The global healthcare system is witnessing a switch from paper-based method of recording patient data to electronically record the same. The reasons for this transition are to prevent the loss of these records, and to store vital information for treating a patient. While the trend is picking up worldwide, the U.S. was one of the first countries to introduce a roadmap for interoperability.
The Global Interoperability Solutions in Healthcare Market Report by BIS Research projects the market to grow at a significant CAGR of 5.9% during the forecast period from 2019 to 2025. The market has evolved dramatically with the increasing adoption of EHRs, emphasis on personalized care, rising healthcare expenditure, various government initiatives, and rising funding activities.
Despite the benefits of these software solutions, the major challenges in the market are lack of national patient identifier, monopolization of EHR industry, and lack of regulations. Some of the major opportunities for the key vendors in the market could be investment in medical device interoperability, integration of blockchain in the interoperability solutions, and improving healthcare infrastructure in the developing economies.
Market Segmentation
The Global Interoperability Solutions in Healthcare Market can be segmented on the basis of ccomponent type, “mode of delivery, end user, interoperability level, and region. As of 2019, product providers accounts for $1.25 billion and is expected to reach a value of $1.7 billion by the end of 2025. In terms of growth, end users of interoperability solutions, healthcare insurance payers, and pharmacies will achieve the highest CAGR during the forecast period, i.e. 7% and 5.9% respectively.
As of 2019, North America is the largest shareholder for the overall market and is expected to reach the value of $1.33 billion by the end of 2025 growing with the CAGR of 5.8% during the forecast period. However, a higher growth rate can be expected from the Asia-Pacific region considering its improving healthcare infrastructure, overburdened healthcare system, and focus of ASEAN countries to be recognized as medical tourism destination.
Though the adoption rate of the interoperability solutions in healthcare has been moderate, the potential that lies in them is immense. The integration of interoperability solutions in the healthcare facility will not only improve customer experience but will also help hospitals to provide improved quality of healthcare. To make the entire patient engagement more efficient, the interoperability solutions can be integrated across various stakeholders, namely, patients, providers, payers, and pharmacies.
Market Drivers
- Increasing Adoption of EHR
- Increased Focus on Personalized Care
- Increasing Healthcare Expenditure
- Government Initiatives
- Increasing Funding Activities
Market Restraints
- Lack of National Patient Identifier
- Monopolization of EHR Industry
- Lack of Regulations
Market Opportunities
- Improving Healthcare Infrastructure in Developing Economies
- Integration of Blockchain Technology in Interoperability
- Medical Device Interoperability
Key Companies in the Global Interoperability Solutions in Healthcare Market
Some of the major key players in the global interoperability solutions in healthcare market include Epic Systems Corporation, Cerner Corporation, AllScripts Healthcare Inc, IBM, Infor, Jitterbit, Koninklijke Philips N.V., OSP Labs, eMids Technologies Inc, MphRx Inc, Orion Health, ViSolve Inc, Omnicell, Inc, and NextGen Healthcare Inc.
Key questions answered in this report:
• How interoperability solutions are positioned to save billions of dollars of healthcare expenditure annually? How these solutions can help in reducing healthcare expenditure for developed economies such as North America and Europe?
• Apart from the existing end users such as care providers and patients, to what other end users can the interoperability be extended?
• How is interoperability helping in changing the business model of the healthcare delivery?
• What are the major developments such as product launches, mergers and acquisitions, collaborations, and partnerships taking place in the market and how are they changing the overall dynamics of the interoperability solutions in the healthcare market?
• What are the major pricing strategies employed by the vendors that can significantly put a pricing pressure on the competitors?
• What is the current user base of leading interoperability solutions vendors in the market?
• What are the technological and regional trends pertaining to the global interoperability solutions in healthcare market?
• What is the growth potential of the global interoperability solutions in healthcare market in North America, Europe, Asia-Pacific, Latin America, and Rest-of-the-World?
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The scope of this report constitutes of an in-depth study of the global interoperability solutions in healthcare market, including a thorough analysis of the products in the market as well as their adoption spanning different geographical regions. The market has been chiefly segmented into component type, mode of delivery, end user, interoperability level, and region. The report presents the reader with an opportunity to unlock comprehensive insights with respect to the market and helps in forming well-informed strategic decisions. The research uncovers some of the substantial parameters that must be taken into consideration before entering the market.
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The major factors driving the growth of this market include the growing need to curb increasing healthcare costs and a growing focus on patient-centric care delivery.
Moreover, government initiatives for enhancing patient care & safety and government funding for healthcare interoperability are also boosting market growth.The Healthcare Interoperability Solutions Market is expected to reach USD 4.2 billion by 2024 from an estimated USD 2.3 billion in 2019, at a CAGR of 12.6%.Download PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=17705847Market Segmentation:-Based on type, the healthcare interoperability solutions market is segmented into software and services.
The services segment is estimated to account for the largest market share in 2019.
The large share of this segment can be attributed to the shifting era towards cloud computing and reduced operational costs for better and faster performance of business processes and applications.Based on software type, the Interoperability solutions Market is segmented into EHR interoperability solutions, lab system interoperability solutions, imaging system interoperability solutions, HIE interoperability solutions, enterprise interoperability solutions, and other interoperability solutions.
The HIE interoperability solutions segment is expected to grow at the highest CAGR during the forecast period.Recent Developments:-In 2018, Epic launched the One Virtual System Worldwide, and added new features to its Care Everywhere solution.In 2016 Cerner opened a Health center at the Cerner Center in Bangalore, India, which helped the company enter the Indian market and also expand its geographic reach.In 2017, Epic launched its Share Everywhere.In 2016, Cerner launched its Open Developer Experience (code).Regional Analysis:-North America is expected to account for the largest share of the Interoperability solutions Market in 2019, followed by Europe.
The dominance of the North American region can be attributed to the rising demand for quality healthcare delivery, a need to curb increasing healthcare expenditure, and the implementation of favorable initiatives & regulations to improve the overall efficiency of healthcare organizations in the region.Speak To Analyst: - https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=17705847Top Key Players:-The prominent players in the 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).
