Dublin, April 13, 2023 (GLOBE NEWSWIRE) -- The "Healthcare Interoperability Solutions Market by Type (Software (EHR, Lab System, Imaging, Health Information Exchange, Enterprises), and Services), Interoperability Level (Foundational, Structural, Semantic), End User, and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global healthcare interoperability solutions market is projected to reach USD 6.2 billion by 2027 from USD 3.4 billion in 2022, at a CAGR of 12.9% during the forecast period.
Growth in this market is driven by the increased demand for efficient & cost-effective healthcare delivery, government funding for healthcare interoperability, and the rapid adoption of EHR. However, the lack of standards and the use of outdated legacy systems are some factors restraining the growth of the healthcare interoperability solutions market to a certain extent during the forecast period.
HIE Interoperability Solutions was the fastest-growing segment in the type of healthcare interoperability solutions market for software solutions in 2021.
HIE Interoperability Solutions accounted for the largest share of the healthcare interoperability solutions market for software solutions in 2021. The large share of this segment can be attributed to the associated benefits such as improved patient safety by reducing medication and medical errors, increased efficiency by eliminating unnecessary paperwork and handling, as well as providing caregivers with clinical decision support tools for more effective care and treatment.
Foundational Interoperability accounted for the largest segment by the level of interoperability in the healthcare interoperability solutions market in 2021.
Based on the level of interoperability, the foundational interoperability segment accounted for the largest share of the global healthcare interoperability solutions market. The large share of the foundational interoperability segment can be attributed to the need for safe and accurate data exchange across disparate systems as well as the growing demand for cost-effective basic-level interoperability.
APAC is to witness the highest growth rate during the forecast period.
The Asia Pacific market is projected to grow at the highest CAGR during the forecast period. Market growth in the APAC region is mainly driven by factors such as increasing government initiatives to unfold new national interoperability policies and rework existing policies with public and private healthcare organizations, growing medical tourism, and the growing need for the implementation and integration of medical devices and HCIT solutions to provide cost-effective and quality care to patients.
Market Dynamics
Drivers
- Increasing Demand for Efficient and Cost-Effective Healthcare Delivery
- Government Initiatives and Regulations to Enhance Patient Care and Safety
- Emergence of New Medical Technologies
- Growing Adoption of Electronic Health Records
Restraints
- Lack of Accurate Interoperability Solutions Across Healthcare Supply Chain
- Lack of Standards and Protocols in It Businesses
- Use of Outdated Legacy Systems in Hospitals and Clinic Chains
- Opportunities
- Growing Markets for Healthcare Interoperability Solutions in Developing Countries
- Advancements in Software Technology for Real-Time Data Exchange
- Challenges
- Increasing Complexity due to Lack of Consistent Data
- Shortage of Skilled Healthcare It Professionals
- Patient Data Security and Privacy Concerns in Healthcare Industry
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 217 |
| Forecast Period | 2022 - 2027 |
| Estimated Market Value (USD) in 2022 | $3.4 Billion |
| Forecasted Market Value (USD) by 2027 | $6.2 Billion |
| Compound Annual Growth Rate | 12.9% |
| Regions Covered | Global |
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Healthcare Interoperability Solutions Market, by Type
6.1 Introduction
6.2 Software Solutions
6.2.1 Ehr Interoperability Solutions
6.2.1.1 Large Installation Base of Ehr Systems to Ensure Single and Continuous Readable Documents for Physicians
6.2.2 Lab System Interoperability Solutions
6.2.2.1 Increasing Cost of Operations and Decreasing Reimbursements for Laboratory Services to Boost Market
6.2.3 Imaging System Interoperability Solutions
6.2.3.1 Rising Need for Data Interoperability and Increasing Usage of Smart Devices to Drive Market
6.2.4 Hie Interoperability Solutions
6.2.4.1 Large Investments by Federal Governments to Propel Market
6.2.5 Enterprise Interoperability Solutions
6.2.5.1 Advancing Software Technology and Rising Demand for Expanded Care Delivery to Augment Market
6.2.6 Other Healthcare Interoperability Solutions
6.3 Services
6.3.1 Increasing Adoption of Healthcare It Integration Services by Providers to Augment Market
7 Healthcare Interoperability Solutions Market, by Interoperability Level
7.1 Introduction
7.2 Foundational Interoperability
7.2.1 Need for Safe and Accurate Data Exchange Across Disparate Systems to Fuel Market
7.3 Structural Interoperability
7.3.1 Structural Interoperability to Ensure Interpretation of Data Exchange Between Systems at the Data Field Level
7.4 Semantic Interoperability
7.4.1 Semantic Interoperability to Register Highest Growth During Forecast Period
8 Healthcare Interoperability Solutions Market, by End-user
8.1 Introduction
8.2 Healthcare Providers
8.2.1 Hospitals & Clinics
8.2.1.1 Increasing Patient Volume and Rising Need to Reduce Errors in Data Management to Augment Market
8.2.2 Long-Term Care Centers
8.2.2.1 Increasing Number of Care Centers and Need to Maintain Compliance with Medical Reforms to Propel Market
8.2.3 Diagnostic & Imaging Centers
8.2.3.1 Increasing Volume of Clinical Data and Need to Streamline Imaging Workflows to Drive Market
8.2.4 Other Healthcare Providers
8.3 Healthcare Payers
8.3.1 Adoption of Healthcare Interoperability by Payers to Decrease Hospital Stays and Repeat Tests
8.4 Pharmacies
8.4.1 Pharmacies to Use Healthcare Information Exchange Solutions for Individualized Patient Care and Support
9 Healthcare Interoperability Solutions Market, by Region
10 Competitive Landscape
11 Company Profiles
12 Appendix
Companies Mentioned
- Change Healthcare
- Cognizant
- Consensus Cloud Solutions Inc.
- Deevita LLC
- Emids
- Epic Systems Corporation
- Infor, Inc.
- Interfaceware Inc.
- Intersystems Corporation
- Jitterbit
- Koninklijke Philips N.V.
- Lyniate
- Medical Information Technology, Inc.
- Merative
- Mphrx
- Nalashaa
- Nextgen Healthcare, Inc.
- Onyx Technology LLC
- Oracle Health
- Orion Health Group of Companies
- OSP Labs
- Veradigm LLC
- Virtusa Corp.
- Visolve
- Wipro
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