Global Healthcare Interoperability Solutions Market to grow at 12.7% CAGR over 2020-2026

July 21, 2020

According to the research report titled ‘Global Healthcare Interoperability Solutions Market Size study, by Type (Software Solutions, Services), by Interoperability Level (Foundational Interoperability, Structural Interoperability, Semantic Interoperability), by End-User (Healthcare Providers, Healthcare Payers, Pharmacies) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global healthcare interoperability solutions market was valued at USD 2.3 billion in 2019 and is expected to grow with a CAGR of more than 12.7% during 2020-2026.

Over the past few years, healthcare sector has been witnessing a revolution as technology is being used to engage patients, consumers, and caregivers to give real-time information and efficient care with use of analytics and data, thereby propelling the demand for healthcare interoperability solutions. These solutions are beneficial in overcoming complications in healthcare sector. They enable data sharing and re-using among various healthcare devices and applications, hence reducing healthcare expenses and improving healthcare quality.

Rising focus towards patient-centric care delivery and increasing government investment for integration of healthcare interoperability solutions are contributing to the market growth. Furthermore, e-prescribing interoperability solution enables healthcare providers to send prescriptions electronically to the drug store. As per SureScrips survey, more than 70% hospitals opted for e-prescriptions in the United States in 2017.

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However, lack of trained healthcare IT professionals and rise in complexity with shortage of consistent data are the few factors expected to restrain the market growth over the forecast period.

With respect to the type, healthcare interoperability solutions market is divided into software solutions and services. Based on interoperability level, the market is segmented into semantic, structural and functional. While as per end-user spectrum, the market is bifurcated into pharmacies, healthcare payers, and healthcare providers.

Speaking of regional overview, global healthcare interoperability solutions market is segmented into North America, Latin America, Europe, APAC and rest of the world. Among these, North America holds substantial market share currently, owing to increase in demand for quality healthcare delivery and focus towards controlling healthcare expenditure.

Parallelly, Asia-Pacific market is expected to grow momentously during 2020-2026, on account of rising medical tourism as well as inflowing government funding towards healthcare facilities in countries like India and China.

Key players operating in worldwide healthcare interoperability solutions industry are EPIC Systems Corporation, InterSystems Corporation, Allscripts Healthcare Solutions, Inc., Interfaceware Inc., OSP Labs, Koninklijke Philips NV, Cerner Corporation, Orion Health Group Limited, Infor, Inc., and Nextgen Healthcare, Inc.

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