Healthcare Interoperability Solutions Market worth $6.2 billion | MarketsandMarkets

CHICAGO, April 3, 2023 /PRNewswire/ -- The healthcare interoperability solutions industry is expected to grow significantly in the near future due to the increasing demand for healthcare data exchange and integration. The industry is driven by the growing focus on patient-centric care, increasing demand for cost-effective healthcare services, advances in technology, and the need for better analytics. The industry is expected to benefit from the development of standards-based technologies such as HL7 FHIR and IHE Profiles that enable healthcare organizations to easily share information. Additionally, healthcare organizations are increasingly turning to cloud-based solutions as a way to reduce costs and improve efficiency. Finally, the industry is expected to benefit from the adoption of blockchain technology, which can enable secure, end-to-end data exchange and integration of healthcare information.

Healthcare Interoperability Solutions Market in terms of revenue was estimated to be worth $3.4 billion in 2022 and is poised to reach $6.2 billion by 2027, growing at a CAGR of 12.9% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is driven by the increasing demand for efficient and cost-effictive healthcare delivery,  government initiatives towards improving the healthcare interoperability. However, the lack of true interoperability among electric systems, financial burden and technical difficulties in building and operations are some factors restraining the growth of the healthcare interoperability solutions market to a certain extent during the forecast period. The base year considered for the study is 2021, while the forecast period is 2022 to 2027.

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Healthcare Interoperability Solutions Market Scope:

By type, the services segment accounted for the largest share of the healthcare interoperability solutions market in 2021.

On the basis of type: the services segment accounted for the largest share. The large share of this segment can be attributed to the advantages offered by the services such as installation, equipment updates or traditional licensing management are not required in case of services.

The healthcare providers segment is expected to witness the highest growth rate in the healthcare interoperability solutions market, by end user, during the forecast period

Based on end user: the healthcare providers segment is expected to register the highest CAGR during the forecast period. The growing geriatric population leading to the increasing hospital admissions is contributing to the growth of this segment.

North America dominated the healthcare interoperability solutions market in 2021

North America accounted for the largest share of the healthcare interoperability solutions market in 2021, followed by Europe and Asia Pacific. The rising demand for value-based healthcare, the need to reduce the increasing healthcare costs, and the implementation of favorable government initiatives & regulations in the region are the key factors responsible for the large share of North America in the healthcare interoperability solutions market.

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Healthcare Interoperability Solutions Market Dynamics:

Drivers:

1. Increasing demand for efficient and cost-effective healthcare delivery
2. Government initiatives and regulations to enhance patient care and safety
3. Emergence of new medical technologies
4. Growing adoption of electronic health records

Restraints:

1. Lack of accurate interoperability solutions across healthcare supply chain
2. Lack of standards and protocols in IT businesses
3. Use of outdated legacy systems in hospitals and clinic chains

Opportunities:

1. Growing markets for healthcare interoperability solutions in developing countries
2. Advancements in software technology for real-time data exchange

Challenges:

1. Increasing complexity due to lack of consistent data
2. Shortage of skilled healthcare IT professionals
3. Patient data security and privacy concerns in healthcare industry

Key Market Players:

Some of the prominent players in this market are Cerner Corporation (US), Epic Systems Corporation (US), Infor, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US), Orion Health Group Limited (New Zealand), IBM Watson Health (US), Lyniate (US), Change Healthcare (US), NextGen Healthcare, Inc. (US), and Medical Information Technology, Inc. (US), iNTERFACEWARE (Canada), OSP Labs (US), ViSolve, Inc. (US), Jitterbit (US), Virtusa Corp. (US), and Summit Healthcare Services, Inc. (US).

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Recent Developments:

• In November 2022, Nextge Healthcare (US) acquired TSI Healthcare (US) to expand its presence in key specialties, including rheumatology, pulmonology, and cardiology.
• In October 2022, Lyniate (US) partnered with CyncHealth (US) to help healthcare providers and health networks, payers, and public health departments power more meaningful data exchange.
• In September 2022, Lyniate (US) partnered with BrightInsight (US) to improve Information Exchange for Regulated Digital Health Solutions Built on the BrightInsight Platform.
• In July 2022, Intersystem Corporation (US) partnered with Bedfordshire Hospitals NHS Foundation Trust to develop a new shared health and care record, which is being rolled out across Bedfordshire and Luton.

Healthcare Interoperability Solutions Market Advantages:

• Improved patient outcomes: By providing access to data and records across different healthcare systems, healthcare interoperability solutions can help to improve overall patient outcomes by allowing physicians to better assess patient health and make more informed decisions.
• Improved patient experience: By providing access to patient data across multiple healthcare systems, healthcare interoperability solutions can help to improve the overall patient experience. This can include better access to medical records, appointment scheduling, and access to care.
• Reduced costs: By enabling healthcare providers to access patient data across different systems, healthcare interoperability solutions can help to reduce costs associated with manual data entry and other inefficient processes.
• Improved data accuracy: By providing access to real-time data, healthcare interoperability solutions can help to improve data accuracy across multiple systems. This can help to reduce errors and improve overall patient care.
• Improved analytics: By providing access to healthcare data across multiple systems, healthcare interoperability solutions can help to improve analytics and data-driven decision making. This can help to improve population health management, disease management, and patient care.

Healthcare Interoperability Solutions Market - Report Highlights:

Updated Market Overview and Industry insights:

• The current edition of the report consists of regulatory analysis and the recession analysis on the market (in the industry insights chapter).

Updated Competitive Landscape Chapter:

• The competitive landscape chapter has been updated with product and regional benchmarking.

Updated Financial Information/Product Portfolios of Players:

The new edition of the report provides updated financial information until 2021 for each listed company in a single diagram (instead of multiple tables). This will easily help analyze the present status of profiled companies in terms of their financial strength, key revenue-generating regions/countries, business segment focus in terms of the highest revenue-generating segments, and R&D investments (as per data availability).

Updated Market Developments of Profiled Players:

Recent developments are important to understand the market trend and growth strategies adopted by players in the global healthcare interoperability solutions market space. The current edition of this report provides updated developments of profiled players from January 2019 to March 2023, indicating a continuation from the previous version. Product launches, expansions, acquisitions, agreements, partnerships, and collaborations have been the principal growth strategies adopted by market players within this period.

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North American Healthcare IT Market - Global Forecasts to 2027

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Healthcare IT Integration Market - Global Forecasts to 2026

Ambulatory Surgical Centers Market - Global Forecasts to 2025

Health Information Exchange Market - Global Forecasts to 2025

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