According to Nova one advisor, the global Healthcare API market was valued at USD 1.7 billion in 2021 and it is expected to hit around USD 2.0 billion by 2027 with a CAGR of 8.7% during the forecast period 2022 to 2027.
According to Nova one advisor, the global Healthcare API market was valued at USD 1.7 billion in 2021 and it is expected to hit around USD 2.0 billion by 2027 with a CAGR of 8.7% during the forecast period 2022 to 2027.
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Increasing adoption of Application Programming Interfaces (API) integrated Electronic Health Records (EHRs) that provide simplicity and ease of healthcare data accessibility is driving the market growth. Moreover, improved patient outcomes increased patient satisfaction, and development in the care quality are propelling the market expansion. Furthermore, increasing the need for healthcare integration is driving demand.
Integration of new workflows between the providers and the payers, the apps which can access data from EHRs, wearables, and their services, seamless transition of care are some of the major factors increasing the adoption of healthcare API. Internal standardization for various products or workflows will help to easily access the patient’s data. For instance, in June 2018 Apple health launched healthcare API from where developers can access EHR data of patients from more than 500 hospitals in the U.S.
The COVID-19 pandemic has resulted in social distancing and lockdowns. This has led to a shortage of manpower as a consequence of imposed shutdowns. This has necessitated the implementation of a healthcare application programming interface to ease the healthcare operations in the hospitals and other organizations. For instance, in April 2020, Google launched cloud healthcare API v1 in order to protect patient privacy and also to make it interoperable for COVID-19 research purposes.
An increase in funding and growing initiatives from the industry players to develop a completely standardized API is propelling growth. For instance, in April 2019, Redox raised around USD 33 million in funding to develop a cloud-based API. Increasing demand for telemedicine and digital health solutions post COVID-19 is further increasing the need for integrated healthcare API which is expected to boost the market in the forthcoming years.
Report Coverage
| Report Scope | Details |
| Market Size | USD 2.0 Billion by 2027 |
| Growth Rate | CAGR of 8.7% From 2021 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2021 to 2027 |
| Historic Data | 2017 to 2020 |
| Report coverage | Growth Factors, Revenue Status, Competitive Landscape, and Future Trends |
| Segments Covered | Services, deployment, end-use And Region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA) |
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Market Players Focus on Emerging Economies for Expansion
The global market for healthcare API is led by North America. The region has emerged as the key revenue generator thanks to the presence of several prominent players. With limited public IT infrastructure development across emerging economies, the large-scale adoption of healthcare IT solutions is still considered to be a long-term opportunity for countries in developing economies. As a result, most players providing healthcare API solutions garner a significant portion of their revenue from the North America and Europe markets.
However, an increasing number of players are now working toward expanding their footprint across several emerging economies in Asia Pacific and Latin America owing to the immense opportunities in store and the untapped potential countries such as Brazil, India, China, and Japan present.
Asia Pacific is projected to be the fastest-growing region in the healthcare API market, expanding at a 4.5% CAGR during the forecast period. The growing demand for API-based electronic health record services and wearable medical devices is anticipated to drive the healthcare API market in the region. The Latin America healthcare API market is likely to be fuelled by the rising demand for remote patient monitoring and appointment services.
Some of the prominent players in the Healthcare API market include:
Practo Technologies Pvt. Ltd.; Apple, Inc.; General Electric Company; Athenahealth; Cerner Corporation; Microsoft Corporation; Epic Systems Corporation; eClinical Works LLC; Allscripts Healthcare Solutions Inc.; Greenway Health, LLC; Practice Fusion, Inc.; MuleSoft, Inc.
Segments Covered in the Report
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for the period of 2017 to 2027 and covers subsequent region in its scope:
- By Services
- EHR Access
- Appointments
- Remote Patient Monitoring
- Payment
- Wearable Medical Device
- By Deployment Model
- Cloud-based
- On-Premise
- By End-use
- Healthcare Payers
- Providers
- Patients
- Vendors
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Key Benefits for Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global Healthcare API industry analysis from 2022 to 2030 to identify the prevailing Healthcare API industry opportunity.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global Healthcare API industry segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global Healthcare API industry trends, key players, market segments, application areas, and market growth strategies.
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