Worldwide healthcare data interoperability market is predicted to surpass US $3.5 billion by the year 2025, according to the latest research available at Market Study Report LLC, report provides complete overview of healthcare data interoperability Market considering all the major Industry trends, market dynamics and competitive scenario.
According to the WHO, the healthcare segment witnessed an inflow equal to 10% of global GDP in 2015. This signifies the growing expenditures towards healthcare around the globe. The developed as well developing nations are undertaking healthcare infrastructural developments which will propel the growth of healthcare data interoperability market. The increased inflow of cash will encourage the healthcare organizations to adopt advanced interoperability solutions enabling them to exchange data securely and serve better.
Increasing instances of chronic disease among the population are generating massive data recording demand and giving rise to the need for adopting EHR software. These EHR software requires interoperability solutions to facilitate secure & effective exchange of patient data, which in turn, will sublimate growth of healthcare data interoperability market.
Based on the level type, the semantic segment of healthcare data interoperability market is expected to witness growth of 9.5% over the forecast period, owing to its ability to provide superior data interpretation and secure data sharing. The semantic interoperability sorts the raw complicated medical data and presents it in a simpler form.
On the basis of deployment model, on-premise segment contributed over 35% share to the revenue in 2018 owing to the reliability of huge public hospitals on the product. On-premise solutions are majorly used in multi-specialty healthcare organization having numerous departments for easy access and efficient exchange of data among different departments.
Based on the application, diagnosis segment is presumed to grow by 9% over the forecast period. The significant growth can be attributed to the increasing cases of chronic ailments such as diabetes and cancer, along with the rising awareness about the benefits of diagnosis at early stage. The use of interoperability for massive data transfer from diagnosis centers to healthcare facilities will fuel the market growth.
According to the study, the centralized model segment of healthcare data interoperability market had global value of US $900 million in 2018. The centralized model acts as a secure repository collecting data from various healthcare facilities and allowing access only to the authorized personnel. The ability of the model to give swift access to data through centrally located data and easy data sharing features will drive the product demand.
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Moreover, ambulatory surgical centers (ASC) end-user market is expected to observe over 9% growth by 2025. More patients are preferring ASCs, owing to faster rates of recovery and lesser surgical costs, encouraging the segment to adopt interoperability solutions, thereby contributing towards the market growth.
Speaking of regional prospects, Asia Pacific extended significant contribution in 2018 and the healthcare data interoperability market was valued at US $440 million. The region encourages new entrants in the market by exercising positive regulatory practices. The presence of growth opportunities for new players will fuel the market growth in the region.
The prominent companies operating in the healthcare data interoperability market include Orion Health, Optum Insights, Epic, Ciox Health, Oracle, Allscripts, Smith Medical, Medicity, Edifecs Inc, Cerner Corporation, Philips, Experian Health, and Teletracking Technologies.