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The Global Healthcare Interoperability Solution Market size is estimated to grow by USD 3.33 billion at a CAGR of 13.51% between 2022 and 2027. 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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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)).
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 1.56 billion in 2017. 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.
The market is driven by the need for patient safety and optimal patient results through the seamless transfer of healthcare data. Key stakeholders in healthcare, including healthcare providers and diverse companies, are investing in interoperability solutions to improve clinical care and overall costs. Government funding is also supporting the adoption of new technologies that enhance interoperability. However, challenges such as complexity and ensuring consistent information remain. Solutions based on open-source standards like HL7 (Health Level Seven) are gaining traction for their ability to streamline the healthcare supply chain and meet patient expectations in the era of value-based care. 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 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 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 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 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
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 2023 to 2027, as well as historical data from 2017 to 2022 for the following segments
The market is evolving rapidly, driven by factors such as the need to streamline operations, enhance quality-based care, and accommodate the increasing volume of patient data. Technologies like HL-7 FHIR and Big data are enabling deep interoperability and facilitating real-time data exchange among healthcare providers. The market is witnessing the highest growth rates in the APAC region, where a technological revolution and increased adoption of smart gadgets are driving digitalization. Healthcare enterprises are investing in interoperability solutions to overcome data silos and ensure that information exchange activities are efficient and secure, leading to quick decision-making and improved patient outcomes.
Patent analysis is a crucial tool for identifying trends and innovations in various industries. By examining patent filings, companies can gain insights into new technologies and market directions. This analysis can also inform conference and webinar materials, helping to share knowledge and trends with broader audiences. In the business realm, buying behavior refers to the decisions and actions of consumers or organizations when purchasing goods and services. Understanding this behavior is critical for businesses to effectively market their products and respond to customer needs. Consistent data is key in analyzing buying behavior, allowing companies to track trends and make informed decisions. In healthcare, radiation is used in diagnostic imaging and treatment but requires careful handling to avoid unnecessary exposure. Similarly, invasive procedures involve entering the body for medical reasons and are often subject to strict guidelines and standards.
Open-source standards frameworks offer a collaborative approach to technology and software development, encouraging innovation and interoperability among diverse vendors. These frameworks are crucial in healthcare, where different systems must communicate effectively to ensure patient care. Diverse vendors in healthcare can lead to increased competition and innovation, potentially reducing healthcare expenditures. By integrating open-source frameworks, healthcare systems can leverage technology to streamline processes and improve patient outcomes, ultimately reducing costs. Together, these concepts suggest a complex ecosystem where technology, healthcare practices, data analysis, and business trends interact, shaping the future of industries and impacting how companies, consumers, and healthcare providers operate.
Furthermore, the market is experiencing significant growth due to factors such as the increasing adoption of Electronic Health Records (EHRs), the need for specialized IT assistance, and the implementation of automation software. Healthcare providers are investing in interoperability solutions to streamline data flow and improve processes, leading to reduced waste and enhanced patient care. Open-source standards frameworks are gaining popularity, especially in developed countries, where policies encourage interoperability. The market is witnessing the highest growth rates in the hospital entries segment, driven by the integration of EHRs and other electronic systems. Interoperability solutions are becoming a crucial part of the tech stack in healthcare, with interconnected apps and platforms facilitating data exchange and improving overall efficiency.
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 3.33 billion |
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 companies, Market Positioning of companies, 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 Forecasting, 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 market 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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