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The Global Healthcare Interoperability Solution Market size is estimated to grow by USD 3,330.16 million between 2022 and 2027 accelerating at a CAGR of 13.51%.
The growth of the market depends on several factors, including the increasing adoption of EHRs, the growing number of acquisitions and partnerships, and the rise in spending on healthcare infrastructure. Market challenges such as increasing adoption of EHRs may hinder the growth of the market. But opportunities such as the growing digitization of the healthcare industry will have a positive impact on the market.
This report extensively covers market segmentation by deployment (on-premise and cloud-based), type (structural, semantic, and foundational), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
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The increasing adoption of EHRs is notably driving the market growth, although factors such as concerns over the security of patient data and cyberattacks may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing adoption of EHRs is notably driving the healthcare interoperability solution market growth. EHRs and electronic medical records (EMRs) are used for storing information about patients in electronic documents. EHR systems automate access to information and streamline hospital workflows. The digital data collected through EHRs and EMRs can be shared across various devices that are connected to a network.
Doctors and physicians can use EHRs to access medical histories, diagnoses, medications, treatment plans, immunization dates, allergies, radiology images, and test results of patients. EHRs reduce the number of medical errors and improve the accuracy and clarity of medical records. Hospitals are focusing on using EHRs to reduce the chances of data replication and auto-update their databases. Thus, with the rising popularity and adoption of EHRs, the global healthcare interoperability solution market is expected to grow during the forecast period.
The growing digitization of the healthcare industry is a key trend influencing the healthcare interoperability solution market growth. The healthcare industry is moving toward digital health, with the trend of digitization in various industries. Healthcare services such as prescriptions, appointments, and diagnoses are made remotely using the latest devices and technologies.
The proliferation of smartphones, improved Internet connectivity, advances in healthcare IT infrastructure, the increase in the need to reduce healthcare costs, the rise in the prevalence of chronic diseases, and access to virtual healthcare are some of the most important factors that facilitate market growth. In addition, major players are focusing on launching advanced applications to improve user experience. Therefore, the rapid digitization of the healthcare industry may boost the growth of the global healthcare interoperability solution market during the forecast period.
Concerns over the security of patient data and cyberattacks may impede the healthcare interoperability solution market growth. The healthcare industry faces the risk of data breaches, data piracy, and security issues due to the rise in the volume of personal information shared between patients and medical practitioners. Automated healthcare systems are used for storing the health records and clinical data of patients electronically, which increases the risks of data piracy and theft.
Some of the most common data piracy and security threats include data theft, unauthorized access, improper disposal of data, data loss, and hacking. These threats can occur due to the implementation of the bring-your-own-device (BYOD) policy in several hospitals. Modern healthcare systems are interconnected, which creates security risks, Moreover, the availability of a large volume of data makes the healthcare industry an easy target for cybercriminals and hackers. Hence, the rising cases of cyberattacks may hinder the growth of the global healthcare interoperability solution market during the forecast period.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Healthcare Interoperability Solution Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the on-premise segment will be significant during the forecast period. On-premise software runs on an organization's computers. Large healthcare organizations prefer on-premise healthcare information software solutions, which provide an optimum level of data security with physical access controls and security protocols.
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The on-premise segment was valued at USD 1,562.71 million in 2017 and continued to grow by 2021. The on-premise deployment model offers better security than the cloud-based deployment model. In the on-premise deployment model, data are stored on dedicated servers, which offers control and security over information. Thus, the on-premise segment of the market is expected to grow during the forecast period.
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North America is estimated to contribute 41% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in the region is attributed to factors such as increasing investments in the digitization of healthcare infrastructure, rising healthcare expenditure, and new product launches. The growing demand for efficient healthcare services, the increasing need to reduce healthcare costs, and effective electronic health insurance across healthcare organizations are also driving the adoption of interoperability solutions. The US is expected to be a key contributor to the healthcare interoperability solutions market in North America.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, the COVID-19 outbreak highlighted the importance of healthcare interoperability solutions. In the US, 96% of hospitals and 86% of physician offices have adopted EHR systems since 2020. Thus, the COVID-19 outbreak had a positive impact on the global healthcare interoperability solutions market in 2020. Moreover, the increase in the adoption of software solutions such as data mining, clinical decision support, and clinical trial management systems in 2021 propelled the demand for healthcare interoperability solutions. Rising awareness about the benefits of healthcare interoperability solutions is likely to fuel the growth of the market during the forecast period.
The report forecasts market growth by revenue at global, regional, and country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Healthcare Interoperability Solution Market Scope |
|
Report Coverage |
Details |
Page number |
154 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 13.51% |
Market growth 2023-2027 |
USD 3,330.16 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
12.09 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 41% |
Key countries |
US, Germany, UK, China, and India |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Cerner Corp., Consensus Cloud Solutions Inc., Epic Systems Corp., International Business Machines Corp., Infor Inc., iNTERFACEWARE Inc., InterSystems Corp., Jitterbit Inc., Lyniate, Medical Information Technology Inc., NextGen Healthcare Inc., Onyx Technology, Orion Health, OSP, Virtusa Corp., ViSolve Inc., Wipro Ltd., Koninklijke Philips NV, and Cognizant Technology Solutions Corp. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Deployment
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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