|Status : Published||Published On : Oct, 2021||Report Code : VRHC1238||Industry : Healthcare||Available Format :||Page : 180|
The global interoperability solutions in the healthcare market were valued at $ 2.97 billion in 2020 and are expected to reach $ 6.15 billion in 2027, registering a CAGR of 5.9% over the projected period 2021-2027. The health Interoperability system contains several procedures, systems, and a populace that shares data and provides access to all the health information about individual data, accounts, and imagery. The health information and related data are used by individuals, patients, researchers, providers, medical faculties, and systems. The growth of the interoperability solutions market is attributed to the rising need to control the increasing healthcare cost, initiatives by the government to provide patient care and safety, increasing emphasis on patient-centric care delivery, and fundings by the government for healthcare interoperability will escalate the global interoperability solutions market.
The COVID-19 pandemic is anticipated to have a substantial impact on the interoperability solutions in the healthcare market. Technological advancement cost control and increased access are essential parts of the healthcare reform. Digital health and telehealth are the new avenues for growth in the healthcare sector. The COVID-19 has led to increasing emphasis on the significance of remote diagnosis, care, and consultation. Moreover, healthcare providers are taking video conferencing and telephone calls to monitor the status of the patients, resulting in the growth of the interoperability solutions market.
Insight by Component
Based on component, the global interoperability solutions in the healthcare market is divided into software and services. Software is further sub-divided into EHR interoperability solutions, Laboratory Information Management System (LIMS) interoperability solutions, Imaging System interoperability solutions, Healthcare Information Exchange (HIE) interoperability solutions, enterprise interoperability solutions, and others. The service segment dominates the market in 2020 owing to the paradigm shift towards cloud computing which will decrease the operational cost and improves the performance of business processes and applications. Moreover, the recurring cost incurred on services like software updates and maintenance will also drive the growth of the service segment in the interoperability solutions in the healthcare market. Moreover, the HIE interoperability solutions segment is anticipated to have a high CAGR over the projected period owing to the need for accessing patient health information, and the rising adoption of healthcare IT solutions to increase the satisfaction of patients and their quality treatment.
Insight by Interoperability Level
Based on the interoperability level, the interoperability solutions in the healthcare market are categorized into foundational interoperability, structural interoperability, and semantic interoperability. Among these segments, structural interoperability dominates the market in 2020 owing to an increase in the adoption of technology like e-prescribing.
Insight by Deployment Model
On the basis of the deployment model, the interoperability solutions in the healthcare market are bifurcated into the cloud-based model and on-premise model. The cloud-based model is anticipated to drive the market owing to the rising demand for data exchange at a broader level and the benefits provided by these software platforms i.e., safe and efficient exchange of data at a lesser time.
Insight by Application
Based on application, the interoperability solutions in the healthcare market are segregated into diagnosis, treatment, and others. Among these segments, the diagnosis segment is anticipated to witness the largest share during the forecast period owing to the rising need for efficient information flow for the diagnosis of diseases. There is a need to have an accurate and timely diagnosis that will help healthcare professionals to monitor the patient’s condition.
Insight by End-User
Based on end-user, the interoperability solutions in the healthcare market are divided into patients, providers, payers, and pharmacies. Providers are further sub-divided into hospitals & clinics, long-term care centers, diagnostic and imaging centers, and others. Hospital’s segment dominates the market in 2020 owing to supportive government policies, an increasing number of patients, a rising need for data privacy, the implementation of several IT tools in healthcare settings like EHR, and error-free data management solutions.
The rising focus on healthcare interoperability solutions by medical authorities, increasing investments for enhancing healthcare facilities, rising funding by the government for healthcare interoperability, increasing emphasis on patient-centric care delivery are the trends prevalent in the interoperability solutions.
Technological development and digitalization have tremendously revolutionized healthcare and medical science. The rising adoption of EHR, growing focus on personalized care, rising focus on patient safety, increasing awareness, and focus on healthcare interoperability solutions by healthcare authorities & hospitals are the factors that propel the growth of interoperability solutions in the healthcare market. Moreover, interoperability reduces the overall cost related to late diagnosis and treatment by providing real-time access to data.
Lack of skilled IT professionals in the healthcare sector, rising complications due to inconsistent data and privacy concerns, monopolization of the EHR industry, lack of national patient identifiers, and lack of regulations are the challenges faced by the interoperability solutions in the healthcare market.
The rising investment in emerging economies to enhance healthcare infrastructure, integration of blockchain technology, and medical device interoperability are opportunities in interoperability solutions in the healthcare market.
North America dominates the interoperability solutions in the healthcare market owing to the increasing demand for quality healthcare delivery, the need to control increasing healthcare expenditure, efficient EHR implementation by healthcare organizations, and initiatives and regulations to expand the efficiency of healthcare organizations in the region.
The industry players are focusing on collaborations and partnerships, M&A, product launch, and creating geographical presence, and establishing brand value in the industry. The industry players are focusing on collaborations and partnerships, M&A, product launch, and creating geographical presence, and establishing brand value in the interoperability solutions in the healthcare market.
Allscripts announced full support of Health and Human Services' commitment to patients with interoperability rules.
Epic introduced a new One Virtual System Worldwide interoperability initiative, and also added new features to its Care Everywhere solution. Care Everywhere is an Electronic Health Information Exchange platform which is a confederated model that is controlled by the patient and can be used without any intermediary.
Some of the key players operating in the interoperability solutions in the healthcare market: Epic Systems Corporation, Cerner Corporation, General Electric, Allscripts Healthcare, LLC, Koninklijke Philips N.V., iNTERFACEWARE Inc, Jitterbit, OSP Labs, Orion Health, and Visolve, Inc.
Source: VynZ Research