The market size of the global interoperability solution in the healthcare market in the year 2021 is valued at 2.36 billion and is predicted to reach 7.81 billion by the year 2030 at an 14.39% CAGR during the forecast period of 2022-2030.
Interoperability in healthcare refers to integrating and utilizing electronic health data and fast and secure access to enhance individual and population health outcomes. The healthcare sector is currently heavily focused on improving operational efficiency and the quality of healthcare facilities, reducing medical errors during various medical procedures, and keeping costs to a minimum. Once the data is received, these solutions can use to share health information across two or more systems. Key drivers influencing market revenue growth include rising healthcare costs, growing demand to lower these costs, government measures to improve safety and quality of care, and more. Healthcare companies are increasingly using big data analytics for sales and marketing initiatives, which is anticipated to fuel market revenue growth. The demand for interoperability solutions in healthcare among healthcare providers and healthcare payers is accelerating due to the increase in the price of various medical procedures and the decrease in reimbursements for laboratory services.
The federal government's investment in encouraging the use of these methods has a further impact on the market. The market for interoperability solutions in healthcare is also benefited from the rise in healthcare spending, improvements in the healthcare infrastructure, and rising demand for extended care delivery. However, the lack of qualified personnel to operate interoperability solutions in the healthcare market, worries about data security and privacy, and the high cost and complexity of implementing healthcare analytics solutions, and these factors are all anticipated to restrain market revenue growth throughout the forecast period.
Market Segmentation:
The interoperability solution in the healthcare market is segmented on level, product type, application and end-use. Based on level, the market is segmented into semantic, foundational and structural. Based on the product type, the market is segmented into services and solutions. Based on the application, the market is segmented into treatments, diagnostics and others. Based on the end-user, the market is segmented into healthcare providers, healthcare payers and life science companies.
Based on level, the semantic category is accounted as a major contributor to the interoperability solution in the healthcare market.
The semantic category dominated the market in 2021 as it permits fundamental data and system compatibility between two systems. This application makes it difficult for computers to retain, reconcile, translate and upgrade data and slows segmental progress. The sort of interoperability strategy that is now available on the market and allows for the use of more than two pathways for information sharing is semantic interoperability. Semantic interoperability enables online communication of medical details between different authorized parties and physicians across potentially incompatible electronic health records (EHR) and other platforms to improve healthcare delivery capacity, consistency, protection and efficacy.
The service category witnessed growth at a rapid rate.
The service category dominated the market in 2021. As healthcare analytics systems grow, so does the demand for services such as maintenance, implementation and consulting. This will likely boost revenue growth in the segment during the forecast period. The solution sector is predicted to rise rapidly during the forecast period, owing to the growing demand for healthcare analytics solutions to improve the efficiency of organizational operations in healthcare facilities.
The North American interoperability solution holds a significant regional revenue share in the healthcare market.
The North American interoperability solution in the healthcare market is expected to register the highest market share in revenue in the near future due to the region's extensive network of healthcare facilities and important vital actors. The usage of EHRs is expanding, and government rules on clinical care are becoming more stringent to lower healthcare costs and improve patient care in hospitals around the region. These elements are influencing the region's adoption of interoperability solutions. In addition, Asia Pacific is projected to grow rapidly in the global interoperability solution in the healthcare market due to quick advancements in healthcare and information technology, increased data collection in developed countries, and rising expenditures to support the use of advanced analytics solutions. Other trends include increased government eHealth initiatives, growing medical tourism, increased high-quality healthcare demand, and increased demand for medical equipment installation and healthcare information technology (HCIT) solutions integration to give patients access to cost-effective, high-quality care. Using these solutions to simplify healthcare procedures and lower healthcare expenses is also helping the Asia Pacific market's revenue growth.
Competitive Landscape
Key players in the interoperability solution in the healthcare market are InterSystems Corporation, Allscripts Healthcare Solutions, Cerner Corporation Inc., Orion Health Group Limited, Koninklijke Philips N.V., Epic Systems Corporation, ViSolve Inc., Infor Inc, iNTERFACEWARE and Quality Systems Inc.
