Pune, India, Nov. 03, 2023 (GLOBE NEWSWIRE) -- In healthcare data interoperability, electronic health records and other health information are exchanged between various parties involved, including healthcare facilities and insurance companies. In order for healthcare systems and their infrastructure to function efficiently, healthcare interoperability is essential for information to be shared, accessed and coordinated seamlessly. Due to its highly personalized integration, delivery of personalized care, and scaling of healthcare interoperability systems, the healthcare interoperability market is extremely challenging.
According to our new research study on “Healthcare Data Interoperability Market covers analysis By Deployment (Cloud-based and On-premise), Level (Foundational, Structural, and Semantic), Type (Solutions and Services), End User (Healthcare Providers, Healthcare Payers, and Pharmacies), and Geography (North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America),” the global healthcare data interoperability market is expected to grow from $4.31 billion in 2022 and is expected to reach a value of $15.90 billion by 2030; it is anticipated to record a CAGR of 16.2% during 2022–2030.
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The healthcare data interoperability market is majorly driven by factors such as patient-centric care delivery programs and rising concerns over increasing healthcare costs. Companies are constantly involved in selling their innovative products through off-the-shelf and e-commerce platforms, which have paved the way for significant growth opportunities for the players operating in the healthcare interoperability solutions market.
Global Healthcare Data Interoperability Market: Competitive Landscape and Key Developments
Koninklijke Philips NV, Oracle Corporation (Cerner Corporation), EPIC Systems Corporation, NextGen Healthcare Inc., Koch Software Investments (Infor Inc.), Jitterbit, Virtusa Corpopration, Orion Health Group Limited, International Business Machines Corporation (IBM), and Infor Inc are some of the key companies operating in the healthcare data interoperability market. These companies adopt various strategic activities, such as product innovation strategies to meet evolving customer demands, which allows them to maintain their brand name. A few of the recent developments in the global healthcare data interoperability market are mentioned below:
In March 2022, eHealth Exchange, a non-profit health information network connecting providers and federal agencies, received a new Innovation Grant program of US$ 550,000 to help accelerate electronic health information exchange or develop new technological connectivity tools.
In January 2022, The Biden administration released a governance framework for nationwide health information exchange to facilitate secure nationwide information sharing among disparate healthcare entities, this framework will establish legal and technical baseline requirements.
Growing Adoption and Investment of Digtial Helathcare Solutions by Health care Providers to Propel Global Healthcare Data Interoperability Market Growth During 2022–2030:
There are several factors that will drive the growth of the healthcare interoperability solutions market, including the growing adoption and investment of digital healthcare solutions by healthcare providers worldwide and the rising costs of healthcare. Due to the fact that healthcare interoperability solutions can reduce healthcare costs, they are expected to be adopted more widely over the forecast period and the market will grow. The adoption of healthcare interoperability solutions can improve healthcare efficiency, improve patient care, reduce healthcare costs, and reduce physician burnout, among other benefits. As a result, the healthcare interoperability solutions market is projected to grow over the forecast period as healthcare IT and interoperability solutions continue to invest in healthcare IT and interoperability solutions. A total of US$ 2.7 million was awarded to four organizations in September 2020 under the Leading Edge Acceleration Projects in Health Information Technology program by the Office of the National Coordinator for Health Information Technology for exploring new opportunities for the adoption and use of health IT standards across the healthcare ecosystem as part of the Leading Edge Acceleration Projects in Health Information Technology program.
A major concern of governments is the increasing healthcare expenditure around the world, and in order to reduce that expenditure, healthcare IT solutions are being adopted and deployed. As a result, healthcare interoperability solutions are expected to be increasingly adopted, as they play a crucial role in transferring data. According to the Federal Statistical Office (Destatis) of Germany, healthcare expenditures in Germany are rising year over year, reaching US$ 468 billion (EUR 441 billion) in 2020, according to its June 2022 report. The healthcare interoperability solutions market will also grow as a result of the launch of new products by market players in the area. For instance, CareCloud Inc. released CareCloud Connector in December 2021, a next-generation interface and data management engine for healthcare organizations. Data management and deployment speed are enhanced while interface control and visibility are improved as the solution provides ready-to-use integration. Based on the above-mentioned factors, it is expected that the healthcare data interoperability market will grow during the forecast period.
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Global Healthcare Data Interoperability Market: Segmental Overview
The “Global Healthcare Data Interoperability Market” is segmented based on deployment, level, type, end user, and geography. The healthcare data interoperability market, by type, is segmented into solutions and services. The service segment held the largest share of the market in 2022. As a result of the presence of a substantial number of interoperability solutions providers, the service segment is expected to account for most of the market. The segment is also growing as healthcare and scientific communities become increasingly interested in cloud computing and cloud-based platforms as a means to minimize their overall operational costs for better and faster performance of healthcare applications.
Asia Pacific is expected to register the fastest growth rate in the healthcare data interoperability market during the coming years. The market's growth is determined by the increasing technological advancements in health IT, growing adoption of electronic health records (EHR) software in healthcare facilities, rising government expenditure to improve healthcare data exchange process and increasing number of hospital admissions in Asia Pacific region.
Go through further research published by The Insight Partners:
Electronic Health Record (EHR) Market - Global Analysis and Forecast to 2028
Patient Portal Market - Global Analysis and Forecast to 2027
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