Vancouver, British Columbia, April 08, 2021 (GLOBE NEWSWIRE) -- The global interoperability solutions in healthcare market size is expected to reach USD 5.29 Billion in 2027 and register a robust revenue CAGR of 11.1% over the forecast period, according to the latest report by Emergen Research. Key factors driving healthcare interoperability solutions market revenue growth are increasing emphasis on patient safety, rising need to reduce healthcare burden, and favorable policies to enhance patient care quality. System interoperability, information sharing, and ease of access to data play essential roles in improving patient treatment, experience, and outcomes.
Mobilization of individual health data across the full spectrum of healthcare providers within a healthcare organization allows for more coordinated, safer, and high-quality care that supports payment reforms, offers transparency in efforts, and enhances individuals' ability to manage their health. In addition, the benefits provided by interoperability software for healthcare will continue to boost market growth over the forecast period. However, to optimize interoperability solutions and for successful implementation, healthcare organizations are working holistically on strategies for data sharing and implementation, spanning the entire continuum of patient care.
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Implementation of EHR software in developed and developing countries is having a beneficial impact on the development of company interoperability with healthcare data. In recent years, the platform for data interoperability has gained attention due to growing need to provide more efficient healthcare services and ensure positive patient outcomes. Increasing healthcare costs is a key factor driving the need for data interoperability tools to enable healthcare organizations to access medical records of patients, thus decreasing the need for a number of repetitive checks and promoting patient management across various departments in the organization. However, lack of knowledge regarding interoperability software for healthcare data in some developing economies is a key factor expected to hamper growth of the market to a certain extent going ahead.
Demand for interoperability software for healthcare data access in North America is expected to increase rapidly, driven by successful outcomes related to usage of EHR in data interoperability. Increasing expenditure on digitization across the healthcare sector for more efficient and safe data sharing through different healthcare departments is driving growth of the market in the region. In addition, increasing number of hospitals in countries in the region is expected to support growth of the North America interoperability solutions in healthcare market over the forecast period.
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Some Key Highlights From The Report
- Among the level segments, the semantic segment was valued at USD 0.66 billion in 2019 and is expected to register a revenue CAGR of 9.9% over the forecast period.
- Solutions segment revenue among the type segments is expected to register a CAGR of 10.6% during the forecast period due to growing need for better access to patient health information and increasing adoption of healthcare IT technologies to improve quality of treatment and to enhance patient satisfaction.
- The diagnostics segment among the application segments accounted for majority revenue to the global interoperability solutions in the healthcare market in 2019.
- In 2019, the diagnostics segment accounted for 43.1% revenue share in the market in North America, attributable to increasing need for efficient knowledge exchange for disease diagnosis, precise and more accurate assessment by healthcare providers, and to better evaluate condition of patients.
- North America dominated other regional markets in terms of revenue share contribution of 35.1% to the global interoperability solutions in healthcare market in 2019. This can be attributable to increased prevalence of cancer and innovative developments in interoperability solutions in healthcare coupled with favorable government support.
- Asia Pacific accounted for around 31.2% revenue share contribution to the global market in 2019.
- Key players in the market include InterSystems Corporation, Allscripts Healthcare Solutions, Cerner Corporation Inc., Orion Health Group Limited, Koninklijke Philips NV, Epic Systems Corporation, ViSolve Inc., Infor Inc., iNTERFACEWARE, and Quality Systems Inc., among others.
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For the purpose of this report, Emergen Research has segmented the global interoperability solutions in healthcare market based on level, type, application, and region:
- Level Outlook (Revenue, USD Billion; 2017-2027)
- Foundational
- Structural
- Semantic
- Product Type Outlook (Revenue, USD Billion; 2017-2027)
- Solutions
- Services
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Diagnostics
- Treatment
- Others
- Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- U.S.
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
- North America
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