According to the report, global demand for healthcare interoperability solutions was valued at approximately USD 1.94 billion in 2018, and is expected to generate revenue of around USD 4.94 billion by end of 2025, growing at a CAGR of around 14.3% between 2019 and 2025.
Healthcare Interoperability Solutions Market
The report covers forecasts and analyses for the healthcare interoperability solutions market on a global and regional level. The study provides historic data from 2016 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the healthcare interoperability solutions market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the healthcare interoperability solutions market on a global as well as regional level.
In order to give the users of this report a comprehensive view of the healthcare interoperability solutions market, we have included a competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all segments are benchmarked based on their market size, growth rate, and general attractiveness.
The report provides a company market share analysis in order to give a broader overview of the key players in the healthcare interoperability solutions market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the healthcare interoperability solutions market on a global and regional basis.
The study provides a crucial view of healthcare interoperability solutions by segmenting the market based on interoperability level, solution type, end-user, and region. All the segments of the healthcare interoperability solutions market have been analyzed based on present and future trends and the market is estimated from 2018 to 2025.
Healthcare is a multitude of various components such as research organizations, patients, hospitals, and insurance companies. These components need quick access to information and gather them from different sources such as hospitals, research centers, and other end users. It helps in decision-making, providing advanced insights using technology, and providing the best health care. Healthcare uses IT as a driving force for success and continued agility. A single platform is used to access workflow and clinical data. It consists of a number of distributed and heterogeneous proprietary models for recording and representing patients’ data. Such interoperability solutions provide a deeper understanding of information on different devices and across organizational boundaries.
Health care authorities are focusing largely on healthcare interoperability solutions resulting in the growth of the market. Other factors such as high investments in health care, increasing government funding and programs and the rising emphasis placed on patient-centric care has extensively influenced the growth of the health interoperability solutions market. However, data privacy issues, shortage of trained health care IT workers, and complex and inconsistent data hamper the growth of this market.
Based on the solution type, the global healthcare interoperability solutions market is bifurcated into services and software. The software segment accounted for the largest market share in 2018 whereas the services segment is expected to grow at the highest CAGR over the forecast period. The software segment is further categorized into lab system interoperability solutions, enterprise solutions, imaging system solutions, electronic health records solutions, health care information exchange solutions, and other interoperability solutions. Other interoperability solutions include practice management software, medical billing solutions, system document management, etc. Among the software segment, EHR/EMR solution segment accounted for the largest market share in 2018 owing to the increased installation rate of EHR systems and the growing necessity to make them interoperable.
Foundational, structural and semantic constitute the interoperability levels segment of the global healthcare interoperability solutions market. Semantic solutions are expected to grow at the highest CAGR over the forecast period whereas foundational solutions dominated the market in 2018 due to the requirement for accurate and safe data interchange across different systems.
The end-user segment is divided into including long term care centers, diagnostic and imaging centers, pharmacies, hospitals and clinics, and others. The hospitals and clinics segment dominated the market in 2018 owing to growing patient volume and the need for error reduction in data management along with data privacy.
The current and estimated demand for regions such as Middle East & Africa, North America, Asia Pacific, Latin America, and Europe is covered for healthcare interoperability solutions market with further split into major countries such as U.S., France, UK, China, Germany, Japan, Brazil, India among others is included in the report.
Major players included in the report are Infor, Inc., Cerner Corporation, Koninklijke Philips NV, Allscripts Healthcare Solutions, Inc., OSP Labs, Orion Health Group Limited, Epic Systems Corporation, InterSystems Corporation, Quality Systems, Inc., and ViSolve, Inc.
The report segment the global healthcare interoperability solutions market as follows: