Healthcare Interoperability Solutions Market Expected to Reach $21.5 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Healthcare Interoperability Solutions by Level, Deployment and End-user: Global Opportunity Analysis and Industry Forecast, 2021–2030,” the healthcare interoperability solutions market size 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. Data-driven interoperability solutions help payers and providers improve care quality, deliver better health outcomes, and reduce waste. Though service industries have been affected by interoperability, the healthcare industry is the most visible in terms of technology expansion and garners the most attention. This is primarily because health IT systems affect the public. Therefore, interoperability in healthcare is under widespread scrutiny, which is beneficial to healthcare providers and healthcare payers. Healthcare organizations are all the more inclined to understand and improve interoperability solutions.

Adoption of cloud technology related to healthcare services drives the healthcare interoperability solutions market around the world. Electronic health record data is increasing rapidly, which can be easily shared by using interoperability solutions. In addition, implementation of various healthcare reforms such as Patient Protection and Affordable Care Act (PPACA), also drives the interoperability solutions market globally.

There can be cyber-attack on the servers of interoperability solutions, which can lead to loss of sensitive information and further lead to financial scams. This acts as a restraint to the interoperability solutions market. On the contrary, increasing investment on healthcare by the governments in the developing countries of Asia-Pacific and LAMEA region offer huge potential for the growth of interoperability solutions market during the forecast period. India and China are two rapidly growing economies 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. 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, the market is divided into cloud-based and on-premise. 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. On the basis of end-user, the market is divided into healthcare providers and healthcare payers. In 2020, in terms of revenue, the healthcare providers segment led the market and the healthcare payers segment is anticipated to exhibit the highest CAGR in the coming years. 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).

In addition, outbreak of COVID-19 has led to halt in construction and manufacturing activities across the globe. Halt in logistics services has led to halt in the construction industry, which, in turn, hinders the growth of the healthcare interoperability solutions market. However, industries are gradually back on track and vaccine discovery has led to recovery of the healthcare interoperability solutions market by mid-2021.

Key Findings Of The Study

• By level, the structural segment was the highest revenue contributor in 2020.
• By deployment, the cloud-based segment dominated the market in 2020.
• By end-user, the healthcare providers segment dominated the market in 2020.
• North America region generated the highest revenue in 2020.

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.