Healthcare Data Interoperability Market Report | Size & Share 2030

[Research Report] Healthcare data interoperability market size is projected to grow from US$ 4.312 billion in 2022 to US$ 15.90 billion by 2031; it is estimated to record a CAGR of 16.2% during 2022–2031.

Market Insights and Analyst View:

In healthcare data interoperability, electronic health records and other health information are exchanged between a variety of parties involved, including healthcare facilities and insurance companies. In order for healthcare systems and their infrastructure to function efficiently, healthcare interoperability is essential for information to be shared, accessed and coordinated seamlessly. Due to its highly personalized integration, delivery of personalized care, and scaling of healthcare interoperability systems, the healthcare interoperability market is extremely challenging.

The healthcare data interoperability market is majorly driven by factors such as patient-centric care delivery programs and rising concerns over increasing healthcare costs. Companies are constantly involved in selling their innovative products through off-the-shelf and e-commerce platforms, which have paved the way for significant growth opportunities for the players operating in the healthcare interoperability market.

Growth Drivers:

Several factors will drive the growth of the healthcare interoperability market, including the growing adoption and investment of digital healthcare solutions by healthcare providers worldwide and the rising healthcare costs. Due to the fact that healthcare interoperability solutions can reduce healthcare costs, they are expected to be adopted more widely over the forecast period and the market will grow. The adoption of healthcare interoperability solutions can improve healthcare efficiency, improve patient care, reduce healthcare costs, and reduce physician burnout, among other benefits. As a result, the healthcare interoperability market is projected to grow over the forecast period as healthcare IT and interoperability solutions continue to invest in healthcare IT and interoperability solutions. A total of US$ 2.7 million was awarded to four organizations in September 2021 under the Leading Edge Acceleration Projects in Health Information Technology program by the Office of the National Coordinator for Health Information Technology for exploring new opportunities for the adoption and use of health IT standards across the healthcare ecosystem as part of the Leading Edge Acceleration Projects in Health Information Technology program.

A major concern of governments is the increasing healthcare expenditure around the world, and in order to reduce that expenditure, healthcare IT solutions are being adopted and deployed. As a result, healthcare interoperability solutions are expected to be increasingly adopted, as they play a crucial role in transferring data. According to the Federal Statistical Office (Destatis) of Germany, healthcare expenditures in Germany are rising year over year, reaching US$ 468 billion (EUR 441 billion) in 2021, according to its June 2022 report. The healthcare interoperability market will also grow as a result of the launch of new products by market players in the area. For instance, CareCloud Inc. released CareCloud Connector in December 2019, a next-generation interface and data management engine for healthcare organizations. Data management and deployment speed are enhanced while interface control and visibility are improved as the solution provides ready-to-use integration. Based on the above-mentioned factors, the healthcare data interoperability market is expected to grow during the forecast period.

Strategic Insights

Report Segmentation and Scope:

The “Global Healthcare Data Interoperability Market” is segmented based on deployment, type, level, end user, and geography. The healthcare data interoperability market is bifurcated based on deployment into cloud-based and on-premise. Based on type, the healthcare data interoperability market is categorized into solutions and services. Based on level, the healthcare data interoperability market is segmented into foundational, structural, and semantic. Based on end user, the healthcare interoperability market is segmented into healthcare providers, healthcare payers, and pharmacies. The healthcare data interoperability market, based on geography is segmented into North America (US, Canada, and Mexico), Europe (Germany, France, Italy, UK, Spain, and Rest of Europe), Asia Pacific (Australia, China, Japan, India, South Korea, and Rest of Asia Pacific), Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

Segmental Analysis:

The healthcare data interoperability market, by type, is segmented into solutions and services. The service segment held the largest share of the market in 2022. As a result of the presence of a substantial number of interoperability solutions providers, the service segment is expected to account for most of the market. The segment is also growing as healthcare and scientific communities become increasingly interested in cloud computing and cloud-based platforms as a means to minimize their overall operational costs for better and faster performance of healthcare applications.

The healthcare data interoperability market is segmented based on level into foundational, structural, and semantic. The structural segment held the largest market share in 2022. The segment's growth is due to the ability of the recipient system to interpret information at the field level. This specifies the format for sending messages from one system to another. This is essential for users to comprehend the purpose of the information clearly.

Based on deployment, the healthcare data interoperability market is segmented into cloud-based and on-premise. The cloud-based segment held the largest market share in 2022. A cloud-based electronic health record (EHR) offers independent physicians security as well as cost savings compared to server-based EHRs. The EHRs in the cloud are shifted to the software as a service (SAAS) provider, including maintenance and updates, so the practice has fewer resources to devote to the system and more time to patients.

Based on end user, the healthcare interoperability market is segmented into healthcare providers, healthcare payers, and pharmacies. The healthcare providers held the largest market share in 2022. Healthcare interoperability enables seamless coordination among healthcare providers within a patient's circle of care, increasing the likelihood of accurate diagnosis, timely treatment, and better outcomes. By knowing their health history, patients can be more active in their treatment. Healthcare providers can increase the speed and efficiency of care delivery by enhancing interoperability by providing seamless access to patient health information, reducing duplication of testing, and minimizing medical errors.

Regional Analysis:

Based on geography, the healthcare data interoperability market is divided into five key regions: North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa. North America is likely to acquire a significant share of the global market in 2022. The North American region is expected to hold a significant share of the healthcare data interoperability market due to the increasing investment in digitalizing the healthcare infrastructure, the increase in healthcare expenditure, and the launch of new products. According to the Canadian Institute for Health Information, in 2021, Canadian healthcare infrastructure increased from US$ 267 billion in 2021 to US$ 308 billion in 2021. Further, in the North American region, the United States is expected to be one of the largest markets for healthcare interoperability solutions since it is a major country where digital healthcare solutions like electronic health records (EHRs) are widely used in almost every hospital. In a study published in December 2019 entitled “Assessment of Electronic Health Record Use Between US and Non-US Health Systems”, clinicians in the US were more likely to use the EHR actively for clinical tasks, resulting in the adoption of healthcare interoperability solutions.

Industry Developments and Future Opportunities:

Various initiatives taken by key players operating in the global healthcare data interoperability market are listed below:

• In April 2022, Embratel launched the Embratel Saúde Interoperabilidade solution, suitable for public and private institutions that seek to solve the challenges of clinical connectivity, information integration, and sharing of medical records for an integral view of healthcare.
• In March 2022, eHealth Exchange, a non-profit health information network connecting providers and federal agencies, received a new Innovation Grant program of US$ 550,000 to help accelerate electronic health information exchange or develop new technological connectivity tools.
• In January 2022, The Biden administration released a governance framework for nationwide health information exchange to facilitate secure nationwide information sharing among disparate healthcare entities, this framework will establish legal and technical baseline requirements.

Competitive Landscape and Key Companies:

Koninklijke Philips NV, Oracle Corporation (Cerner Corporation), EPIC Systems Corporation, NextGen Healthcare Inc., Koch Software Investments (Infor Inc.), Jitterbit, Virtusa Corpopration, Orion Health Group Limited, International Business Machines Corporation (IBM), and Infor Inc are the major healthcare data interoperability market companies. These companies focus on various growth strategies such as new technologies, advancements in existing products, and geographic expansions to meet the growing consumer demand worldwide.  

REGIONAL FRAMEWORK

Healthcare Data Interoperability Market Report Analysis

MARKET PLAYERS

Healthcare Data Interoperability Market Report Scope