Healthcare Interoperability Solutions Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 4.53 Billion |
| Market Size (2029) | USD 7.75 Billion |
| CAGR (2024 - 2029) | 11.31 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Healthcare Interoperability Solutions Market Analysis
The Global Healthcare Interoperability Solutions Market size is estimated at USD 4.53 billion in 2024, and is expected to reach USD 7.75 billion by 2029, growing at a CAGR of 11.31% during the forecast period (2024-2029).
The COVID-19 pandemic had a significant impact on the world economy and healthcare infrastructure due to the sudden surge in COVID-19 patients. It significantly increased the demand for healthcare interoperability solutions because of the unforeseen influx of COVID-19 patients with different health conditions which disrupted the general functioning of any healthcare providing facility. For instance, according to an article published in February 2021, titled 'COVID-19 Highlights Need for Laboratory Data Sharing and Interoperability', the necessity for an interoperable healthcare system has become abundantly clear as a result of the SARS-CoV-2 pandemic, and in the United States, each state has its requirements for responding to the COVID-19, figures are inconsistent and depend on the location and information source. Further, as per the same source, the country's response to COVID-19 would be significantly improved by an interoperable healthcare system. For instance, a patient could contact their provider with symptoms, and the provider would have rapid access to the patient's complete medical information to treat any underlying issues. Hence it is anticipated that the COVID-19 pandemic is expected to have a significant impact on the healthcare interoperability solutions market.
The major factors that are expected to fuel growth in the healthcare interoperability solutions market include increasing adoption and investment in digital healthcare solutions by healthcare providers across the world and rising concerns over increasing healthcare costs. The healthcare interoperability solutions can help in reducing the increasing healthcare costs due to which they are expected to be adopted more widely over the forecast period and the market is expected to grow. For example, some of the major benefits of adopting healthcare interoperability solutions are an increase in healthcare efficiency, improvement in quality of care and patient experience, reduction the healthcare cost, and lightening physician burnout among other benefits. Hence, the investment in healthcare IT and interoperability solutions is expected to increase over the forecast period which is expected to fuel growth in the healthcare interoperability solutions market. For instance, in September 2020, the Office of the National Coordinator for Health Information Technology of the United States rewarded four organizations with funding of a total of USD 2.7 million under the Leading Edge Acceleration Projects in Health Information Technology program for the exploration of new opportunities for the adoption and use of health IT standards across the healthcare ecosystem.
Further, the increasing healthcare expenditure across the world is one of the major concerns for the governments, and to reduce that healthcare IT solutions are being adopted and deployed which is further expected to increase the adoption of healthcare interoperability solutions as they will play a crucial role in transferring of data from one place to another. For instance, according to the June 2022 report of the Federal Statistical Office (Destatis) of Germany, the country's healthcare expenditure is increasing year over year and in 2020 it stood at EUR 441 billion.
Moreover, the launch of new products in the area by the market players is further expected to boost the growth of the healthcare interoperability solutions market. For instance, in December 2021, CareCloud Inc. launched CareCloud Connector, a next-generation interface and data management engine for healthcare organizations. The solution offers ready-to-use integration that enhances data management and deployment speed while delivering improved interface control and visibility. Therefore, owing to the above-mentioned factors, the studied market is expected to grow over the forecast period. However, a shortage of skilled professionals in the area is expected to restrain the growth of the healthcare interoperability solutions market during the forecast period.
Healthcare Interoperability Solutions Market Trends
This section covers the major market trends shaping the Healthcare Interoperability Solutions Market according to our research experts:
Service Segment is Expected to Hold a Major Market Share in the Healthcare Interoperability Solutions Market Over the Forecast Period
The service segment is anticipated to account for the major share owing to the presence of a substantial number of service providers for interoperability solutions. Furthermore, increasing interest of healthcare and scientific communities in the cloud-based platform and cloud computing to minimize the overall operational costs for better and faster performance of healthcare applications is driving the segment growth.
In addition, the service providers in the market are continuously innovating their products and launching new products which are expected to have a significant impact on the market. For instance, in July 2021, Google Cloud introduced a healthcare data engine, an end-to-end solution for life science and healthcare organizations that harmonizes data from multiple sources, including claims, medical records, research data, and clinical trials. Similarly, in May 2020, NewWave Telecom collaborated with Technologies, Inc. for the launch of Onyx Technology, a subsidiary focused on delivering health plans with services and products required to assist healthcare data interoperability. Hence, the segment is expected to grow over the forecast period.
