The key driving factors of the market are government initiatives to enhance patient care and safety
Interoperability in healthcare refers to timely and secure access, integration and use of electronic health data so that it can be used to optimize health outcomes for individuals and populations. Interoperability and data sharing will be more and more important for providing effective healthcare as the world's populations age and people live longer. The ability of two or more systems to exchange health information and use it after receiving it is known as interoperability. In addition, interoperability in healthcare refers to the timely and secure integration and use of electronic health data to enhance individual and population health outcomes. The health care sector is currently heavily focused on improving the standard of healthcare facilities and operational effectiveness, decreasing medical errors that occur during various medical procedures, and reducing operational costs. Healthcare interoperability solutions make it easier to assess the potency of manufactured drugs and the capability of the healthcare system to provide these drugs to patients in need. Information supporting public health is crucial. The market for healthcare interoperability solutions is therefore expected to increase continuously over the forecasted period.
The adoption of cloud technology in connection with healthcare services is the main factor boosting market growth. The volume of electronic health record data is growing quickly, making it challenging to store it in bulk on local storage devices for fear of losing crucial information. Sharing large amounts of data in offline mode is very challenging. As a result, the adoption of healthcare interoperability solutions in the healthcare sector is essential because they make it simple to share and store big data, which in turn fuels the global market for healthcare interoperability solutions. Addition to this with novel coronavirus variants causing fresh COVID-19 outbreaks worldwide, data exchange through healthcare interoperability solutions becomes even more essential.
The global healthcare interoperability solutions market is expected to witness the growing population in these countries is also expected to increase the healthcare data volume in respective healthcare systems. This represents a significant growth opportunity for players operating in the market. Additionally, during the forecast period, the market will benefit from government initiatives to implement interoperable solutions, an increase in government spending on healthcare systems, and rising disposable income in developed countries.
Lack of precise interoperability solutions, a lack of standards, and outdated legacy systems are anticipated to restrain market growth for global healthcare interoperability solutions. One of the main obstacles to the adoption of interoperability solutions is the absence of standards for the sending, receiving, and management of information between EHR systems.
The market's expansion is constrained by the growing number of concerns about the security and safety of patient data. Due to the rise in cyber-attacks worldwide, protecting patient information is a significant challenge for healthcare organisations. According to the Insurance Information Institute, 4.8 million identity theft and fraud reports were filed with the FTC in 2020, and 47% of Americans reported having their financial identities stolen. Such elements limit market expansion.
The report provides in-depth analysis of global healthcare interoperability solutions market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. With increasing demand for various healthcare interoperability solutions in various applications has led the increasing demand for market and is expected to witness the growth at a specific CAGR from 2022-2029.
The global healthcare interoperability solutions market comprises of different market segment like by type, interoperability level, end user and geography.
The Services segment has register major market share during the forecast period and is likely to maintain its dominance during the forecast period. The paradigm shift towards cloud computing and cloud-based platforms will help businesses lower operating costs while enhancing and accelerating the performance of their business applications and processes. Additionally, the segment's growth is aided by the routine purchase of services like interoperability software updates and maintenance. During the forecast period, the growth of healthcare interoperability solutions is anticipated to be boosted by this factor.
The semantic segment is projected to witness the highest growth during the forecast period in terms of revenue. Whereas, in the past, the structural part dominated the healthcare interoperability solutions market.
The Healthcare providers segment is expected to increase the market growth during the forecast period. Increased patient volume, the need to contain rising healthcare costs, and government mandates are factors contributing to the growth of this market. The market for global healthcare interoperability solutions is anticipated to grow as a result of this factor.
The Asia-Pacific is likely to have majority of market share during forecast period because of factors such as increasing government initiatives for eHealth, rising medical tourism, growing demand for quality healthcare, and the growing need for the implementation and integration of medical devices and HCIT solutions to provide cost-effective and quality care to patients. As these nations' populations rise, it is anticipated that the volume of healthcare data in those nations will increase. This suggests that government initiatives for implementing interoperable solutions, an increase in government spending on healthcare systems, and the growing acceptance of automation technologies present market participants in the Asia Pacific region with a significant growth opportunity. This factor is expected to increase the market growth in Asia-Pacific region.
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360-degree analysis of micro and macro-economic factors on the Global Healthcare Interoperability Solutions market. In addition, complete analysis of changes on the Global Healthcare Interoperability Solutions market expenditure, economic and international policies on supply and demand side. The report also studies the impact of pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. During COVID-19 pandemic, global Healthcare Interoperability Solutions market was more or less affected due to supply chain distribution, declining demand for Healthcare Interoperability Solutions from various application like healthcare payer, pharmacy, healthcare provider, which has certainly affected the market growth to major extend. However, post COVID-19 the market has witnessed the rising new growth opportunities and is expected to have emerging demand in upcoming years.
