Market Trends of Global Healthcare Middleware Industry
This section covers the major market trends shaping the Healthcare Middleware Market according to our research experts:
Cloud Based Software is Believed to Witness Significant Growth Over the Forecast Period
Cloud-based solutions are comparatively newer approaches and are mostly used by organizations that lack the internal infrastructure to support them. The installation cost of this software is lower than the on-premise systems. Moreover, this software eradicates the need for in-house maintenance, which is likely to be the prime factor driving their increasing demand. The cloud-based delivery model makes the software extremely flexible regarding scalability (pay-as-you-go storage utilization). It simplifies and consolidates storage resources to reduce costs and enhance workflow by eliminating departmental silos of clinical information. Increasing adoption of these platforms by hospitals and other healthcare facilities is driving segment growth. Remote access to data, real-time data tracking, and a simpler complex physical ecosystem are notable benefits associated with cloud-based systems.
The factors such as recent product launches and other strategies such as mergers and acquisitions adopted by the key market players will boost the segment growth. For instance, in March 2022, Microsoft launched Azure Health Data Services. It is a platform-as-a-Service that allows organizations to upload, store, manage and analyze healthcare data in the open standards Fast Healthcare Interoperability Resources (FHIR)and Digital Imaging and Communications in Medicine (DICOM). Such launches are propelling the growth of the market. Additionally, the partnership among the market players is also augmenting the growth of the market segment. For Instance, in March 2022, Snowflake launched the Healthcare and Life Sciences Data Cloud. It will enable healthcare companies to have a single, integrated, and cross-cloud data platform that eliminates technical and institutional data silos. This will enable organizations to securely centralize, integrate, and exchange critical and sensitive data at scale. Snowflake ensures high levels of data security and governance, and its built-in capabilities and extended partner network allow companies to meet compliance requirements and satisfy industry regulations.
Thus, the above-mentioned factors are expected to contribute to the segment growth over the forecast period.
North America is Expected to have Significant Market Share in the Healthcare Middleware Market
North America is believed to witness a significant share in the healthcare middleware market whereas the United States is expected to dominate the region. The United States has a vast array of patient information. To easily analyze this data, pharmaceutical and biopharmaceutical companies have been accumulating years of research and development data into medical databases, while payers and providers have digitized their patient records over the last decade.
Recent advancements in technology and strategic collaborations among various companies are playing a key role in market growth. For instance, in February 2021, Fourteen leading healthcare providers partnered to form Truveta, a new company that will leverage healthcare analytics for enhanced care insights. The providers involved in the effort include AdventHealth, Advocate Aurora Health, Baptist Health of Northeast Florida, Bon Secours Mercy Health, CommonSpirit Health, Hawaii Pacific Health, Henry Ford Health System, Memorial Hermann Health System, Northwell Health, Novant Health, Providence health system, Sentara Healthcare, Tenet Health, and Trinity Health. The company's platform by using the normalizing structured and unstructured data types from across those major health systems will help to drive approaches to diagnoses, geographies, and demographics.
Furthermore, the launch of new platforms is also boosting the growth of the market. For Instance, in April 2021, Mayo Clinic launched a new platform named the Remote Diagnostic and Management Platform (RDMP) for analyzing data from mHealth Devices used in remote patient monitoring and telehealth programs and applying AI tools for diagnosis and decision support.
Thus, owing to the abovementioned factors, the studied market in the United States is expected to show lucrative growth over the forecast period.
