Healthcare Interoperability Solutions market COVID-19 Impact, Trends & Business

Posted by Mrudula Karmarkar on December 23rd, 2021

The global healthcare interoperability solutions market size is expected to reach USD 4.7 billion by 2026, according to a new report by Grand View Research, Inc., exhibiting a CAGR of 13.0% during the forecast period. Rising focus on patient-centric care, increasing need to curb high healthcare cost, and growing government initiatives to enhance patient safety & care are some major factors driving market growth. Rising healthcare IT penetration, especially in developing economies, is further expected to create significant growth opportunities for market players. However, rising complexity due to lack of reliable data & trained professionals and increasing data privacy & safety concerns are some key factors expected to impede growth.

Healthcare organizations are adopting Electronic Health Record (EHR) systems that support integration between different technologies/systems, increasing the need for interoperability solutions across all healthcare settings. Interoperability solutions help share and access complex data. These solutions allow sharing, exchange, and reuse of data across different devices and applications, which help reduce overall healthcare expenditure.

However, to make the best use of interoperability solutions and for their effective implementation, healthcare organizations need to work holistically at data sharing & implementing strategies, spanning the complete patient care continuum. Collaboration among players is expected to be one of the key factors responsible for driving the market.

Interoperability solutions are widely employed in various healthcare facilities such as hospitals. For instance, e-prescribing interoperability solution allows providers of ambulatory healthcare services to electronically send prescriptions to drug stores. According to a survey by SureScripts, in 2017, more than 70% of hospitals used electronic prescriptions in the U.S.

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Furthermore, interoperability is also expected to reduce the overall cost associated with delayed diagnosis and treatment by providing on-time access to data. However, the increase in complexity due to lack of reliable data and privacy concerns are few other key factors expected to impede adoption of interoperability solutions in short term over the forecast period.

Healthcare Interoperability Solutions Market Report Highlights

  • Services segment is held the largest healthcare interoperability solutions market share in 2018
  • EHR interoperability held the maximum market share in 2018 owing to high adoption rate in hospitals
  • According to the Healthcare Information and Management Systems Society (HIMSS), more than 60% of the hospitals have adopted EHR technology
  • According to the West Health Institute (WHI), adoption of interoperability solutions could lead to significant reduction in healthcare spending in the U.S.
  • Semantic segment in level is anticipated to witness fastest growth due to growing government efforts toward implementation and adoption of interoperability solutions across healthcare settings
  • North America dominated the regional segment in 2018. This can be attributed to supportive government policies, favorable reimbursement schemes, rise in awareness about interoperability solutions, and increase in number of training programs for implementing these solutions across healthcare settings
  • Asia Pacific is expected to grow with the highest CAGR of over 14.0% over the forecast period owing to well-established infrastructure and low healthcare cost in developing countries
  • Some of the key players are Intersystems Corporation; Orion Health Group Limited; Infor, Inc.; Cerner Corporation; Interfaceware, Inc.; Allscripts Healthcare Solutions, Inc.; Nextgen Healthcare, Inc.; EPIC Systems Corporation; OSP Labs; Koninklijke Philips NV; Visolve, Inc.; and Jitterbit.

The future of healthcare is dependent on sharing data along the value chain and integration of all medical devices. Currently, healthcare has a curative care model that needs to be converted into a purely preventive care model, using data-driven technology. Upgrading systems to adopt latest technology and improving security is the best way for healthcare systems to improve experience of patients. System interoperability is anticipated to improve the overall healthcare landscape in the coming years. For instance, according to National Health Information Exchange (NIIE) and Interoperability Landscape report, in 2016, almost 80% of the healthcare providers reported that the Electronic Data Exchanges (EDE) increased efficiency, while over 89% reported that the quality of patient care improved on using these systems.

Some major players are Allscripts Healthcare Solutions; Epic Systems Corporation; Cerner Corporation, Inc.; Infor, Inc.; Koninklijke Philips NV; Orion Health Group Limited; Quality Systems, Inc.; OSP Labs; ViSolve, Inc.; InterSystems Corporation; iNTERFACEWARE; and Jitterbit.

Grand View Research has segmented the global healthcare interoperability solutions market on the basis of the type, deployment, level, application, end use:

Healthcare Interoperability Solutions Type Outlook (Revenue, USD Million, 2014 - 2026)

  • Solutions

o    EHR Interoperability

o    HIE Interoperability

o    Enterprise Interoperability

o    Others

  • Services

Healthcare Interoperability Solutions Level Outlook (Revenue, USD Million, 2014 - 2026)

  • Foundational
  • Structural
  • Semantic

Healthcare Interoperability Solutions Deployment Outlook (Revenue, USD Million, 2014 - 2026)

  • Cloud Based
  • On Premise

Healthcare Interoperability Solutions Application Outlook (Revenue, USD Million, 2014 - 2026)

  • Diagnosis
  • Treatment
  • Others

Healthcare Interoperability Solutions End-use Outlook (Revenue, USD Million, 2014 - 2026)

  • Hospitals
  • Ambulatory Surgical Centers
  • Others

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

For More Information:www.grandviewresearch.com

 

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Mrudula Karmarkar

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Mrudula Karmarkar
Joined: March 30th, 2020
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