The market for healthcare interoperability solutions was valued at US$ 3,192.08 million in 2021 and is anticipated to grow at a CAGR of 13.6% from 2022 to 2028 to reach US$ 7,745.27 million. The market for healthcare interoperability solutions is expanding rapidly due to a number of key factors, including an increase in the adoption of interoperability solutions by healthcare authorities, favourable government initiatives to improve patient care, investments to improve healthcare facilities, and a greater emphasis on patient-centric care. However, issues including a lack of interoperability solutions and a paucity of knowledgeable healthcare IT specialists are anticipated to restrain market expansion.
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The market for global healthcare interoperability solutions is divided into five regions based on geography: North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.
Due to the region’s effective EHR (Electronic Health Record) deployment by healthcare organisations, North America is anticipated to earn the largest market share throughout the projection period. EHRs are real-time, patient-centered records, for instance, that make information available to authorised users promptly and securely (healthcare organizations). Over 90% of healthcare providers nationwide now use electronic health records (EHR), thanks to money provided by the U.S. government to hospitals for the installation of these systems.
As a result of rising government spending on healthcare facilities, Asia Pacific is also anticipated to experience rapid expansion in the worldwide market for healthcare interoperability solutions. For instance, the federal and state governments’ (the Government of India’s) projected spending on the health sector in the pandemic year reached 2.1% of GDP in 2021–22, up from 1.3% in the prior fiscal. The COVID-19 pandemic led to a major budgetary rise for the healthcare industry in India, which drove up health spending.
The worldwide market for healthcare interoperability solutions is anticipated to develop over the course of the forecast period as more healthcare IT systems are implemented throughout the globe. For instance, to digitise their health data & procedures, hospitals & healthcare organisations throughout the world are using healthcare IT solutions like EHR systems. With the intention of streamlining the time-consuming and laborious search for employee welfare and healthcare programmes, SANA Health Solutions announced the debut of its digital healthcare company in June 2022. SANA Health Solutions has worked with 15 healthcare organisations to provide a great client experience.
Over the course of the forecast period, funding for healthcare interoperability from both government and non-government organisations is anticipated to fuel market expansion. For instance, the ONC provided US$ 2.7 million in financing for interoperability innovation projects in September 2020. With the help of this financing, the LEAP in Health IT grantees MedStar Health Research Institute, Chesapeake Regional Information System, and others will begin new initiatives centred on the use of FHIR (Fast Healthcare Interoperability Resources) and other exchange standards in a range of use cases.
For industry participants in the worldwide healthcare interoperability solutions market, increased usage of healthcare interoperability solutions is anticipated to present substantial potential prospects. For instance, Embratel announced the release of a healthcare interoperability solution in April 2022 that is appropriate for public/private institutions looking to address the challenges of clinical connectivity, information integration, and sharing of medical records for a comprehensive view of healthcare. The new technology makes information management safer, enabling the integration of various systems and data, and makes access to medical history easier.
Players in the global healthcare interoperability solutions market may anticipate to benefit from attractive growth possibilities due to favourable government initiatives and/or assistance to enhance patient care. For example, according to the Centers for Disease Control and Prevention (CDC), the United States Core Data for Interoperability initiative is an ONC-led effort to provide the common core of standardised data to support treatment, payment, healthcare operations, patient requests, post-market surveillance, research, public health, and other authorised uses.
The market for global healthcare interoperability solutions is anticipated to increase as cloud-based interoperability solutions become more widely adopted. For instance, Google Cloud introduced a new solution in July 2021 with the goal of enabling interoperability in the healthcare industry. In a secure cloud environment that supports analytics and AI, Healthcare Data Engine is an end-to-end solution that gathers data from many sources and gives physicians, planners, and researchers access to a real-time and complete picture of the patient’s record.
The market for international healthcare interoperability solutions is anticipated to expand as consumer awareness of rising healthcare expenditures rises. The goal of interoperability is to reduce healthcare expenses while streamlining treatment and promoting patient-centered care. Additionally, healthcare interoperability solutions hold the key to overcoming some of the sector’s most difficult problems and promise to sharply lower healthcare costs.
The global market for interoperability solutions in healthcare is anticipated to expand slowly due to a lack of interoperability solutions. It has always been difficult to securely access and exchange health data. Interoperability issues might impede the smooth interchange of health data. Lack of interoperability can result in a poor knowledge of a person’s medical needs, which can have a negative impact on results and cost.
The market for healthcare interoperability solutions is anticipated to see growing challenges due to a lack of qualified healthcare IT workers. The biggest area of worry in the healthcare business, according to the Healthcare Information and Management Systems Society (HIMSS), 2020, is the lack of trained healthcare IT experts. Furthermore, the WHO predicts a 15 million-person shortage in the health workforce by 2030, primarily in low- and lower-middle income nations.
The deployment, level, type, end-user, and geographic segments are included in the study on the worldwide market for healthcare interoperability solutions.