The report provides in-depth analysis of global healthcare interoperability solution market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2029, considering 2021 as the base year. The amount of healthcare data in the growing economies is further expected to increase as the populations rises. Government attempts to install interoperable solutions, an increase in government spending on healthcare systems, and the growing acceptance of automation technology is driving the market and is expected to witness growth at a specific CAGR from 2023-2029.
The key players studied in the market are
August 2022: Availity to Acquired Diameter Health, a Leader in Clinical Data Interoperability- Availity, one of the nation's largest real-time health information networks, announced a definitive agreement to acquire Diameter Health, a national leader in clinical data quality and interoperability.
August 2022: Lyniate Merged with CareCom, Further Extending Capabilities of Interoperability Leader- Lyniate, a global leader in healthcare data interoperability, and CareCom, a leader in healthcare terminology management solutions including HealthTerm® and CareIndexing®, have entered into a definitive merger agreement. This strategic combination builds on Lyniate’s recently announced merger with NextGate, a longtime leader in patient identity data management, to further extend the company’s unique ability to offer the industry’s most complete suite of interoperability solutions. Adding CareCom solutions for terminology management, including cross-mapping healthcare terminologies into standardized data, will empower healthcare stakeholders to assemble and manage completer and more accurate patient information, enabling better care, reduced clinician burden, and optimized patient experiences.
July 2022: Infor Launched New Interoperability Solution for Healthcare Industry- Infor, the industry cloud company, announced its FHIR Server, the company's vision for helping healthcare organizations better leverage and analyze their data. Built on the latest web technologies, Infor FHIR Server is one of the most advanced, modern, and scalable FHIR servers commercially available. With this new application, organizations can extend their electronic health records (EHR) and clinical systems' Fast Healthcare Interoperability Resource (FHIR) and application programming interface (API) capabilities beyond their current limited support, streamline care coordination by providing needed information to providers and patients, and expedite their organization's digital transformation while utilizing existing clinical systems connected to an innovative FHIR-based ecosystem.
May 2022: Onyx Launched MoveMyHealthData.com Payer-to-Payer Exchange Service- Onyx, Technology LLC launched MoveMyHealthData.com as the first and largest Payer-to-Payer Data Exchange Service with more than 140 Health Plans connected to the service.
Interoperability in healthcare refers to timely and secure access, integration and use of electronic health data so that it can be used to optimize health outcomes for individuals and populations. Interoperability and data sharing are going to be more and more important for providing effective healthcare as populations around the world age and people live longer. The ability of two or more systems to exchange health information and use it after receiving it is known as interoperability. In addition, interoperability in healthcare refers to the timely and secure integration and use of electronic health data to enhance individual and population health outcomes. The health care sector is currently heavily focused on improving the standard of healthcare facilities and operational effectiveness, decreasing medical errors that occur during various medical procedures, and reducing operational costs. The global diagnostic imaging market comprises of different market segment like by type, interoperability level, end user and geography. The different type of studied in the global diagnostic imaging market are software and services. The diagnostic imaging market by design interoperability level includes various segment interoperability level in foundational interoperability, structural interoperability, and semantic interoperability. The diagnostic imaging market by end user includes various segment like cardiology, gynaecology, orthopaedics & musculoskeletal, radiology, neurology & spine, general imaging, others. The diagnostic imaging market by end users includes various segment like healthcare providers, healthcare payers and pharmacies. The global diagnostic imaging market is studied for the following region North America, Europe, Asia-Pacific and Rest of the world. North America is likely to gain major market share and maintain its dominance over the estimated time period.
Sizing for Year:||2023-2029|
Players and its Competitors:|
Koninklijke Philips Nv (Netherlands)
Cerner Corporation (United States)
Epic Systems Corporation (United States)
Infor (United States)
Inters ystems Corporation (United States)
Allscripts Healthcare Solutions (United States)
Cognizant (United States)
Change Healthcare (United States)
Nextgen Healthcare (United States)
IBM Watson Health (United States)
Medical Information Technology (United States)Lyniate (United States)
What are the drivers for healthcare interoperability solutions market?
The key driving factors of the market are government initiatives to enhance patient care and safety
Which is the leading type segment for healthcare interoperability solutions market?
Software has accounted the major market share, and is expected to witness the growth at highest pace during the forecast period.
Which region is gaining majority of market share during the forecast period?
Asia Pacific is expected to gain major market share during the forecast period