D.C. The companies proposed to build technologies that abide by Fast Healthcare Interoperability Resources and the Argonaut Project. The companies are focused on creating solutions enabled through the use of Cloud services and AI.
Global Healthcare Interoperability Solutions market overview:
The global market for healthcare interoperability solutions is expected to be dominated by North America during the forecast period. The need to reduce the escalating healthcare expenses, rising demand of better healthcare delivery and favorable initiatives & regulations laid out by the healthcare organizations is contributing to the high growth rate of healthcare interoperability solutions in this region. This study also profiles the key players that account for a significant share in the global economy of the healthcare interoperability solutions market. The key players profiled here include Cerner Corporation, Infor Inc., Allscripts Healthcare Solutions Inc., Koninklijke Philips N.V., InterSystems Corporation, Orion Health Group, iNTERFACEWARE Inc., OSP Labs, Epic Systems Corporation, ViSolve Inc., and Jitterbit Inc. The competitive data given helps in providing better insights into the individual standing of the companies against the global landscape. The forecast also provides the estimated trends in demand and their impact on the businesses.
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Key players in the global Healthcare Interoperability Solutions market:
Cerner Corporation
Infor Inc.
Allscripts Healthcare Solutions Inc.
Koninklijke Philips N.V.
InterSystems Corporation
Orion Health Group
iNTERFACEWARE Inc.
OSP Labs
Epic Systems Corporation
ViSolve Inc.
Jitterbit Inc.
Market segment based on Interoperability Levels:
Structural Interoperability
Semantic Interoperability
Foundational Interoperability
Market segment based on Software:
Integrated
Standalone
Market segment based on Type:
Services
Software Solutions
Market segment based on End-User:
Pharmacies
Healthcare Payers
Healthcare Providers
Market segment based on Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
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