The worldwide market for healthcare interoperability solutions is divided into cloud-based and on-premise segments depending on deployment. Because more healthcare interoperability solutions are being used, both Segments are anticipated to dominate the market throughout the course of the projection period (both cloud-based and on-premise). The implementation of electronic health records is being extensively promoted by several governments and medical organisations worldwide.
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The market is divided into Foundational, Structural, and Semantic segments based on Level. Out of which, the Structural Segment is anticipated to rule the market throughout the foreseeable future. This is due to the widespread usage of technology, such as e-prescribing, in which prescribers utilise the same data.
Due to the growing use of electronic health records and other healthcare IT systems, the semantic segment is also anticipated to experience rapid expansion in the near future. The electronic interchange of patient data among different authorised parties and caregivers is supported by semantic interoperability solutions.
The market for healthcare interoperability solutions is divided into Solutions and Services based on Type. Out of these, the services segment is anticipated to lead the market over the course of the forecast period. This development is due to growing worries about rising healthcare expenses or a move toward cloud-based platforms and cloud computing to save operating costs.
The demand for better access to patient health information to boost patient happiness and improve treatment quality is projected to drive considerable growth in the solutions segment in the near future.
Healthcare Providers, Healthcare Payers, and Pharmacies are the three end-user segments of the global market for healthcare interoperability solutions. Out of these, the Hospitals Segment is anticipated to dominate the market throughout the course of the forecast period as a result of favourable government initiatives or policies that would enhance patient care.
Through more than 14,000 physicians who use NextGen Healthcare technologies, NextGen Healthcare and Circuit Clinical joined up in May 2022 to enable patients of Federally Qualified Health Centers (FQHCs) with access to clinical trials.
Royal Philips and Prisma Health joined forces in April 2022 to support the health system in achieving enterprise interoperability, standardising patient monitoring, and fostering innovation in enterprise imaging solutions to improve clinical outcomes and patient care.
Sunrise in the cloud will enhance patient experience while increasing organisational effectiveness, solution interoperability, and clinician usability.
Key Companies Insights
The market for healthcare interoperability solutions is very crowded. This is due to the growing use of healthcare IT solutions and healthcare interoperability, and as a result, market participants are concentrating on introducing new products.
Among others are Oracle Corporation, Orion Health Group Limited, IBM, Virtusa Corporation, Koninklijke Philips NV, Jitterbit, Allscripts Healthcare LLC, Infor Inc., EPIC Systems Corporation, and NextGen Healthcare Inc.
Reasons to buy this Healthcare Interoperability Solutions Market Report
☑ It attempts an analysis of the competing scenario.
☑ The current and exceptional product revenue market.
☑ An in-depth data on the regional investigation and competitive landscape structure.
☑ It benefits in creating an awareness of the important key product segments.
☑ The marketing strategies, opportunities, and development factors are explained.
☑ Healthcare Interoperability Solutions market size estimation and recent advancements in the industry are explained.
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The Study Objectives are:
✔ A comprehensive insight into key players operating in the Healthcare Interoperability Solutions Market and their corresponding data.
✔ It includes product portfolio, annual revenue, expenditure on research and development, geographical presence, key developments in recent years, and growth strategies.
✔ Regional analysis, which includes insight into the dominant market and corresponding market share.
✔ It also includes various socio-economic factors affecting the evolution of the market in the region.
✔ The report offers a comprehensive insight into different individuals from value chains such as raw materials suppliers, distributors, and stockholders.
Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Healthcare Interoperability Solutions Market Size Analysis from 2022 to 2028
11.6 COVID-19 Outbreak: Healthcare Interoperability Solutions Industry Impact
Chapter 2 Global Healthcare Interoperability Solutions Competition by Types, Applications, and Top Regions and Countries
2.1 Global Healthcare Interoperability Solutions (Volume and Value) by Type
2.3 Global Healthcare Interoperability Solutions (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Healthcare Interoperability Solutions Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Healthcare Interoperability Solutions Market Analysis
Chapter 6 East Asia Healthcare Interoperability Solutions Market Analysis
Chapter 7 Europe Healthcare Interoperability Solutions Market Analysis
Chapter 8 South Asia Healthcare Interoperability Solutions Market Analysis
Chapter 9 Southeast Asia Healthcare Interoperability Solutions Market Analysis
Chapter 10 Middle East Healthcare Interoperability Solutions Market Analysis
Chapter 11 Africa Healthcare Interoperability Solutions Market Analysis
Chapter 12 Oceania Healthcare Interoperability Solutions Market Analysis
Chapter 13 South America Healthcare Interoperability Solutions Market Analysis
Chapter 14 Company Profiles and Key Figures in Healthcare Interoperability Solutions Business
Chapter 15 Global Healthcare Interoperability Solutions Market Forecast (2022-2028)
Chapter 16 Conclusions
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