Global Healthcare Interoperability Solutions Market

The global healthcare interoperability solutions demand is estimated to achieve USD 6.9 billion by 2028 from USD 2.9 billion in 2022, at a CAGR of 14.9% during the forecast period. Evolution in this market is caused by the growing need to shorten healthcare costs, government enterprises to improve patient care & safety, government funding for healthcare interoperability, and the rapid adoption of EHR & other healthcare IT solutions. However, the absence of true interoperability solutions, lack of norms, and the benefit of ancient heritage systems are hindering the growth of the healthcare interoperability solutions market to a particular period during the forecast period.

What are Healthcare Interoperability Solutions?

Healthcare interoperability is a system that concerns the co-working of healthcare information systems and healthcare technology services. The healthcare interoperability strategy desires to enhance the quality of healthcare services to patients. The healthcare interoperability system is operated to attack the intricacies that may or may not occur in undertaking operations.

Growth Drivers

Increasing demand to shorten healthcare expenses

Healthcare expenses have almost doubled over the last decade, specifically in the US. The Organization for Economic Co-operation and Development (OECD) expected growing public healthcare and long-term care expenses in OECD countries from 6% of the GDP in 2018 to nearly 9% by 2030 and 14% by 2060. Elements such as growing health insurance premiums, the increasing demand for quality healthcare usefulness, the growing aging people, and the growing incidence of chronic diseases worldwide are accountable for the significant rise in healthcare costs. Another significant element donating to this movement is the high dependency on standard and technologically obsolete clinical devices that augment the rate of readmission of patients and the chances of medical errors and increase the administration costs.

Opportunities

Occurring demands for healthcare interoperability solutions in developing markets

In most emerging nations, interoperability solutions in the healthcare market are still in the earlier phases due to the absence of awareness, minimum availability of interoperable solutions, shortage of IT infrastructure, and financial and social restrictions. The growing population in these nations is also anticipated to improve the healthcare data volume in respective healthcare systems. It describes a considerable development opportunity for players working in the market. Government endeavors for implementing interoperable solutions, a rise in government spending on healthcare systems, and the increasing adoption of automation technology are the major aspects of selecting healthcare interoperability solutions in the emerging markets across the Asia Pacific.

Restraints

Lack of norms

The key restraint for adopting interoperability solutions is the lack of norms for transmitting, acquiring and managing information between EHR systems. Mismatched types, strange data fields, and proprietary formats mean that data must be manipulated and sanitized before being imported into another system. This absence of a common standard for catching, transferring, receiving, storing, and managing patient data drives pauses and inaccuracies. Also, understanding and interpreting medical terminologies correctly is a bigger challenge. A completely interoperable system requires different levels of integration and is difficult to obtain. Also, the healthcare industry mainly involves highly sensitive data in terms of required security. Hence, a vibrant and powerful technique or approach must be appropriately selected to permit the secured sharing of sensitive health data in disparate interoperable healthcare domains.

Deficiency of healthcare IT specialists

The deficiency of skilled resources is a major hindrance to enforcing interoperability solutions in hospitals. Currently, the demand for healthcare IT specialists far surpasses their collection in developing markets and major demands such as the US and Europe. By the US Bureau of worker Statistics information, hospitals and physician practices in the US required an additional 35,000 healthcare IT workers as of 2018. The bureau stated that an additional 41,000 professionals would be required in the healthcare information management (HIM) field by 2022 in the US.

Pre Covid-19 Impact on Global Healthcare Interoperability Solutions Market

Before the covid-19 outbreak, due to the growing focus on patient care, a growing need to tighten healthcare costs and government measures to improve patient treatment experience. System interoperability, information interaction, and data availability are essential factors in improving health outcomes. Individual health data is mobilized throughout the whole range of care providers in health organizations, enabling coordinated, safe, and high-quality treatment that supports payment reforms, transparency efforts, and individuals’ ability to control their health, which helped to increase the market.

Covid-19 Impact on Global Healthcare Interoperability Solutions Market

During the Covid-19 outbreak, the pandemic has positively impacted the healthcare interoperability solutions market, and this conditioning is expected to continue for the next few months. Interoperability and ineffective data management inquired healthcare organizations pre-COVID and further elaborated during the pandemic. Interoperability efforts were conducted to clinicians ignoring important COVID-19 information, patient treatment holds, and the incapacity of clinicians to satisfactorily document patients’ status. Data exchange was unworkable and often became impossible to coordinate due to the rapid transformations each day of the pandemic.

