Healthcare Interoperability Solutions Market To Be Valued at US$ 7,745.27 Mn in 2028
Healthcare interoperability refers to timely and secure access, integration and use of electronic health data so that it can be used to optimize health outcomes for individuals and populations. It is the ability of two or more systems to exchange health information and use the info once it is received. Healthcare interoperability solutions enable healthcare organizations worldwide to comply with regulations and exceed consumer expectations with secure exchange. Healthcare interoperability is crucial for seamless data transfer between different healthcare systems and personalized care delivery for patients. The solution is intended to streamline care and promote patient-centered care while also lowering healthcare costs, and improves the delivery of health care by making the right data available at the right time to the right people.
Market Statistics:
The global healthcare interoperability solutions market is estimated to account for US$ 3,610.24 Mn in terms of value by the end of 2022.
Drivers:
Government funding for healthcare interoperability and/or government initiatives to enhance patient care and safety is expected to boost the growth of the global healthcare interoperability solutions market during the forecast period. In March 2022, eHealth Exchange announced the launch of its new Innovation Grant program. The program will disburse as much as $ 550,000 in grants and incentives to help catalyze new and innovative ways to boost electronic health information exchange or build new technical connectivity tools. The Grant is open to eHealth Exchange participants and any eHealth Exchange-eligible applicants.
Opportunities:
Increase in adoption of electronic health records and other healthcare IT solutions is expected to provide significant growth opportunities for players in the global healthcare interoperability solutions market. In July 2021, Infor, the industry cloud company, announced its FHIR Server, the company's vision for helping healthcare organizations better leverage & analyze their data. Built on the latest web technologies, Infor FHIR Server is one of the most advanced, modern, and scalable FHIR servers available. Organizations can extend their EHR and clinical systems' FHIR and API capabilities beyond their current limited support.
Restraints:
Shortage of skilled healthcare IT professionals and lack of interoperability solutions is expected to hamper growth of the healthcare interoperability solutions market. Lack of interoperability can disturb the seamless health data exchange, and can result in an incomplete understanding of an individual’s health needs, which can lead to poorer outcomes and higher costs. Moreover, the World Health Organisation (WHO) estimates a projected shortfall of over 15 million health workers by 2030, mostly in low- and lower-middle income countries.
To know the latest trends and insights prevalent in the Global Healthcare Interoperability Solutions Market, click the link below:
Global Healthcare Interoperability Solutions Market - Impact of Coronavirus (Covid-19) Pandemic
The outbreak of COVID-19 is not only accelerating the digital transformation of healthcare, but is also meeting the need for innovative processes and helping to redesign workflows in the healthcare sector. Healthcare IT solutions like EHR have seen a significant increase in adoption rates during the pandemic. Furthermore, government and healthcare organizations are adopting healthcare interoperability solutions to manage healthcare data.
In April 2020, Philips announced the launch of the national portal for the digital exchange of COVID-19 patient data in the Netherlands in cooperation with Erasmus Medical Center, Jeroen Bosch Hospital, and the Netherlands Ministry of Health, Welfare and Sport (VWS).
Key Takeaways:
The global healthcare interoperability solutions market was valued at US$ 3,192.08 Mn in 2021 and is forecast to reach a value of US$ 7,745.27 Mn by 2028 at a CAGR of 13.6% between 2022 and 2028.
Among deployment, cloud based segment held dominant position in the global healthcare interoperability solutions market in 2021, accounting for 71.5% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Market Trends:
- Growing need to curtail healthcare costs is expected to drive growth of the global healthcare interoperability solutions market. Interoperability aims to streamline care and promote patient-centered care while reducing healthcare costs. Healthcare interoperability solutions are the key to overcoming some of the industry's toughest challenges and promise to significantly reduce healthcare costs, increasing demand for healthcare interoperability solutions.
- Increase in adoption of cloud-based solutions is expected to propel the growth of the global healthcare interoperability solutions market. In December 2021, CareCloud Inc. announced the launch of CareCloud Connector, a next-gen interface and data management tool for healthcare organizations. The solution will provide ready-to-use integrations to speed deployment and data management, and provides improved visibility and interface control.
Competitive Landscape:
Major players operating in the global healthcare interoperability solutions market include IBM, Orion Health Group Limited, Virtusa Corporation, Jitterbit, Infor Inc., NextGen Healthcare Inc., EPIC Systems Corporation, Allscripts Healthcare LLC, Koninklijke Philips NV, and Oracle Corporation (Cerner Corporation), among others.
Recent Developments:
In March 2022, Allscripts re-launched Application Store as the Allscripts App Expo. Its online application store to showcase more certified apps and devices available to its clients.
In March 2022, Royal Philips announced the launch of analytics and interoperability solutions at the HIMSS22 Global Health Conference & Exhibition. It is a fully integrated cloud-enabled Health IT platform to meet diverse workflow needs across the imaging enterprise.
In July 2021, Infor launched interoperability solution FHIR server, the company’s vision for helping healthcare organizations better leverage and analyse their data.
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