Healthcare Interoperability Solutions Market Research, 2030
The healthcare interoperability solutions market size was valued at $5,320.0 million in 2020, and is expected to reach $21,544.6 million by 2030, registering a CAGR of 14.9% from 2021 to 2030. Interoperability in healthcare 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. As populations around the world age and people live longer, interoperability and data sharing are going to become increasingly critical for delivering effective healthcare. Interoperability is the ability of two or more systems to exchange health information and use the information once it is received.
The major factors driving the healthcare interoperability solutions market are adoption of cloud technology related to healthcare services. Electronic health record data is increasing rapidly, and therefore, it is difficult to store the bulk data on the local storage devices, as there is chance of losing essential data.
It is difficult to share the bulk amount of data via offline mode. Hence, adoption of healthcare interoperability solutions in the healthcare industry becomes necessary because it allows easy sharing and storage of big data, which in turn drives the healthcare interoperability solutions market around the world. In addition, implementation of various healthcare reforms by the governments has raised the demand for healthcare interoperability solutions in the market. For instance, on June 22, 2020, the U.S. House of Representatives introduced the Patient Protection and Affordable Care Enhancement Act (HR 1425). The bill was designed to strengthen and expand upon the Affordable Care Act (ACA), to curb healthcare expenditure. According to this act, healthcare organizations and physicians have to adopt healthcare interoperability solutions and services to make their operations easier, to improve clinical results and to reduce healthcare costs.
However, increase in concerns regarding the patient data safety & security acts as a restrain to the market. Safeguarding the patient information is a great challenge for healthcare companies, due to increase in cyber-attacks globally. According to the Insurance Information Institute organization, 47% Americans experienced financial identity theft in 2020 and there were 4.8 million identity theft and fraud reports received by the FTC in 2020. Such factors hamper the growth of the market.
The COVID-19 pandemic is an unprecedented global public health challenge and is anticipated to have a positive impact on the healthcare interoperability solutions market for R&D of vaccines and antiviral drugs. Technologies such as interoperability solutions are important in keeping healthcare records. The pandemic has amplified the need of interoperability solutions and services to become realities in the healthcare industry for accurate patient information, linked patient records, interoperability and cyber security continue to be at the forefront of healthcare concerns.
By Level
Structural segment holds the largest share in Healthcare Interoperability Solutions market
Furthermore, the Asia-Pacific region has a huge market potential for the healthcare interoperability solutions industry. India and China are two rapidly growing economies followed by South Korea, in the Asia-Pacific region. The governments in these countries are making several efforts to cater to the demand for better healthcare services and healthcare infrastructure owing to surge in economies. Hence, it is anticipated that the Asia-Pacific region is expected to create new opportunities during the forecast period.
The healthcare interoperability solutions market is segmented on the basis of level, deployment, end-user and region. By level, the market is segregated into foundational, structural and semantic. On the basis of deployment, the market is divided into cloud-based and on-premise. On the basis of end-user, the market is divided into healthcare providers and healthcare payers. Region wise, it is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, UK, Spain, and rest of Europe), Asia-Pacific (China, Japan, South Korea, India, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa).
By End-users
Healthcare providers segment holds dominant position in 2020
On the basis of level, in 2020, the structural segment dominated the healthcare interoperability solutions market, in terms of revenue, whereas the semantic segment is expected to witness growth at the highest CAGR during the forecast period. On the basis of deployment, in 2020, the cloud-based segment dominated the healthcare interoperability solutions market and is expected to witness growth at the highest CAGR during the forecast period. Depending on end-user, the healthcare providers segment led the market in 2020, in terms of revenue. Whereas, the healthcare payers segment is anticipated to exhibit the highest CAGR in the coming years. Region wise, North America garnered the highest revenue in 2020; however, LAMEA is anticipated to register highest CAGR during the forecast period.
Competition Analysis
The major players profiled in the healthcare interoperability solutions market include Allscripts Healthcare, LLC, Cerner Corporation, Epic Systems Corporation, Infor, InterSystems Corporation, Jitterbit, Koninklijke Philips N.V., NextGen Healthcare, Inc., Orion Health and ViSolve Inc. Major companies in the market have adopted product launch, business expansion and acquisition as their key developmental strategies to offer better products and services to customers in the healthcare interoperability solutions market.
