Newark, NJ, June 24, 2021 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global healthcare data interoperability market is expected to grow from USD 2.83 billion in 2020 and to reach USD 5.80 billion by 2028, growing at a CAGR of 9.38% during the forecast period 2021-2028.
The primary reasons driving healthcare interoperability market growth include a growing focus on patient care, a growing need to tighten healthcare costs, and government measures to improve patient experience of treatment. System interoperability, information interchange, and data availability are all important factors in improving health outcomes. Individual health data is mobilised throughout the whole range of care providers in health organisations, enabling coordinated, safe, and high-quality treatment that supports payment reforms, transparency efforts, and individuals' ability to control their health.
In healthcare, interoperability simply refers to a device's or system's ability to exchange and use electronic data from other devices and systems without needing special human effort. Healthcare interoperability, also known as healthcare data interoperability, refers to the technologies that are used in patient care to allow data to be exchanged in order to meet the goals of providing individualised treatment and effective population health management.
EHR software usage is increasing in both developed and emerging countries, which will benefit the healthcare data interoperability industry. Because of the growing requirement to deliver effective healthcare services, data interoperability software has grown in popularity in recent years. Rising healthcare expenditures will increase demand for data interoperability software, which allows healthcare institutions to access patients' medical data, lowering the frequency of repeat tests and making it simpler for medical professionals to coordinate across departments.
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Key players operating in the global healthcare data interoperability market include Orion Health, Allscripts, Cerner Corporation, Smith Medical, Teletracking Technologies. To gain a significant market share in the global healthcare data interoperability market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
Foundational interoperability segment is expected to be valued around USD 2.13 billion by 2028
The level segment consists of foundational, semantic, structural. By 2028, the foundational interoperability segment is expected to be valued around USD 2.13 billion. Foundational interoperability software is used by small hospitals and clinics that cannot afford structural and semantic interoperability software.
Cloud-based segment is anticipated to show the highest value of 3.40 billion by 2028
Based on deployment, the market has been divided into on-premise, cloud-based. By 2028, the cloud-based interoperability software industry is expected to have the highest value of around USD 3.40 billion. The abundance of benefits supplied by cloud-based software can be related to robust segmental expansion.
Treatment segment is expected to have the highest share of 52.06% by 2028
The application segment includes treatment, diagnosis. By 2028, the treatment segment is anticipated to have the greatest market share of 52.06%. The number of people receiving treatment is rising as reimbursement is offered for a variety of chronic diseases.
Hybrid segment is expected to have the largest market share of 39.48% in the year 2028
The model segment comprises of centralized, decentralized, hybrid. By 2028, the hybrid segment is expected to have the greatest market share of 39.48%. This sort of model aids in the creation of a virtual data centre that does not require the use of a separate consolidated data centre, such as a centralised system, hence reducing time delays.
Ambulatory surgical centres segment is expected to have the highest share of 57.05% by 2028
On the basis of end-users, the market has been segmented into hospitals, ambulatory surgical centers. By 2028, ambulatory surgical centres are predicted to have the highest market share of 57.05%. Ambulatory surgical centres have a number of advantages, including cheap costs and high-quality care, which should lead to a growth in surgical treatment preference in the future years. Over the projected period, the segment's expansion will be fuelled by an increase in the number of procedures and the resulting collection of massive amounts of patient data.
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Regional Segment Analysis of Healthcare data interoperability Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global healthcare data interoperability market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. Asia Pacific healthcare data interoperability market is anticipated to show the highest value of 1.46 billion by 2028. The primary elements driving regional growth include expanding medical tourism, increased demand for better healthcare, and expanding government investment on healthcare facilities. A big patient pool in densely populated nations like China and India generates a substantial volume of patient data each year, necessitating effective data interchange between hospitals and pharmacies.
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About the report:
The global healthcare data interoperability market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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