Moreover, the frequent purchases of services, including software upgradation, training, and maintenance, and adoption of other interoperability solutions are further expected to boost growth in the studied segment. For instance, in April 2021, Reliq Health Technologies Inc. adopted the FHIR (Fast Healthcare Interoperability Resources) standard for its iUGO Care platform to fulfill the requirements of the large-scale enterprise. Therefore, due to the above-mentioned factors, the service segment is expected to hold a significant share in the healthcare interoperability solutions market during the forecast period.
North America is Expected to Occupy a Significant Share in the Market Over the Forecast Period
The North American region is expected to hold a significant share in the studied market owing to the increasing investment in the digitalization of the healthcare infrastructure, increase healthcare expenditure, and launch of new products. For instance, according to the November 2021 report of the Canadian Institute for Health Information, the Canadian healthcare infrastructure increased from USD 267 billion in 2019 to USD 308 billion in 2021. Similarly, the healthcare expenditure of the United States increased from USD 3.8 trillion in 2019 to 4.3 trillion in 2021. Hence, to control the increasing healthcare cost, the demand for healthcare interoperability solutions is expected to increase which is expected to boost the market's growth.
Moreover, in the North American region, the United States is expected to be a major market in the region for healthcare interoperability solutions as it is one of the major countries where digital healthcare solutions like electronic health records (EHRs) are used widely in almost every hospital. For instance, according to the research study published in December 2020, titled 'Assessment of Electronic Health Record Use Between the US and Non-US Health Systems', when compared to their peers from other countries, clinicians from the United States used the EHR actively for a great deal more clinical tasks and hence, the adoption of healthcare interoperability solutions.
In addition to this, the presence of some key market players in the country and business expansion initiatives like product launches, mergers and acquisitions, and collaborations among others are expected to further boost the market growth. For instance, 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. Therefore, due to the above-mentioned factors, the North American region is expected to occupy a significant share, where the United States would be the major market for the healthcare interoperability solutions market over the forecast period.
Healthcare Interoperability Solutions Industry Overview
The healthcare interoperability solutions market is currently fragmented in nature with the presence of several large to small and medium-sized players due to which, the market is moderately competitive. Some of the companies currently dominating the market are Koninklijke Philips NV, Allscripts Healthcare LLC, Cerner Corporation, EPIC Systems Corporation, NextGen Healthcare Inc., Infor Inc., Jitterbit, Virtusa Corp., Orion Health Group Limited, and IBM.
Healthcare Interoperability Solutions Market Leaders
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Koninklijke Philips NV
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EPIC Systems Corporation
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NextGen Healthcare, Inc.
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Oracle Corporation (Cerner Corporation)
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Koch Software Investments (Infor, Inc)
*Disclaimer: Major Players sorted in no particular order
Healthcare Interoperability Solutions Market News
- In March 2022, eHealth Exchange, the non-profit health information network that connects providers and federal agencies, received a new Innovation Grant program of USD 550,000 to help catalyze new and innovative ways to boost electronic health information exchange or build new technical connectivity tools.
- In January 2022, The Biden administration released a governance framework for nationwide health information exchange. This framework is aimed at creating baseline legal and technical requirements to enable secure nationwide information sharing across disparate healthcare entities.
Healthcare Interoperability Solutions Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Increasing Investment in IT Healthcare Solutions and Healthcare Interoperability
- 4.2.2 Rising Concerns Over Increasing Healthcare Costs
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4.3 Market Restraints
- 4.3.1 Shortage of Skilled Healthcare IT Professionals
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4.4 Porter's Five Forces Analysis
- 4.4.1 Threat of New Entrants
- 4.4.2 Bargaining Power of Buyers/Consumers
- 4.4.3 Bargaining Power of Suppliers
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - in USD Million)
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5.1 By Deployment
- 5.1.1 Cloud-based
- 5.1.2 On-premise
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5.2 By Level
- 5.2.1 Foundational
- 5.2.2 Structural
- 5.2.3 Semantic
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5.3 By Type
- 5.3.1 Solutions
- 5.3.1.1 EHR Interoperability
- 5.3.1.2 HIE Interoperability
- 5.3.1.3 Other Types
- 5.3.2 Services
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5.4 By End User
- 5.4.1 Healthcare Providers
- 5.4.2 Healthcare Payers
- 5.4.3 Pharmacies
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5.5 Geography
- 5.5.1 North America
- 5.5.1.1 United States
- 5.5.1.2 Canada
- 5.5.1.3 Mexico
- 5.5.2 Europe
- 5.5.2.1 Germany
- 5.5.2.2 United Kingdom
- 5.5.2.3 France
- 5.5.2.4 Italy
- 5.5.2.5 Spain
- 5.5.2.6 Rest of Europe
- 5.5.3 Asia-Pacific
- 5.5.3.1 China
- 5.5.3.2 Japan
- 5.5.3.3 India
- 5.5.3.4 Australia
- 5.5.3.5 South Korea
- 5.5.3.6 Rest of Asia-Pacific
- 5.5.4 Middle East and Africa
- 5.5.4.1 GCC
- 5.5.4.2 South Africa
- 5.5.4.3 Rest of Middle East and Africa
- 5.5.5 South America
- 5.5.5.1 Brazil
- 5.5.5.2 Argentina
- 5.5.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Koninklijke Philips NV
- 6.1.2 Allscripts Healthcare LLC
- 6.1.3 Oracle Corporation (Cerner Corporation)
- 6.1.4 EPIC Systems Corporation
- 6.1.5 NextGen Healthcare Inc.
