Healthcare Interoperability Solutions Market is forecast to reach a value of US$ 7,745.27 Mn by 2028 at a CAGR of 13.6% between 2022 and 2028 | Orion Health Group Limited, Virtusa Corporation, Jitterbit

Healthcare interoperability is the timely and secure access, integration, and use of electronic health data to improve individual and community health outcomes. It is the capacity of two or more systems to share and apply acquired health information. Healthcare enterprises all around the world may meet regulatory requirements and surpass customer expectations with the help of healthcare interoperability solutions and secure exchange. For smooth data transfer across various healthcare systems and the provision of individualised treatment for patients, healthcare interoperability is essential. The goal of the solution is to reduce healthcare expenses while streamlining treatment and promoting patient-centered care. It also enhances the delivery of healthcare by ensuring that the appropriate individuals have access to the correct data at the right time.

Market Statistics

By the end of 2022, the market for healthcare interoperability solutions is anticipated to be worth US$ 3,610.24 Mn.

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Drivers

The worldwide market for healthcare interoperability solutions is anticipated to develop at a faster rate than average during the forecast period due to government funding for healthcare interoperability and/or initiatives to improve patient care and safety. eHealth Exchange declared the beginning of the launch of its new Innovation Grant programme in March 2022. Grants and incentives of up to $ 550,000 will be given out by the initiative to encourage the development of fresh, creative ideas for enhancing the sharing of electronic health information or new technological connection solutions. Participants in the eHealth Exchange and any other candidates who meet the prerequisites may apply for the Grant.

Opportunities

The global market for healthcare interoperability solutions is predicted to provide considerable development prospects due to the rising usage of electronic health records and other healthcare IT systems. The industrial cloud firm Infor unveiled its FHIR Server in July 2021 as part of its ambition to assist healthcare companies in making better use of and analyses of their data. One of the most cutting-edge, contemporary, and scalable FHIR servers available is Infor FHIR Server, which was created using the most recent web technology. Organizations can go beyond the present limits of support for FHIR and API in their clinical and EHR systems.

Restraints

The market for healthcare interoperability solutions is anticipated to see growing challenges due to a dearth of trained healthcare IT workers and interoperability solutions. Lack of interoperability can impede the seamless flow of health data and lead to a partial knowledge of a person’s medical requirements, which can have a negative impact on results and raise expenses. Furthermore, the World Health Organization (WHO) predicts that there will be a shortage of about 15 million healthcare professionals by 2030, primarily in low- and lower-middle income nations.

Impact

The COVID-19 epidemic is not only hastening the digital revolution of healthcare, but it is also helping to satisfy the need for novel procedures and redesign workflows. The pandemic has significantly increased the usage of healthcare IT technologies like EHR. Additionally, to handle healthcare data, government and healthcare institutions are implementing healthcare interoperability solutions.

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In collaboration with Erasmus Medical Center, Jeroen Bosch Hospital, and the Netherlands Ministry of Health, Welfare, and Sport, Philips announced the opening of the national gateway for the digital sharing of COVID-19 patient data in the Netherlands in April 2020. (VWS).

Key Takeaways

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.

In terms of deployment, the cloud-based segment dominated the global market for healthcare interoperability solutions in 2021, holding a 71.5% share in terms of value. Increasing approval and the introduction of new products are anticipated to drive segment growth over the course of the forecast period.

Market Trends

The market for global healthcare interoperability solutions is anticipated to develop since there is an increasing demand to reduce healthcare expenses. The goal of interoperability is to lower healthcare costs while streamlining treatment and promoting patient-centered care. The demand for healthcare interoperability solutions is rising as they hold the key to solving some of the biggest difficulties facing the sector and promise to drastically lower healthcare costs.

The market for global healthcare interoperability solutions is anticipated to increase as cloud-based solutions are more used. The release of CareCloud Connector, a cutting-edge user interface and data management platform for healthcare businesses, was announced by CareCloud Inc. in December 2021. The system will offer pre-built connectors to quicken data management and deployment, as well as better visibility and interface control.

Competitive Landscape

Oracle Corporation, IBM, Koninklijke Philips NV, Orion Health Group Limited, , Allscripts Healthcare LLC, Virtusa Corporation, EPIC Systems Corporation, Jitterbit, NextGen Healthcare Inc., and  Infor Inc. are a few of the major companies active in the global healthcare interoperability solutions market.

Recent Developments

The Allscripts App Expo will replace the Application Store when it reopens in March 2022. More approved applications and gadgets will be included in its online app store and made available to its customers.

At the HIMSS22 Global Health Conference & Exhibition in March 2022, Royal Philips announced the introduction of analytics and interoperability technologies. It is a fully integrated health IT platform that can adapt to different workflow requirements throughout the imaging sector.

The interoperability solution FHIR server, which was introduced by Infor in July 2021, represents the company’s goal for assisting healthcare companies in better utilising and analysing their data.

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