By Region
North Americaholds a dominant position in 2020 and LAMEA is expected to grow at a highest rate during the forecast period.
Key Benefits For Stakeholders
The report provides an extensive analysis of the current trends, future estimations, and dynamics of the healthcare interoperability solutions market.
In-depth healthcare interoperability solutions market analysis is conducted by estimations for the key segments between 2021 and 2030.
- Extensive analysis of the healthcare interoperability solutions market is conducted by following key product positioning and monitoring of top competitors within the market framework.
- A comprehensive analysis of four major regions is provided to determine the prevailing opportunities.
- The healthcare interoperability solutions market forecast from 2021 to 2030 is included in the report.
- The key market players operating in the market are profiled in this report and their strategies are analyzed thoroughly, which help to understand the competitive outlook of the market industry.
Key Market Segments
By Level
Foundational
- Structural
- Semantic
By Deployment
Cloud-based
On-premise
By End-Users
Healthcare Providers
Healthcare Payers
By Region
North America
U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- South Korea
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
Allscripts Healthcare, LLC
Cerner Corporation
- Epic Systems Corporation
- Infor
- InterSystems Corporation
- Jitterbit
- Koninklijke Philips N.V.
- NextGen Healthcare, Inc.
- Orion Health
- ViSolve Inc.
Healthcare Interoperability Solutions Market Report Highlights
| Aspects | Details |
 By LEVEL |
|
 By DEPLOYMENT |
|
 By END-USER |
|
 By Region |
|
 Key Market Players | Epic Systems Corporation, Orion Health, NextGen Healthcare, Inc., ViSolve Inc., Allscripts Healthcare, LLC, Jitterbit, Infor, Koninklijke Philips N.V., InterSystems Corporation, Cerner Corporation |
Analyst Review
The healthcare interoperability solutions market was valued at $5.3 billion in 2020, and is expected to reach $21.5 billion by 2030, registering a CAGR of 14.9% from 2021 to 2030. The growth of the interoperability solutions market is majorly driven by adoption of cloud technology related to healthcare services. Moreover, implementation of various healthcare reforms and policies by the governments act as a key driving force of the healthcare interoperability solutions market.
However, chances of a cyber-attack on the servers of interoperability solutions can lead to loss of sensitive information and further lead to financial scams, which acts as a major restraint of the healthcare interoperability solutions market. On the contrary, rise in expenditure on healthcare facilities in developing nations such as China, Brazil and India, is expected to create opportunities for growth of the healthcare interoperability solutions market during the forecast period.
Major companies in the market have adopted strategies such as product launch, business expansion and acquisition, to offer better products and services to customers in the healthcare interoperability solutions market.
The healthcare interoperability solutions market was valued at $5,320.0 million in 2020, and is expected to reach $21,544.6 million by 2030, registering a CAGR of 14.9% from 2021 to 2030.
The forecast period considered for the global healthcare interoperability solutions market is 2021 to 2030, wherein, 2020 is the base year, 2021 is the estimated year, and 2030 is the forecast year.
To get latest version of global healthcare interoperability solutions market report can be obtained on demand from the website.
The base year considered in the global healthcare interoperability solutions market report is 2020.
The top companies holding the market share in the global healthcare interoperability solutions market report include Allscripts Healthcare, LLC, Cerner Corporation, Epic Systems Corporation, Infor, InterSystems Corporation, Jitterbit, Koninklijke Philips N.V., NextGen Healthcare, Inc., Orion Health and ViSolve Inc.
The top ten market players are selected based on two key attributes - competitive strength and market positioning
By level, the structural segment dominated the global healthcare interoperability solutions market, in terms of revenue and is expected to maintain this trend during the forecast period.
By end-Users, the healthcare providers segment is the highest share holder of global healthcare interoperability solutions market.
The report contains an exclusive company profile section, where leading 10 companies in the market are profiled. These profiles typically cover company overview, geographical presence, market dominance (in terms of revenue and volume sales), various strategies and recent developments.
The market value of the global healthcare interoperability solutions market is $6,197.8 million in 2021.
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