Post Covid-19 Impact on Global Healthcare Interoperability Solutions Market

After the Covid-19 outbreak, interoperability is invaluable for measuring vaccine effectiveness on the population level. When data can be transmitted at the macro level, scientists can examine the consequence of vaccines on distinct populations and the importance of distribution unfairness in traditionally underserved populations. Interoperability will permit us to understand and clarify the significance of the medicines we develop and the healthcare system’s ability to deliver them to the people who need them. Public health depends on the data interoperability can deliver, which helps increase healthcare interoperability solutions.

Product Type Segment Analysis

The market is classified into HER Interoperability, Health Information Exchange and Enterprise. EHR software has the highest share in the product type segment; HER software use is growing in both formed and emerging countries, which will help the healthcare data interoperability industry. Data interoperability software has increased in recent years because of the growing necessity to deliver effective healthcare services. Rising healthcare payments will increase demand for data interoperability software, allowing healthcare organizations to access patients’ medical data, decreasing the frequency of replication tests and making it more straightforward for medical professionals to correspond across departments.

Interoperability Levels Segment Analysis

By Interoperability levels segment, the market is classified into Foundational, Structural, and Semantic. The foundational interoperability segment is anticipated to be appreciated at around USD 2.13 billion by 2028. Foundational interoperability software is operated by small hospitals and clinics that cannot afford structural and semantic interoperability software.

End-Users Segment Analysis

By the End-Users segment, the market is classified into Hospitals, Pharmacies, Clinics and Payers. The hospitals will record the highest CAGR during the forecast period. Elements responsible for the development of this segment are growing patient volume, the requirement to shorten the rising healthcare expenditures and government grants. With multiple IT systems deployed in extensive critical care settings, it has evolved crucial for hospitals to perform enhanced interoperability among different systems to decrease healthcare costs and increase clinical workflow efficiency.

Regional Segment Analysis

The market is distributed by North America, Europe, Asia-Pacific, South America, and The Middle East & Africa by region segment. The Asia Pacific region is estimated to increase at the largest share in the CAGR during the forecast period. Market growth in the Asia-Pacific region is mainly driven by increasing government initiatives for eHealth, increasing medical tourism, the rising market for quality healthcare, and the growing need to implement and integrate medical devices and HCIT solutions to provide cost-effectively quality care to patients.

Competitors Analysis

The Companies include Cerner Corporation, Epic Systems Corporation, Infor Inc., InterSystems Corporation, Orion Health Group Limited, IBM Watson Health, NextGen Healthcare, Inc., Koninklijke Philips NV and Medical Information Technology, Summit Healthcare Services, eMids Technologies Inc. and other prominent players in the healthcare interoperability market. Key Stakeholders

• Market research and consulting firms
• Healthcare Associations
• Local Governments
• Regulatory bodies
• Healthcare Interoperability Solutions providers
• Suppliers
• Retailers
• Service Providers

Recent Developments

• In May 2021, Epic Systems partnered with Anthem, Inc. to reduce administrative responsibilities and address potential cracks in consideration by harnessing Epic’s Payer Platform, which will implant straight into Anthem’s Health OS.
• In May 2021, InterSystems Corporation partnered with Oncodesign. Under this partnership, Oncodesign will operate the InterSystems’ IRIS for Health solution to manage and leverage healthcare data to accelerate the investigation of new oncology treatments using AI.

Scope of the Report

Report Attribute	Details
Market Size Value in 2021	USD 2.9 Billion
The revenue forecast in 2028	USD 6.9 Billion
Growth Rate	CAGR of 14.9 % from 2022 to 2028.
Historical data	2018 – 2021
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Cerner Corporation, Epic Systems Corporation, Infor Inc., InterSystems Corporation, Orion Health Group Limited, IBM Watson Health, NextGen Healthcare, Inc., Koninklijke Philips NV and Medical Information Technology, Summit Healthcare Services and eMids Technologies Inc. are key players.

Market Modelling

By Product Type

• HER Interoperability
• Health Information Exchange
• Enterprises

By Interoperability Levels

• Foundational
• Structural
• Semantic

By End-Users

• Hospitals
• Pharmacies
• Clinics
• Payers

By Region

• North America
• Europe
• Asia-Pacific
• South America
• The Middle East & Africa

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