New York, Nov. 27, 2023 (GLOBE NEWSWIRE) -- The global healthcare interoperability solutions market size is expected to expand at ~15% CAGR from 2024 to 2036. The market is anticipated to garner a revenue of USD 92 billion by the end of 2036, up from a revenue of ~USD 19 billion in the year 2023.The primary factor that is expected to boost the market growth is the growing integration of digital solutions in the healthcare sector. The World Health Organization has proposed 17 Sustainable Development Goals. One of the goals includes a focus on the digitization of the healthcare industry.
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There is growing agreement in the health community all across the world that the advantageous and inventive use of digital and cutting-edge information and communications technologies will be an essential factor in making sure that an additional one billion individuals benefit from universal health coverage, 1 billion more people have greater protection from medical emergencies, and 1 billion more individuals appreciate improved quality of life. This is also included as a triple billion target of the WHO in its Thirteenth General Programme of Work.
Rising Need to Reduce the Cost of Healthcare is to Boost the Growth of the Healthcare Interoperability Solutions Market
Healthcare interoperability and connectivity are transforming the way patients are cared for on multiple levels throughout the healthcare business. Healthcare interoperability can increase productivity while cutting costs and errors by exchanging essential wellness information among healthcare facilities, consumers, testing facilities, suppliers, and public health databases. According to the data extracted by the Organization for Economic Co-operation and Development (OECD), in developed countries, total public spending on healthcare and after-long-term-care was nearly 6% of the total GDP in 2018 and it is expected to rise to 9% and 14% by 2030 and 2060, respectively.
Healthcare Interoperability Solutions Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Adoption of Digital Health is to Boost the Market Growth in the North America Region
The digital shift in healthcare in the United States is steadily progressing, propelled by federal government rules and monetary incentives, technological innovations, and the essentials for improving healthcare treatment efficiency, and lowering its cost and economic impact to 21st-century norms. Therefore, higher government initiatives are going to give a boost to digital health and achieve healthcare interoperability. The Office of the National Coordinator for Health Information Technology (ONC) of the United States Department of Health and Human Services (HHS) has announced the establishment of a USD 80 million Public Health Informatics & Technology Workforce Development Programme (PHIT Workforce Programme) to reinforce public health informatics and data science in the United States.
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Growing Healthcare Infrastructure is to Elevate Market Growth in Asia-Pacific
By the end of 2022, the Indian government had exceeded its commitment to developing 50,000 Health and Wellness Centres (HWCs) to over 1,60,000 functioning HWCs under Ayushman Bharat. Despite these efforts being made in the right direction, gaps exist due to the country's tremendous demand. According to a recent World Health Organization (WHO) report, India has only 0.5 public hospital beds per 1000 inhabitants. India needed 3.5 million extra hospital beds to address the population's healthcare needs. Shifting demographics, increased consumer demands, technological breakthroughs, and limited legacy health infrastructure all point to a rapid healthcare transition in Asia. Nowadays, digital health affects over a billion people, and predictions indicate that digital health in Asia might generate up to USD 100 billion in value by 2025, compared with USD 37 billion in 2020.
Healthcare Interoperability Solutions, Segmentation by Type
- Services
- Solutions
Healthcare Interoperability Solutions, Segmentation by Level
- Foundational
- Structural
- Semantic
Healthcare Interoperability Solutions, Segmentation by End User
- Healthcare Providers
- Healthcare Players
- Pharmacies
On the basis of end users, the healthcare providers segment in healthcare interoperability solutions market is expected to garner significant market revenue over the forecast period. The growth of the segment is expected on account of the rising interoperability among healthcare providers. The Trusted Exchange Framework and Common Agreement (TEFCA) for healthcare data networks became available in January 2022 and is scheduled to be operational in 2023. According to a 2022 study of US hospitals, half of them intend to join TEFCA. At this early stage, differences in awareness and plans to participate in TEFCA can provide an understanding of the hospitals and populations who are likely to engage in and benefit from TEFCA. Only 18% of hospitals that do not engage in one of three national networks (eHealth exchange, CommonWell, or Carequality) want to do so, compared to 65% of hospitals that do.
Healthcare Interoperability Solutions, Segmentation by Deployment
- On-Premise
- Cloud
On the basis of deployment, the cloud segment in healthcare interoperability solutions market is expected to gain notable market revenue over the forecasted period. The growth of the segment is majorly attributed to the growing use of electronic health records. By 2021, roughly four out of every five office-based physicians (78%) and virtually all non-federal acute care hospitals that is around 96% had implemented a certified EHR. This represents a significant 10-year improvement from 2011 when 28% of hospitals and 34% of physicians used an EHR. This has prompted the transfer of healthcare records to the cloud and stored them there for better privacy.
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A few of the well-known industry in the global healthcare interoperability solutions market that are profiled by Research Nester are Koninklijke Philips NV, EPIC Systems Corporation, NextGen Healthcare, Inc., Oracle Corporation, Koch Software Investments (Infor, Inc.), Orion Health Group Limited, Quality Systems, Inc., OSP Labs, ViSolve, Inc., and InterSystems Corporation.
Recent Developments in the Healthcare Interoperability Solutions Market
- The eHealth Exchange, one of the leading health information networks integrating federal agencies and providers, introduced the eHealth Exchange Innovation Grant today. The program proposes to provide up to USD 550,000 in grants and other rewards to companies seeking novel approaches to increasing electronic health information (EHI) interchange or developing new technological improvements in connection, all to assist patients and their providers.
- Koninklijke Philips NV has agreed to acquire US Capsule Technologies, Inc. The acquisition of Capsule fits Philips' objective of revolutionizing care delivery across the healthcare circle with unified solutions. Philips already has real-time patient monitoring, medicinal devices, telemedicine, informatics, and interoperability solutions in its portfolio. The amalgamation of Philips' industry-leading portfolio and Capsule's leading Medical Device Information Platform, linked via Philips' guarantee vendor-neutral cloud-based HealthSuite digital platform, will significantly enhance and magnitude Philips' patient care management solutions for all hospital care settings, as well as remote patient care.
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