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“The global healthcare interoperability solutions market is projected to grow at a CAGR of 12.6%.”
The healthcare interoperability solutions market is projected to reach USD 4.2 billion by 2024 from an estimated USD 2.3 billion in 2019, at a CAGR of 12.6%. The growing focus on patient-centric care delivery, rising need to curb increasing healthcare costs, government initiatives for enhancing patient care and safety, and government funding for healthcare interoperability are the primary growth factors for this market. The growing improvements in healthcare infrastructure are expected to offer significant growth opportunities for players in this market. However, increasing complexity with lack of consistent data, lack of trained healthcare IT professionals, and data privacy concerns are some of the major market challenges.
“The need to manage regulatory compliance and favorable government initiatives are expected to account the largest market share of EHR interoperability solutions.”
On the basis of software solutions, by type, the healthcare interoperability solutions market is further sub-segmented into EHR interoperability solutions, lab system interoperability solutions, imaging system interoperability solutions, HIE interoperability solutions, enterprise interoperability solutions, and other interoperability solutions. The EHR interoperability solutions segment is expected to hold the largest share of the healthcare interoperability software solutions market. The increasing number of initiatives to improve the quality of care delivered to patients and the growing need to improve the profitability of healthcare operations and curtail healthcare costs are factors contributing for the larger share of this segment.
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“The Asia Pacific region is likely to be the fastest growing market for players operating in the healthcare interoperability solutions market.”
Even though North America is expected to account for the largest share of the global healthcare interoperability solutions market in 2019, the Asia Pacific region is expected to witness the highest CAGR during the forecast period. Rising medical tourism, growing demand for quality healthcare, and the growing need for the implementation and integration of medical devices and HCIT solutions to provide cost-effective and quality care to patients are factors driving the growth of this regional segment.
A breakdown of the primary participants referred to for this report is provided below:
- By Company Type: Tier 1 – 44%, Tier 2 – 38%, and Tier 3 – 18%
- By Designation: C-level – 46%, Director Level – 38%, and Others – 16%
- By Region: North America – 44%, Europe – 27%, Asia Pacific – 22%, Latin America - 5%, Middle East & Africa – 2%
The prominent players in the global healthcare interoperability solutions market are Cerner Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US), Orion Health Group Limited (New Zealand), iNTERFACEWARE (Canada), Quality Systems, Inc. (US), OSP Labs (US), Epic Systems Corporation (US), ViSolve, Inc. (US), and Jitterbit (US).
- The report analyzes the market for various healthcare interoperability solutions and their adoption pattern.
- It aims at estimating the market size and future growth potential of the global healthcare interoperability solutions market and different segments such as type, interoperability levels, end user, and region.
- The report also includes an in-depth competitive analysis of the key players in this market along with company profiles, product & service offerings, and recent developments.
Reasons To Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below mentioned five strategies for strengthening their market presence.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global healthcare interoperability solutions market
- Product & Service Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product or service launches in the global healthcare interoperability solutions market
- Market Development: Comprehensive information on lucrative emerging regions by type, interoperability levels, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the global healthcare interoperability solutions market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, revenue analysis, and products & services of leading players in the global healthcare interoperability solutions market