The healthcare interoperability solutions market is expected to grow at a 14.5% compound annual growth rate (CAGR) and reach US$ 16.2 billion in market valuation by the end of 2033, up from US$ 3.7 billion in 2022.
The government is working hard to improve patient care and safety. The growing need to reduce healthcare costs and government funding for healthcare interoperability all aided market growth. Healthcare interoperability solutions aid in the comprehension of the efficacy of information that supports public health. Furthermore, as the demand for high-quality healthcare grows, the government is encouraging information interoperability through programmes and campaigns. The government and public organisations’ efforts are expected to help the market.
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According to the latest healthcare interoperability solutions market survey report by Future Market Insights, the global market has huge growth potential since the demand for healthcare is rising. It has been observed that specifically in developed economies, healthcare expenses have risen over the past few years. The Organization for Economic Co-operation and Development (OECD) estimates that in developed countries, public spending on healthcare and long-term care accounted for around 6% of GDP in 2018 and is projected to increase to 9% by 2030 and 14% by 2060. As the world’s population ages and life expectancy increased, interoperability and data sharing will be more essential to providing better healthcare and have a major influence. This will allow the market to augment quicker. One of the latest trends and key drivers in the market for healthcare interoperability solutions is the use of cloud technology for healthcare services.
Key Takeaways:
- Digital advancements in the global healthcare interoperability solutions market offer video conferencing, interoperability software, and phonic conversations, propelling this market to a high growth stage. Healthcare interoperability technologies are expected to decrease the cost of delayed diagnosis and therapy by enabling real-time data access. The future of healthcare depends on sharing data throughout the value stream and integrating all medical devices.
- At present, healthcare is focused on a curative care approach but data-driven technologies can change this into an exclusively preventive care paradigm, which will create a lucrative potential for the market.
- The global market for healthcare interoperability solutions is predicted to develop over the assessment timeframe. With more IT systems installed around the globe are elevating the overall healthcare sector.
- To digitize health data and processes, hospitals and healthcare organizations around the world are using healthcare IT solutions like EHR systems. The amount of data in electronic health records is propelling, making it challenging to store significant amounts of data securely without facing the risk of losing crucial data.
- The amount of healthcare data within growing economies is further spreading to surge populations. Government attempts to install interoperable solutions, an increase in government spending on healthcare systems, and the growing acceptance of automation technology all together indicate to a significant growth opportunity for market players across these countries.
Competitive Landscape
The number of new participants is anticipated to expand as a result of untapped opportunities, leading to more competition in the market for healthcare interoperability solutions.
Key players:
- Allscripts Healthcare Solutions
- Epic Systems Corporation
- Cerner Corporation, Inc.
- Infor, Inc.
- Koninklijke Philips NV
- Orion Health Group Limited,
- Quality Systems, Inc.
- OSP Labs,
- ViSolve, Inc.
- InterSystems Corporation
- iNTERFACEWARE
More Insights into Healthcare Interoperability Solutions Market
The North American region is anticipated to dominate the global healthcare interoperability solutions market. The United States is predicted to account for around 35.3% of the global market in 2023.
Surging demand for effective healthcare services, the need to reduce healthcare costs, and successful EHR implementation by healthcare organizations are the main drivers influencing the adoption of interoperability solutions in the USA.
Germany is predicted to account for 4.9% of the global market share in 2023. The growth in the region is attributed to the better-built healthcare infrastructure for the incorporation of clinical data from patient care and information technology with medical research in Germany.
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Key Segments Covered in Healthcare Interoperability Solutions Market Industry Research
By Type:
- Solutions
- EHR Interoperability
- HIE Interoperability
- Others
- Services
By Level of Interoperability:
- Foundational Interoperability
- Structural Interoperability
- Semantic Interoperability
By Deployment:
- Cloud Based
- On premise
By End User:
- Healthcare Providers
- Healthcare Payers
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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