The global Healthcare API Market is anticipated to create stable growth opportunities over the forecast period by registering a CAGR of 3.6% from 2023 to 2033. The global market is expected to enjoy a valuation of US$ 222.6 Million by the end of the year 2023 to reach a valuation of US$ 316.2 Million by the year 2033. According to the historic analysis conducted by Future Market Insights, the global healthcare API Market expanded at a CAGR of 2.98% from 2017 to 2022. The market value was approximately 1.6% of the overall US$ 13.4 Billion. According to a recent study by Future Market Insights, cloud-based deployments are leading the market with an expected share of about 77.3% in the year 2023, within the global market.
The importance of premium data quality and availability within a transparent, patient-centered healthcare business is the major factor driving the global healthcare API market share. Furthermore, the amount of data gathered within the healthcare business has propelled dramatically over the last decade, revealed by the reports of Stanford Medicine 2017 Health Trends Report. Furthermore, rapid investments and increased initiatives by industry participants to establish a fully standardized API are driving the growth of the healthcare API market. Over the past few years, significant growth has been witnessed in the demand for telemedicine and digital health solutions, which has further, boosted the market growth.
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The global healthcare industry is one of the predecessors in the technology adoption segment. The global demand for healthcare APIs is anticipated to accelerate as it brings data closer to its stakeholders. This allows for faster decision-making combined with a progressive increase in life expectancy and population health. This is attributed to a variety of factors. Government policies such as “meaningful use,” widespread availability of electronic medical record (EMR) platforms, direct digitization of medical records from radiology devices including MRI, X-Ray, CT, etc.), and the widespread availability of personal health/fitness monitors.
Key Takeaways
- The progressive acceptance and increased demand for healthcare API solutions are projected to benefit the global market. Healthcare API solutions are recommended by physicians, patients, and players. Attributing to the convenience and flexibility it offers over scheduling doctor visits through the healthcare application programming interface, the appointments are the most popular healthcare API service.
- The influx of large and intricate healthcare datasets and the rising need for reduced healthcare costs are expected to bolster market growth. Better computing power and lower hardware costs are compelling reasons for the increase in the healthcare API Market.
- A rise in the number of collaborations and partnerships among several fields over the healthcare API market along with an increasing demand for better healthcare services because of a workforce-patient imbalance are all contributing factors to the market’s growth.
- The growth of the healthcare API market size is further propelled by ongoing upgrades and an increase in various initiatives by EHR vendors and healthcare IT companies. Although, the loss and management of sensitive patient data along with rising concerns about security breaches hamper the healthcare API market share.
- The stable surge in government attempts to shift from the traditional technique to technologically advanced healthcare frameworks and IT-enabled solutions is expected to open up lucrative opportunities for healthcare API market growth
- Enhanced treatment outcomes, growing demand for healthcare integration, raising patient satisfaction, and improvements in care quality are driving the healthcare API market growth.
- Several other driving factors incorporate the integration of new processes between providers and payers, apps that can access data from, wearables, EHRs, and associated services, and seamless transition of care.
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Competitive Landscape
The growing demand for healthcare APIs, as well as the heavy investments made by IT behemoths, are predicted to open significant doors for key players in the healthcare API market. Irrespective of the substantial zones covered by tech giants, APIs remain available for the creation of new applications that demonstrate restraint and improve the overall quality of treatment for patients.
Key Market Segments Covered in Healthcare API Industry Research
Deployment:
- Cloud-Based
- On-Premise Based
Services:
- Remote Patient Monitoring Services
- Appointment Services
- Electronic Health Record Access Services
- Wearable Medical Device Services
- Payment Services
End User:
- Healthcare Providers
- Healthcare Payers
- Vendors
- Patients
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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