Rapid digitalization in the healthcare sector, rising adoption of electronic health records and need for secure data exchange, and growing focus on improving patient outcomes are some key factors expected to drive Interoperability Solutions in Healthcare market growth.
Rapid digitalization in the healthcare sector, rising adoption of electronic health records and need for secure data exchange, and growing focus on improving patient outcomes are some key factors expected to drive Interoperability Solutions in Healthcare market growth.
Emergen Research has recently published its latest report titled “Interoperability Solutions in Healthcare Market By Level (Foundational, Structural, Semantic), By Product Type (Services, Solutions), and By Application (Diagnostics, Treatments, Others), and By Region Forecast to 2027.”
According to Emergen Research, the global interoperability solutions in healthcare market size was USD 2.27 billion in 2019 and is expected to reach USD 5.29 billion in 2027 and register a rapid revenue CAGR of 11.1% during the forecast period, 2020-2027.
Market Dynamics:
Interoperability in healthcare refers to timely and secure access and integration of digital technologies such as electronic health records to optimize health outcomes for patients. Adoption and optimization of electronic health records and health information exchange services have made interoperability in healthcare sector possible. Healthcare inoperability solutions enable healthcare organizations and facilities to efficiently comply with regulations and adhere to other regulatory requirements. Interoperability in healthcare enables sharing of critical patient data within and across healthcare facilities to enable effective and timely coordinated care and better outcomes and this has boosted its adoption and is a key factor expected to drive market revenue growth over the forecast period.
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In addition, interoperability can significantly reduce medical errors in processes such as appointment scheduling and medical billing and can streamline workflow of pharmacies by providing them accurate e-prescriptions. These are some other factors expected to drive revenue growth of the market to a significant extent over the forecast period.
Interoperability in healthcare information systems create a unified environment for exchange of sensitive health data and enable healthcare organizations to make data-driven improvements in patient care. Interoperability solutions in healthcare sector have become increasingly critical in delivering effective healthcare. Interoperability solutions improve the efficiency of healthcare services, reduce costs of care, reduce physician burn out by reducing paperwork for staff and streamlining labor-intensive tasks, and enhance protection of patient health data to reduce their exposure to security threats. Growing adoption of EHRs, increasing implementation of regulations by government in healthcare sector, and rapid shift towards a value-based care are further boosting adoption of interoperability in healthcare. In addition, rapid integration of advanced technologies such as machine learning and artificial intelligence to sift through and organize massive data sets is further contributing to success of interoperability and is expected to continue to drive market growth going ahead.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Structural Segment Revenue Growth to Support Market Growth:
Structural segment is expected to account for a significantly large revenue share in the global market over the forecast period. Revenue growth can be attributed to increasing technological advancements, growing adoption of structural inoperability across pharmacies and clinics using the same software, and increasing need to automate delivery and presentation of sensitive health data. Structural interoperability upgrades the automation of data sharing between systems that use the same software and effectively shares patient information such as medical history, test results, and findings to facilitate referrals between the two facilities.
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Diagnostic Segment Revenue to Expand Significantly:
Diagnostic segment is expected to register robust revenue CAGR over the forecast period attributable to growing need for accurate and efficient knowledge for disease diagnosis, precise and accurate assessment for better evaluation and improved patient outcomes, and efficient exchange of patient information to facilitate better treatment approaches.
North America to Lead in Terms of Revenue Share:
North America is expected to account for largest revenue share in the global market attributable to rapid adoption of EHRs and HIEs, availability of advanced healthcare infrastructure and rapid digitization, increasing investment to improve healthcare offerings, rising need for early and timely availability healthcare services, availability of skilled and knowledgeable professionals, and robust presence of key market players in the region.
Major Companies in the Market Include:
- InterSystems Corporation
- Allscripts Healthcare Solutions
- Cerner Corporation Inc.
- Orion Health Group Limited
- Koninklijke Philips NV
- Epic Systems Corporation
- ViSolve Inc.
- Infor Inc.
- iNTERFACEWARE
- Quality Systems Inc.
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For the purpose of this report, Emergen Research has segmented the global interoperability solutions in healthcare market based on the level, type, application, and region:
Level Outlook (Revenue, USD Billion; 2017-2027)
- Foundational
- Structural
- Semantic
Product Type Outlook Revenue, USD Billion; 2017-2027)
- Solutions
- Services
Application Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostics
- Treatment
- Others
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Brazil
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of Middle East & Africa
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