The global healthcare interoperability solutions market size is expected to reach USD 4.7 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 13.0% during the forecast period. Rising focus on patient-centric care, increasing need to curb high healthcare cost, and growing government initiatives to enhance patient safety & care are some major factors driving market growth. Rising healthcare IT penetration, especially in developing economies, is further expected to create significant growth opportunities for market players. However, rising complexity due to lack of reliable data & trained professionals and increasing data privacy & safety concerns are some key factors expected to impede growth.
Healthcare organizations are adopting Electronic Health Record (EHR) systems that support integration between different technologies/systems, increasing the need for interoperability solutions across all healthcare settings. Interoperability solutions help share and access complex data. These solutions allow sharing, exchange, and reuse of data across different devices and applications, which help reduce overall healthcare expenditure.
However, to make the best use of interoperability solutions and for their effective implementation, healthcare organizations need to work holistically at data sharing & implementing strategies, spanning the complete patient care continuum. Collaboration among players is expected to be one of the key factors responsible for driving the market.
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Further key findings from the study suggest:
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Services segment is held the largest healthcare interoperability solutions market share in 2018
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EHR interoperability held the maximum market share in 2018 owing to high adoption rate in hospitals
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According to the Healthcare Information and Management Systems Society (HIMSS), more than 60% of the hospitals have adopted EHR technology
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According to the West Health Institute (WHI), adoption of interoperability solutions could lead to significant reduction in healthcare spending in the U.S.
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Semantic segment in level is anticipated to witness fastest growth due to growing government efforts toward implementation and adoption of interoperability solutions across healthcare settings
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North America dominated the regional segment in 2018. This can be attributed to supportive government policies, favorable reimbursement schemes, rise in awareness about interoperability solutions, and increase in number of training programs for implementing these solutions across healthcare settings
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Asia Pacific is expected to grow with the highest CAGR of over 14.0% over the forecast period owing to well-established infrastructure and low healthcare cost in developing countries
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Some of the key players are Intersystems Corporation; Orion Health Group Limited; Infor, Inc.; Cerner Corporation; Interfaceware, Inc.; Allscripts Healthcare Solutions, Inc.; Nextgen Healthcare, Inc.; EPIC Systems Corporation; OSP Labs; Koninklijke Philips NV; Visolve, Inc.; and Jitterbit.
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Grand View Research has segmented the global healthcare interoperability solutions market on the basis of the type, deployment, level, application, end use, and region:
Healthcare Interoperability Solutions Type Outlook (Revenue, USD Million, 2014 – 2026)
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Solutions
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EHR Interoperability
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HIE Interoperability
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Enterprise Interoperability
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Others
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Services
Healthcare Interoperability Solutions Level Outlook (Revenue, USD Million, 2014 – 2026)
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Foundational
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Structural
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Semantic
Healthcare Interoperability Solutions Deployment Outlook (Revenue, USD Million, 2014 – 2026)
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Cloud Based
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On Premise
Healthcare Interoperability Solutions Application Outlook (Revenue, USD Million, 2014 – 2026)
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Diagnosis
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Treatment
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Others
Healthcare Interoperability Solutions End-use Outlook (Revenue, USD Million, 2014 – 2026)
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Hospitals
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Ambulatory Surgical Centers
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Others
Healthcare Interoperability Solutions Regional Outlook (Revenue, USD Million, 2014 – 2026)
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North America
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U.S.
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Canada
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Europe
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U.K.
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Germany
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France
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Italy
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Spain
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Russia
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Asia Pacific
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Japan
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China
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Australia
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India
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Singapore
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Latin America
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Mexico
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Brazil
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MEA
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South Africa
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Saudi Arabia
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UAE
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
For more information: www.grandviewresearch.com
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