Burlingame, June 07, 2024 (GLOBE NEWSWIRE) -- The global Healthcare API Market is estimated to be USD 228.3 million in 2024 and is projected to reach USD 345.5 million by 2031, at a CAGR of 6.1% from 2024 to 2031 according to a new report by Coherent Market Insights. The healthcare API market is witnessing significant growth owing to increasing adoption of digital healthcare solutions and growing demand for seamless healthcare IT systems integration across healthcare facilities. Healthcare organizations are increasingly developing and deploying digital healthcare platforms and solutions to streamline clinical and administrative operations as well as engage patients.
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Market Dynamics:
The growing adoption of electronic health records and increasing investments in healthcare IT solutions are the major factors propelling the growth of the healthcare API market. Electronic health records help in digitizing patient health information and sharing it with healthcare providers, patients, and insurance companies. They also help in improving the quality of care. According to the Office of the National Coordinator for Health Information Technology, around 85% of all office-based physicians adopted certified EHRs in the U.S. by the end of 2018. Moreover, API integration allows EHRs to share data with other healthcare applications easily thus improving workflow efficiency.
Healthcare API Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2024 | $228.3 million |
| Estimated Value by 2031 | $345.5 million |
| Growth Rate | Poised to grow at a CAGR of 6.1% |
| Historical Data | 2019–2023 |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Application, By Deployment, By End User |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Healthcare APIs enabling more efficient and personalized care • Emerging technologies driving demand for customized care |
| Restraints & Challenges | • Strict privacy regulations • High costs associated with API development and maintenance |
Market Trends:
API-based integration: API integration is gaining traction as it allows disparate healthcare applications and databases to communicate with each other securely and efficiently. APIs standardize data exchange formats and enable seamless data transfer between systems. This streamlines complex workflows and facilitates data-driven clinical decisions.
Major players in the healthcare industry as well as startups are investing heavily in development of innovative digital health solutions and services. This is expected to further fuel the adoption of healthcare APIs for integration of these solutions and expansion of value-added services. For instance, in 2021, digital health startups in the U.S. received a total funding of US$ 14.7 billion.
Remote patient monitoring allows healthcare providers to monitor patients outside of conventional clinical settings like hospitals or doctor's offices. This provides many benefits such as reducing readmissions, improving outcomes and lowering costs. APIs are enabling the connectivity of remote patient monitoring devices to Electronic Health Records (EHR) and other healthcare systems. This is an opportunity for API providers to develop solutions that support secure, real-time data transfers from remote monitoring devices.
The use of wearable medical devices is growing rapidly as they provide convenience for patients to track health data. However, integrating data from these devices into clinical workflows can be challenging. Healthcare APIs offer a way to connect wearables to EHRs so that biometric and physiological data from devices can be reviewed by physicians. This represents an opportunity for API providers to develop tools that facilitate the use of wearable data within clinical and administrative applications.
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Recent Developments:
In November 2023, Oneview Healthcare, announced the latest edition of its Care Experience Platform, which includes the groundbreaking new Virtual Care API, Caregility certification, and other improvement.
In September 2023, Metriport, launched its Medical API, the world’s only healthcare API platform built entirely on open-source code, which will retrieve patient clinical histories from all major electronic health record system.
Key Market Takeaways:
The global Healthcare API market is anticipated to witness a CAGR of 6.1% during the forecast period 2024-2031, owing to the growing need for data integration and interoperability across the healthcare ecosystem.
On the basis of application, the remote patient monitoring segment is expected to hold a dominant position, owing to the increasing adoption of telehealth solutions post-COVID.
On the basis of deployment, the cloud-based segment is expected to hold a dominant position over the forecast period, due to benefits such as scalability, low maintenance and subscription-based pricing.
On the basis of end user, the healthcare providers segment is expected to hold a dominant position, as APIs help in simplifying workflows and gaining insights from integrated patient data.
Regionally, North America is expected to hold a dominant position over the forecast period, due to the region's early adoption of digital health technologies and supportive regulatory environment.
Key players operating in the Healthcare API market include eClinical works LLC, Greenway Health, LLC, Allscripts Healthcare Solutions Inc., Microsoft Corporation, Cerner Corporation, Athenahealth, Epic Systems Corporation, MuleSoft, Inc., Practice Fusion, Inc., DrChrono, Salesforce, Inc. Strategic collaborations and partnerships are expected to help these players extend their reach and capabilities.
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Detailed Segmentation-
By Application:
- Remote patient monitoring
- Payment
- EHR access
- Wearable medical device
- Others
By Deployment:
- Cloud Based
- On Premise
By End User:
- Healthcare Providers
- Healthcare Payers
- Patients
- Vendors
By Region:
North America:
- U.S.
- Canada
Latin America:
- Brazil
- Argentina
- Mexico
- Rest of Latin America
Europe:
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
Asia Pacific:
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
Middle East:
- GCC Countries
- Israel
- Rest of Middle East
Africa:
- South Africa
- North Africa
- Central Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