- 6.1.6 Koch Software Investments (Infor Inc.)
- 6.1.7 Jitterbit
- 6.1.8 Virtusa Corpopration
- 6.1.9 Orion Health Group Limited
- 6.1.10 International Business Machines Corporation (IBM)
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityHealthcare Interoperability Solutions Industry Segmentation
As per the scope of this report, interoperability in healthcare facilitates timely and established access, integration, and application of electronic health data to enhance and optimize health outcomes for patients. The healthcare interoperability solutions market is segmented by deployment (cloud-based and on-premise), level (foundational, structural, and semantic), type (solutions and services), end user (healthcare providers, healthcare payers, and pharmacies), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD million for the above segments.
| By Deployment | Cloud-based | |
| On-premise | ||
| By Level | Foundational | |
| Structural | ||
| Semantic | ||
| By Type | Solutions | EHR Interoperability |
| HIE Interoperability | ||
| Other Types | ||
| By Type | Services | |
| By End User | Healthcare Providers | |
| Healthcare Payers | ||
| Pharmacies | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Healthcare Interoperability Solutions Market Research FAQs
How big is the Global Healthcare Interoperability Solutions Market?
The Global Healthcare Interoperability Solutions Market size is expected to reach USD 4.53 billion in 2024 and grow at a CAGR of 11.31% to reach USD 7.75 billion by 2029.
What is the current Global Healthcare Interoperability Solutions Market size?
In 2024, the Global Healthcare Interoperability Solutions Market size is expected to reach USD 4.53 billion.
Who are the key players in Global Healthcare Interoperability Solutions Market?
Koninklijke Philips NV, EPIC Systems Corporation, NextGen Healthcare, Inc., Oracle Corporation (Cerner Corporation) and Koch Software Investments (Infor, Inc) are the major companies operating in the Global Healthcare Interoperability Solutions Market.
Which is the fastest growing region in Global Healthcare Interoperability Solutions Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Global Healthcare Interoperability Solutions Market?
In 2024, the North America accounts for the largest market share in Global Healthcare Interoperability Solutions Market.
What years does this Global Healthcare Interoperability Solutions Market cover, and what was the market size in 2023?
In 2023, the Global Healthcare Interoperability Solutions Market size was estimated at USD 4.07 billion. The report covers the Global Healthcare Interoperability Solutions Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Global Healthcare Interoperability Solutions Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Healthcare Data Interoperability Industry Report
The market report covers global healthcare interoperability companies and is segmented by deployment, level, type, end user, and geography. The value is provided in USD million for the above segments. Statistics for the healthcare data interoperability market share, size, and revenue growth rate are included. The market forecast outlook extends to the future, with a historical overview also provided. This industry report offers a comprehensive analysis of the market data, highlighting key industry trends and market growth.
The industry analysis delves into the market segmentation by deployment, level, type, and end user, providing insights into the market value and industry size. The report example includes market forecasts and market outlooks, emphasizing the importance of industry statistics and market predictions. The market review also examines the market leaders and their impact on the industry.
In addition to the market overview, the report includes research from leading companies and provides a detailed industry outlook. The industry research highlights the significance of market trends and the role of healthcare providers, healthcare payers, and pharmacies in the market. The report pdf is available for download, offering a comprehensive view of the market segmentation and industry sales.
The market report also includes a market analysis that focuses on the industry information and market data. The industry reports provide insights into the market growth and the factors driving the market. The report pdf is a valuable resource for understanding the market trends and the market forecast. The industry outlook is positive, with market predictions indicating continued growth in the healthcare data interoperability market.
Overall, the report offers a detailed industry overview, providing a thorough analysis of the market value and market segmentation. The market research highlights the key industry trends and market growth, offering valuable insights into the market leaders and their impact on the industry. The report example and report pdf provide a comprehensive view of the market, making it a valuable resource for understanding the healthcare data interoperability market.
