The global healthcare interoperability solutions market is projected to reach USD 6.12 billion by 2027 from USD 2.68 billion in 2020, at a CAGR of 12.5 %. Increasing focus on patient care, growing need to stricture increasing healthcare costs and government initiatives for improving patient experience of care are the major factors driving healthcare interoperability market growth. Interoperability of systems, information exchange and data access play a vital role in improving health outcomes.
Mobilizing data regarding individual’s health across the complete spectrum of care providers in health organizations enable coordinated, safe and high-quality care that supports payment reforms, transparency efforts and the ability of individuals to manage their health. Thus, benefits provided by healthcare data interoperability software will propel the industry growth over the coming years. Growing adoption of EHR software in developed as well as developing regions will positively impact healthcare data interoperability business growth. The data interoperability software has gained popularity over the recent years owing to increasing need to provide effective healthcare services. Rising healthcare costs will surge the demand for data interoperability software to enable healthcare organizations to access patient’s medical data thereby reducing the number of repeated tests and making it easier for medical staff to co-ordinate across various departments in the organization. However, lack of awareness regarding healthcare data interoperability software in underdeveloped economies may impede industry growth over the analysis timeframe.
System interoperability is anticipated to improve the overall healthcare landscape in the coming years. For instance, according to National Health Information Exchange (NIIE) and Interoperability Landscape report, in 2016, almost 80% of the healthcare providers reported that the Electronic Data Exchanges (EDE) increased efficiency, while over 89% reported that the quality of patient care improved on using these systems.
The prominent players in the global healthcare interoperability solutions market are Cerner Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US), Orion Health Group Limited (New Zealand), iNTERFACEWARE (Canada), Quality Systems, Inc. (US), OSP Labs (US), Epic Systems Corporation (US), ViSolve, Inc. (US), and Jitterbit (US).
The healthcare interoperability solutions industry in the North American region is expected to account for the largest market share of the global market in 2019. The rising demand for quality healthcare delivery, the need to curb increasing healthcare expenditure, and the implementation of favorable initiatives & regulations to improve the overall efficiency of healthcare organizations in the region is factors driving the adoption of healthcare interoperability solutions in North America.
Asia Pacific is anticipated to witness higher growth during the forecast period. Growing medical tourism, rising demand for quality healthcare, and increasing government expenditure on healthcare facilities are major factors driving growth in this region. Furthermore, large patient pool in highly populated countries such as India & China generates a large amount of patient data every year, thereby creating a need for effective data exchange among pharmacies and hospitals.