Healthcare API Market is Predicted to be Worth US4.2 mn by 2024

Posted by Pooja Mahajan on May 28th, 2019

Characterized by a largely consolidated vendor landscape, their exists intense competitive rivalry between leading players in the global healthcare API market, says Transparency Market Research (TMR) in a new report. Savvy players are focused on acquisitions of less-influential players to bolster their technological and service expertise. These players have also been focused on fortifying their offerings in the social insurance API market, and in the meantime they are also looking up to provide failsafe answers to serve the requirement of their clients.

Some of the leading players in the global healthcare API market are Practice Fusion, Epic Systems Corporation, Practo Technologies Pvt Ltd., Apple Inc., and Allscripts Healthcare Solutions Inc. Some other companies in this market are MuleSoft Inc., Microsoft Corporation, General Electric Company, eClinicalWorks LLC, and Greenway Health LLC.

Healthcare Providers End-use Segment to Remain at Fore

As per the TMR report, the demand in the global healthcare API market translated into to a revenue of US2.4 mn in 2015. Expanding at a CAGR of 4.2% between 2016 and 2024, the demand in the market in likely to be worth US4.2 mn vis-à-vis revenue by 2024. By end use, the healthcare suppliers section is dominant and is anticipated to rise at a significant CAGR over the forecast period.

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The growth of this segment is mainly because of emergence of modern healthcare centers and research facilities that look up to robotic solutions for a number of administrative tasks. By geography, North America is the leading regional market for healthcare API thanks to the presence of several leading players in the region. On the other hand, in emerging economies, due to limited public IT infrastructure the large-scale adoption of healthcare IT solutions is in the long term vision.

Progress in IT Infrastructure and Advent of IoT to offer Lucrative Opportunity

The worldwide healthcare API market is fuelled by the increasing adoption of API-driven electronic health records (EHR), which allows easy assimilation of patient information. Today, patient-centric healthcare is the focus of healthcare providers, which has led to improved quality of care, better outcomes, and greater patient satisfaction.

In the recent years, rising demand for patient-centric healthcare delivery via application programming interface (API) has been the focus of healthcare providers, and have thus spurred demand for healthcare API solutions.

Healthcare APIs that drive patient-centric applications create new ways for providers to engage and connect with patients through mobile, web, social apps. Moving a step ahead and developing internal APIs allows healthcare companies to offer their employees and partners new tools. These tools help streamline operations and deliver higher quality of care. In healthcare services, fast API solutions are a must where access to information is critical that can impact life or death decisions.

Using health apps and services, APIs can help patients gather and report health data. For example, an individual with diabetes could document blood-sugar levels, which provides more information to doctors when making diagnoses. APIs also helps facilitate the recording and management of physician-reported data, and they enable analysis of a healthcare environment for decision-makers improve operations and cut overhead costs.