February 14, 2020
According to the research report titled ‘Healthcare Data Interoperability Market Size By Level (Foundational, Structural, Semantic), By Deployment (Cloud-based, On-premise) By Application (Diagnosis, Treatment), By Model (Centralized, Hybrid, Decentralized) By End-users (Ambulatory Surgical Centers, Hospitals), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Italy, Spain, Russia, Poland, The Netherlands, Japan, India, China, Australia, South Korea, Brazil, Mexico, South Africa, Saudi Arabia, UAE), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available at MarketStudyReport.com, the global healthcare data interoperability industry is expected to cross USD 3.5 billion by the year 2025.
According to the report, technological advancements in medical infrastructure to offer state-of-the-art services coupled with escalating healthcare expenditure are major factors driving the healthcare data interoperability industry growth. There has been an upsurge in adoption of EHR software for storing patient data in medical sector due to increased pervasiveness of chronic disorders. Thus, growing demand for EHR software solutions are further aiding the market expansion. However, lack of awareness pertaining to data interoperability solutions in emerging economies may hinder the market growth.
As per level, the report states that the semantic segment is expected to grow with a CAGR of 9.5% during 2019-2025. Semantic interoperability solutions offer superior data interpretation capabilities. It allows for protected exchange of data which further addresses the concerns regarding data security.
In terms of deployment, on-premise segment held 35% share of healthcare data interoperability industry in the year 2018. These solutions offer quick and easy inter-departmental exchange of data in multi-specialty hospitals. Thus, surging need for on-premise solutions for efficient access of data along with increasing dependency on such solutions is stimulating the industry outlook.
Based on the application spectrum, diagnosis segment is presumed to expand by 9% by the year 2025. Rising prevalence of chronic disorders such as diabetes and cancer has amplified the number of patients. This factor, in tandem with increasing awareness pertaining to early diagnosis are favoring the market outlook.
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Speaking of model type, the report states that centralized segment was worth USD 900 million in the year 2018. Centralized model offers data repository as well as quick access and secure sharing capabilities. Thus, these benefits will foster the demand for centralized healthcare data interoperability solutions across the globe.
As per regional analysis, Asia-Pacific healthcare data interoperability industry was worth USD 440 million in 2018 and will witness continuous growth in the subsequent years. High concentration of key industry players is augmenting the regional share of Asia-Pacific.
The prominent companies operating in the healthcare data interoperability industry are TeleTracking Technologies, Smith Medical, Philips, Oracle, Optum Insights, Medicity, Experian Health, Epic, Edifecs, Ciox Health, Cerner Corporation, and Allscripts.
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