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The Healthcare Interoperability Solution Market size is estimated to grow by USD 4 billion at a CAGR of 14.27% between 2023 and 2028. Market growth depends on various factors, including the rising integration of Electronic Health Records (EHRs), increased merger and acquisition activities, and higher investments in healthcare infrastructure. These factors collectively drive the market forward, indicating a shift towards more efficient and interconnected healthcare systems. The adoption of EHRs streamlines patient data management, enhancing overall healthcare delivery. Additionally, increased partnerships and acquisitions signify a growing trend toward consolidation and collaboration in the healthcare sector. Moreover, higher spending on healthcare infrastructure reflects a commitment to improving healthcare services and facilities. These dynamics indicate a positive trajectory for the market, emphasizing the importance of technological advancements and strategic collaborations in the healthcare industry.
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The market share growth by the on-premises 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-premises segment was valued at USD 1.72 billion in 2018. 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 42% 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. Hence, such factors are driving the market in North America during the forecast period.
Healthcare interoperability refers to the ability of different information systems, devices, and applications to access, exchange, and cooperatively use data in a coordinated manner. This capability is essential for operational efficiency, reducing duplicate clinical interventions, and ensuring patient safety in the complex healthcare ecosystem. The market for healthcare interoperability solutions is growing rapidly, driven by the increasing adoption of Electronic Health Records (EHRs), digital health tools, and software technology. The healthcare supply chain, patient care, and healthcare facilities are significant areas where interoperability solutions are being implemented. Patient-centric care, government bodies, and healthcare organizations are emphasizing the importance of interoperability in the healthcare system. The interoperability roadmap includes foundational interoperability and semantic interoperability, which enable seamless data sharing and data storage. Cloud technology, automation technology, and video conferencing are some of the digital interoperability solutions gaining popularity. Healthcare payers and pharmacies are also integrating interoperability solutions into their operations. The market for healthcare interoperability solutions is expected to continue its growth trajectory, driven by the need for improved patient care, public health, and healthcare system capacity.
The increasing adoption of EHRs is notably driving the 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 information 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 market is expected to grow during the forecast period.
The growing digitization of the healthcare industry is a key trend influencing the 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 market during the forecast period.
Concerns over the security of patient data and cyberattacks may impede the 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 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 Market Customer Landscape
Companies 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 companies, including:
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.
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Boosting Operational Efficiency and Patient Outcomes Healthcare interoperability refers to the seamless exchange and use of patient information between different healthcare systems and organizations. This market is witnessing significant growth due to the increasing need for operational efficiency, reducing duplicate clinical interventions, and prioritizing patient safety. The healthcare supply chain, Electronic Health Records (EHRs), and medical equipment are major areas where interoperability plays a crucial role. Software technology, such as EHR interoperability solutions, is at the forefront of enabling data exchange between healthcare providers, smart gadgets, and digital health tools. The healthcare IT landscape is rapidly evolving, with healthcare enterprises and authorities embracing digitalization and government funding for interoperability initiatives.
Patient-centric care is a primary focus, with healthcare facilities leveraging automation technology, cloud technology, and data sharing to improve patient care. The market landscape depend son the System compatibility, Healthcare authorities, Patient centric care, Real time data access, Preventive care, Healthcare IT systems, PHR applications, Services segment, Structural interoperability, E-prescribing, On-premise software, Foundational interoperability, On-premise, Patient centric care delivery, Cloud computing, Internet of Things, Wearables, Remote monitoring tools, Telehealth, Interoperability networks, Health information exchanges. Data silos are being broken down, allowing for real-time data exchange between hospitals, ambulatory surgical centers, and pharmaceutical effectiveness studies. Artificial intelligence and machine learning are revolutionizing the interoperability landscape, enabling advanced data analysis and predictive capabilities. Public health organizations and government bodies are also recognizing the importance of interoperability in improving healthcare system capacity and ensuring effective response to crises. The interoperability roadmap includes video conferencing for remote consultations, data storage, and data sharing, all contributing to the transformation of the healthcare industry.
Market Scope |
|
Report Coverage |
Details |
Page number |
160 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 14.27% |
Market growth 2024-2028 |
USD 4 billion |
Market structure |
USD Fragmented |
YoY growth 2023-2024(%) |
12.65 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 42% |
Key countries |
US, Germany, UK, China, and India |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Oracle Corp., Cognizant Technology Solutions Corp., Consensus Cloud Solutions Inc., Epic Systems Corp., International Business Machines Corp., Infor Inc., iNTERFACEWARE Inc., InterSystems Corp., Jitterbit Inc., Koninklijke Philips N.V., Lyniate, Medical Information Technology Inc., NextGen Healthcare Inc., Onyx Technology, Orion Health, OSP, Virtusa Corp., ViSolve Inc., and Wipro Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Market forecasting ,market forecast, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for 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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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