The global healthcare interoperability solutions market is on a rapid growth trajectory, with projections indicating an impressive expansion at a 14.5% compound annual growth rate (CAGR), reaching a market valuation of USD 16.2 billion by the end of 2033. This growth marks a significant increase from the USD 3.7 billion recorded in 2022.
Key factors driving this surge include government initiatives aimed at enhancing patient care and safety, a heightened focus on reducing healthcare costs, and increased government funding for interoperability solutions. These factors collectively contribute to the market’s expansion and its pivotal role in advancing healthcare systems.
Healthcare interoperability solutions are instrumental in evaluating the effectiveness of pharmaceuticals and the ability of healthcare systems to deliver these treatments to patients. This information is crucial for supporting public health initiatives and ensuring effective healthcare delivery. As a result, the market is expected to sustain its growth momentum in the coming years.
The rising healthcare expenses in developed economies underscore the need for effective interoperability solutions. The Organization for Economic Co-operation and Development (OECD) reports that public spending on healthcare and long-term care in developed nations accounted for approximately 6% of GDP in 2018, with projections indicating an increase to 9% by 2030 and 14% by 2060.
Future Market Insights’ latest survey highlights the immense growth potential of the global healthcare interoperability solutions market, driven by the increasing demand for comprehensive healthcare solutions. As the industry evolves, the adoption of interoperability solutions will be crucial in meeting the growing healthcare needs and improving overall system efficiency.
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.
Explore Comprehensive Findings: Find the Full Report on the Healthcare Interoperability Solutions Market
Competitive Landscape:
The influx of new participants is expected to grow due to untapped opportunities, increasing competition in the healthcare interoperability solutions market.
- In January 2022, Koninklijke Philips acquired Capsule Technologies, Inc. to transform healthcare delivery through integrated solutions.
- In May 2021, Epic Systems and Anthem, Inc. teamed up to integrate Epic Systems’ Payer Platform into Anthem’s Health OS, aiming to reduce administrative burdens and bridge care gaps.
Recent developments in the healthcare interoperability solutions market have been closely monitored by the team at Future Market Insights, with detailed insights available in the full report.
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.
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
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