Healthcare Data Interoperability Healthcare Data Interoperability Market

Global Healthcare Data Interoperability Market: Overview

Data interoperability in the healthcare sector is the ability of myriad information systems, equipment, and application to link with each other in a coordinated way within organizational boundaries for accessing and exchanging data among the participants. Healthcare data interoperability helps in improving the health of the population as well as the individual. Interoperability solutions are used in various healthcare facilities such as hospitals. For example, e-prescribing interoperability solution enable providers of ambulatory healthcare services to electronically send prescriptions to drug stores.

The global healthcare interoperability solutions market was valued at USD 2.5 billion in 2019, and is expected to reach USD 4.9 billion by 2026, at a CAGR of 11.2% due to the increasing need of reducing healthcare costs, government initiatives for enhancing patient care and safety, etc.

Global Healthcare Data Interoperability Market: Growth Factors

Increasing need to deliver patient specialized healthcare services along with the need for making healthcare facilities cost-effective will drive the healthcare data interoperability market expansion. Apart from this, massive acceptance of electronic health record software in both emerging economies, as well as developed countries, will favorably impact the industry size. Additionally, system interoperability and data exchange are predicted to play a pivotal role in augmenting the healthcare outcomes. Moreover, it helps in providing secured and high-quality healthcare facilities to the patient along with succoring payment reforms, transparency in dealings, and enhances the individual’s ability to effectively manage their health. Nonetheless, low level of awareness pertaining to healthcare data interoperability software in the third world economies, lack of technically skilled staffs will obstruct the market surge over the years ahead. The Covid-19 has impacted the healthcare sector positively by shifting the focus of people towards the importance of healthcare. Government’s initiative to provide effective treatment to patients suffering with the infection has proved to be a recreation of medical priorities across healthcare institutions. This will result in the growth of the healthcare data interoperability market in the next coming years.

Global Healthcare Data Interoperability Market: Segmentation

The global healthcare data interoperability market is segmented into Type, Level, Deployment, Application, Model, End-Users. Based on the Type, the global healthcare data interoperability market is bifurcated into solutions and services. In 2018, the services segment accounted for maximum market share due to the shift in trend towards cloud computing & cloud-based platform for faster performance. On the basis of Level, the global healthcare data interoperability market is divided into foundational, semantic, and structural levels. In 2018, the structural segment dominated the market due to high adoption rate of technology. Deployment wise, the global healthcare data interoperability market is segmented into cloud-based and on premise. On premise segment contributed maximum towards the growth of the market due to rising demand for data exchange. In terms of Application, the global healthcare data interoperability market is categorized into diagnosis, treatments and others. The diagnosis segment ruled the market of healthcare data interoperability due to rising need for effective information flow for diagnosis of diseases. By Model, the global healthcare data interoperability market is segmented into centralized, hybrid, and decentralized. Centralized segment generated the maximum revenue due to high efficiency and reliability. By End-users, the global healthcare data interoperability market is divided into ambulatory surgical centers and hospitals. Hospitals held the maximum share due to maximum support from government.

Global Healthcare Data Interoperability Market: Regional Analysis

Based on regions, the global healthcare data interoperability market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America dominated the market share in 2018 due to increase in demand for efficient healthcare services, increase in the need to reduce healthcare expenditure, and effective EHR implementation by healthcare organizations are some major factors driving the adoption of interoperability solutions in this region.

Asia Pacific is likely to witness higher growth during the forecast period due to the growing medical tourism, rising demand for quality healthcare, and increasing government expenditure on healthcare facilities.

Global Healthcare Data Interoperability Market: Competitive Players

The key players operating in the global healthcare interoperability solutions market are Cerner Corporation, Infor, Inc., Allscripts Healthcare Solutions, Inc., Koninklijke Philips NV, InterSystems Corporation, Orion Health Group Limited, iNTERFACEWARE, Quality Systems, Inc., OSP Labs, Epic Systems Corporation, ViSolve, Inc., and Jitterbit, Medicity, Experian Health, Edifecs Inc. The companies are adopting strategies such as product launch, adoption of technologies, etc. to remain ahead of competitors in the market.

Global Healthcare Data Interoperability Market: Regional Segment Analysis

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa