HEALTHCARE INTEROPERABILITY SOLUTIONS MARKET ANALYSIS

The global healthcare interoperability solutions market was valued at US$ 3,192.08 Mn in 2021 and is forecast to reach a value of US$ 7,745.27 Mn by 2028 at a CAGR of 13.6% between 2022 and 2028. The healthcare interoperability solutions market is experiencing strong growth due to the Increase in the adoption of interoperability solutions by healthcare authorities, favorable government initiatives to improve patient care, investments to enhance healthcare facilities, & increase in focus on patient-centric care are some major factors propelling the market growth. However, factors such as lack of interoperability solutions and shortage of skilled healthcare IT professionals are expected to hamper growth of the market.

Global Healthcare Interoperability Solutions Market: Regional Insights

Based on geography, the global healthcare interoperability solutions market is segmented into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa.

Among regions, North America is expected to gain highest share in the market over the forecast period owing to the effective EHR (Electronic Health Record) implementation by healthcare organizations in the region. For instance, EHRs are real-time, patient-centred records that make information available instantly and securely to authorized users (healthcare organizations). The U.S. government is providing funding to hospitals to implement EHR systems, leading to over 90% penetration of EHR among health care providers across the nation.

Asia Pacific is also expected to witness robust growth in the global healthcare interoperability solutions market owing to the increasing government expenditure on healthcare facilities. For instance, in the pandemic year, the central and state governments’ (the Government of India’s) budgeted expenditure on the health sector reached 2.1 per cent of GDP in 2021-22, against 1.3 per cent in the previous fiscal. A significant budgetary increase for the healthcare sector in the wake of the COVID-19 pandemic pushed India's health expenditure.

Figure 1. Global Healthcare Interoperability Solutions Market Share (%), by Therapeutic Area, 2021

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Global Healthcare Interoperability Solutions Market Drivers:

Increasing implementation of Healthcare IT solutions across the world is expected to augment growth of the global healthcare interoperability solutions market over the forecast period. For instance, hospitals and health care providers across the globe are implementing Healthcare IT solutions, such as EHR systems, to digitize their health data & processes. In June 2022, SANA Health Solutions announced the launch of its digital healthcare business with an aim to simplify the long and tedious search for employee welfare and healthcare programs. To ensure superior customer experience, SANA Health Solutions has partnered with 15 healthcare providers.

Funding by both government and non-government organizations for healthcare interoperability is expected to boost growth of the global healthcare interoperability solutions market over the forecast period. For instance, in September 2020, ONC awarded US$ 2.7 million funding for interoperability innovation initiatives. Using this funding, MedStar Health Research Institute, Chesapeake Regional Information System, and other LEAP in Health IT awardees will launch new projects focused on the use of FHIR (Fast Healthcare Interoperability Resources) and other exchange specs across a variety of use cases.

Global Healthcare Interoperability Solutions Market Opportunities:

Increase in adoption of healthcare interoperability solutions is expected to provide significant growth opportunities for players in the global healthcare interoperability solutions market. For instance, in April 2022, Embratel announced the launch of healthcare interoperability solution, suitable for public/private institutions that seek to solve the challenges of clinical connectivity, information integration and sharing of medical records for an integral view of healthcare. The new solution enables the integration of multiple systems and data, facilitates access to medical history, and makes information management safer.

Favorable government initiatives/support to improve patient care are expected to offer lucrative growth opportunities for players in the global healthcare interoperability solutions market. For instance, as per the Centers for Disease Control and Prevention (CDC), the United States Core Data for Interoperability is an ONC led initiative to provide the common core of standardized data to support treatment, payment, healthcare operations, requests from patients, post-market surveillance, research, public health, and other authorized uses.

Global Healthcare Interoperability Solutions Market Trends:

Increase in adoption of cloud-based interoperability solutions is expected to propel the growth of the global healthcare interoperability solutions market. For instance, in July 2021, Google Cloud launched a new solution which aims to enable interoperability in healthcare. Healthcare Data Engine is an end-to-end solution that collects data from multiple sources, and provides clinicians, planners, and researchers with access to a real-time and full picture of the patient’s record in a secure cloud environment which supports analytics and AI.

Rising concerns over increasing healthcare costs is expected to aid in the growth of the global healthcare interoperability solutions market. Interoperability is intended to streamline care and promote patient-centered care while also lowering healthcare costs. Moreover, interoperability solutions in healthcare are the key to overcoming some of the industry's toughest challenges and promise to significantly reduce healthcare costs.

Global Healthcare Interoperability Solutions Market Restraints:

Lack of interoperability solutions is expected to hamper the growth of the global healthcare interoperability solutions market. Health data has always been challenging to access and share in a secure manner. Lack of interoperability can disturb the seamless health data exchange. A lack of interoperability can result in an incomplete understanding of an individual’s health needs, which can lead to poorer outcomes and higher costs.

Shortage of skilled healthcare IT professionals is expected to hinder growth of the healthcare interoperability solutions market. According to the Healthcare Information and Management Systems Society (HIMSS), 2020, shortage of skilled healthcare IT professionals is the major point of concern in the healthcare industry. Moreover, the WHO estimates a projected shortfall of 15 million health workers by 2030, mostly in low- and lower-middle income countries.

Figure 2. Global Healthcare Interoperability Solutions Market Share (%), by Therapeutic Area, 2021

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Global Healthcare Interoperability Solutions Market Segmentation:

The global healthcare interoperability solutions market report is segmented into Deployment, Level, Type, End-User, and Geography.

Based on Deployment, the global healthcare interoperability solutions market is segmented into Cloud-based and On-premise. Out of which, Both Segments are expected to dominate the market over the forecast period and this is attributed to the increase in adoption of healthcare interoperability solutions (both cloud-based and on-premise). Many ggovernments and medical institutions worldwide are heavily promoting the adoption of electronic health records.

Based on Level, the market is segmented into Foundational, Structural, and Semantic. Out of which, Structural Segment is expected to dominate the market over the forecast period and this is attributed to the high adoption of technology such as e-prescribing, wherein same data are used by prescribers and pharmacists.

Semantic Segment is also expected to witness significant growth in the near future and this is owing to the increase in adoption of electronic health records and other healthcare IT solutions. Semantic interoperability solutions support electronic exchange of patient data among various authorized parties and caregivers.

Based on Type, the healthcare interoperability solutions market is segmented into Solutions and Services. Out of which, Services Segment is expected to dominate the market over the forecast period and this is attributed to the rising concerns over increasing healthcare costs or shift toward cloud-based platform and cloud computing to reduce operational costs.

Solutions Segment is also expected to witness significant growth in the near future and this is owing to the increase in need for greater access to patient health information to improve care quality &enhance patient satisfaction.

Based on End-User, the global healthcare interoperability solutions market is segmented into Healthcare Providers, Healthcare Payers, and Pharmacies. Out of which, Hospitals Segment is expected to dominate the market over the forecast period owing to the supportive government policies or favorable government initiatives/support to improve patient care.

Global Healthcare Interoperability Solutions Market: Key Developments

In May 2022, NextGen Healthcare and Circuit Clinical teamed up to bring clinical trial access to patients of Federally Qualified Health Centers (FQHCs) through over 14,000 providers that utilize NextGen Healthcare solutions.

In April 2022, Royal Philips and Prisma Health teamed up to help the health system achieve enterprise interoperability, standardize patient monitoring, and drive innovation in enterprise imaging solutions to enhance patient care and improve clinical performance.

In July 2022, Allscripts and Microsoft Corp. extended their long-standing strategic alliance to enable the expanded development and delivery of cloud-based health IT solutions. Cloud-based Sunrise will improve organizational effectiveness, solution interoperability, and clinician ease of use and provide improved patient experience.

Global Healthcare Interoperability Solutions Market: Key Companies Insights

The global healthcare interoperability solutions market is highly competitive. This is attributed to the increasing adoption of healthcare IT solutions and healthcare interoperability, as a result, players in the market are focusing on launching novel products in the market.

Some of the key players in the global healthcare interoperability solutions market are:

Orion Health Group Limited, Virtusa Corporation, Jitterbit, Infor Inc., NextGen Healthcare Inc., EPIC Systems Corporation, Allscripts Healthcare LLC, Koninklijke Philips NV, IBM, and Oracle Corporation (Cerner Corporation), among others.

*Definition: Interoperability in healthcare refers to timely and secure access, integration, and use of electronic health data so that it can be used to optimize health outcomes for individuals and populations. Healthcare interoperability is the ability of two or more systems to exchange health information and use the information once it is received.