Northbrook, IL 60062 -- (SBWire) -- 07/05/2023 --Healthcare Interoperability Solutions Market in terms of revenue was estimated to be worth $3.4 billion in 2022 and is poised to reach $6.2 billion by 2027, growing at a CAGR of 12.9% from 2022 to 2027 according to a new report by MarketsandMarkets™. Growth in this market is driven by the increasing demand for efficient and cost-effictive healthcare delivery, government initiatives towards improving the healthcare interoperability. However, the lack of true interoperability among electric systems, financial burden and technical difficulties in building and operations are some factors restraining the growth of the healthcare interoperability solutions market to a certain extent during the forecast period. The base year considered for the study is 2021, while the forecast period is 2022 to 2027.
The healthcare interoperability solutions industry is expected to grow significantly in the near future due to the increasing demand for healthcare data exchange and integration. The industry is driven by the growing focus on patient-centric care, increasing demand for cost-effective healthcare services, advances in technology, and the need for better analytics. The industry is expected to benefit from the development of standards-based technologies such as HL7 FHIR and IHE Profiles that enable healthcare organizations to easily share information. Additionally, healthcare organizations are increasingly turning to cloud-based solutions as a way to reduce costs and improve efficiency. Finally, the industry is expected to benefit from the adoption of blockchain technology, which can enable secure, end-to-end data exchange and integration of healthcare information.
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Key Market Players:
Some of the prominent players in this market are Cerner Corporation (US), Epic Systems Corporation (US), Infor, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US), Orion Health Group Limited (New Zealand), IBM Watson Health (US), Lyniate (US), Change Healthcare (US), NextGen Healthcare, Inc. (US), and Medical Information Technology, Inc. (US), iNTERFACEWARE (Canada), OSP Labs (US), ViSolve, Inc. (US), Jitterbit (US), Virtusa Corp. (US), and Summit Healthcare Services, Inc. (US).
Drivers: Emergence of new medical technologies
Technological advances over the last several decades have been on the rise. However, the cost of some of these technological advances is what is partially responsible for the overall increase in healthcare costs. In fact, new medical technologies are responsible for 40–50% of annual cost increases. Healthcare interoperability has several potential benefits. Well-communicating systems can improve operational efficiency, thereby reducing the time spent on administrative tasks such as manually entering data received from faxes. Interoperability can also reduce duplicate clinical interventions such as imaging studies or lab orders, thus decreasing waste and overall costs and also improving patient safety by reducing exposure to radiation or invasive procedures. Finally, interoperability may also improve clinical care by facilitating improved access to relevant and longitudinal clinical data at the point of care. FHIR, or Fast Healthcare Interoperability Resources, is an open-source standards framework for healthcare data that draws on HL7, a previous standards framework. FHIR was developed to facilitate the transfer of healthcare data from one system to another.
Restraints: Lack of accurate interoperability solutions across healthcare supply chain
The lack of accurate interoperability between healthcare providers, systems, technology, and information is a challenge across the healthcare supply chain. Diverse vendors, processes, and standards all obstruct the delivery of optimal patient results. Increasing healthcare expenditures, increased patient expectations, and a movement to value-based care requires providers to improve healthcare interoperability. The lack of true interoperability among electronic systems is a major concern. While many hospitals are able to use their current EHRs for some information exchange activities that promote interoperability (such as finding, sending, or receiving information), only 23% of hospitals can perform all four information exchange activities (find, send, receive, and use).
By type, the services segment accounted for the largest share of the healthcare interoperability solutions market in 2021.
On the basis of type: the services segment accounted for the largest share. The large share of this segment can be attributed to the advantages offered by the services such as installation, equipment updates or traditional licensing management are not required in case of services.
The healthcare providers segment is expected to witness the highest growth rate in the healthcare interoperability solutions market, by end user, during the forecast period
Based on end user: the healthcare providers segment is expected to register the highest CAGR during the forecast period. The growing geriatric population leading to the increasing hospital admissions is contributing to the growth of this segment.
North America dominated the healthcare interoperability solutions market in 2021
North America accounted for the largest share of the healthcare interoperability solutions market in 2021, followed by Europe and Asia Pacific. The rising demand for value-based healthcare, the need to reduce the increasing healthcare costs, and the implementation of favorable government initiatives & regulations in the region are the key factors responsible for the large share of North America in the healthcare interoperability solutions market.
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Healthcare Interoperability Solutions Market Dynamics:
Drivers:
1. Increasing demand for efficient and cost-effective healthcare delivery
2. Government initiatives and regulations to enhance patient care and safety
3. Emergence of new medical technologies
4. Growing adoption of electronic health records
Restraints:
1. Lack of accurate interoperability solutions across healthcare supply chain
2. Lack of standards and protocols in IT businesses
3. Use of outdated legacy systems in hospitals and clinic chains
Opportunities:
1. Growing markets for healthcare interoperability solutions in developing countries
2. Advancements in software technology for real-time data exchange
Challenges:
1. Increasing complexity due to lack of consistent data
2. Shortage of skilled healthcare IT professionals
3. Patient data security and privacy concerns in healthcare industry
Report Link: Healthcare Interoperability Solutions Market
Recent Developments:
- In November 2022, Nextge Healthcare (US) acquired TSI Healthcare (US) to expand its presence in key specialties, including rheumatology, pulmonology, and cardiology.
- In October 2022, Lyniate (US) partnered with CyncHealth (US) to help healthcare providers and health networks, payers, and public health departments power more meaningful data exchange.
- In September 2022, Lyniate (US) partnered with BrightInsight (US) to improve Information Exchange for Regulated Digital Health Solutions Built on the BrightInsight Platform.
- In July 2022, Intersystem Corporation (US) partnered with Bedfordshire Hospitals NHS Foundation Trust to develop a new shared health and care record, which is being rolled out across Bedfordshire and Luton.
Healthcare Interoperability Solutions Market Size, Business Overview, Key Players and Forecast 2027
In November 2022, Nextge Healthcare (US) acquired TSI Healthcare (US) to expand its presence in key specialties, including rheumatology, pulmonology, and cardiology.