Healthcare Interoperability Solutions Market By Emerging Trends, Business Strategies, Developing Technologies, Revenue and Competitive Landscape

Organizing regular market research via Healthcare Interoperability Solutions Market report provides insight into the market, investigates spending habits of the customers, identifies existing and potential competitors, develops solution for product promotion and advertising, increases company’s recognition, improves business reputation, and so on. Market report provides company with more business planning solutions that can improve the company’s performance, improve sales and increase revenue. Through Healthcare Interoperability Solutions Market survey report, companies gain valuable information that helps to identify how successful product/service is likely to be, what the best price can be set for the product/service, and which customers are interested in purchasing and consuming the product/service.

In recent years, healthcare interoperability has become one of the significant needs across health systems. These healthcare interoperability solutions can address strategy development, patient access API management, data curating and management, implementation and support, and consent management. Interoperability solutions do not just assist in compliance with industry requirements but also work towards digital transformation. Data Bridge Market Research analyses that the healthcare interoperability solutions market is expected to reach the value of USD 139.93 million by the year 2029, at a CAGR of 8.40% during the forecast period. “Healthcare providers” accounts for the largest end user segment in the healthcare interoperability solutions market owning to the presence of government mandates and rise in healthcare costs.

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Interoperability in healthcare is the integration and use of electronic health data, along with timely and secure access to improve health outcomes for individuals and populations. At present, the health care industry is highly focused on enhancing the quality of health care facilities and operational efficiency, declining medical errors that occur while conducting various medical procedures, and minimizing the cost of operations. These solutions can exchange health information across two or more systems and further utilize the data once it is received. Lack of interoperability and integration among payers, pharmacies, clinicians, patients, and even legislators could weaken the unified Healthcare continuum.

Healthcare Interoperability Solutions Market Dynamics

• The rise in the adoption of electronic health records (EHR)

It is a challenge to store the bulk data generated by the electronic health records (EHR) on the local storage devices due to the risk associated with the loss of essential data. Hence, deploying these interoperability solutions in the healthcare sector becomes critical to enable easy sharing and storage of big data.

• The increase in the cost of operations and the decline in reimbursements for laboratory services

The surge in the cost of various medical procedures, along with the reduction in reimbursements for laboratory services, accelerate the demand for healthcare interoperability solutions across healthcare providers and healthcare payers.

• Regulatory Compliance

Maintaining compliance with medical reforms and regulations raises the demand for these solutions.

• Government investments for healthcare interoperability

The increase in the funding by the federal government to drive the adoption of these solutions further influence the market.

Additionally, the surge in healthcare expenditure, advancements in healthcare infrastructure, and high demand for expanded care delivery positively affect the healthcare interoperability solutions market.

Recent Development

• Infor, the industry cloud company has launched a new interoperability solution for the healthcare sector, “FHIR Server”, in July 2021. The new solution promises to help healthcare organizations leverage and analyze their data better. Infor FHIR Server is being considered as one of the most modern, advanced, and scalable FHIR servers commercially available in the current market.
• Epic Systems (US) partnered with Anthem, Inc. (US) in May 2021 to address potential gaps in care by harnessing Epic’s Payer Platform and easing administrative burdens.
• Koninklijke Philips N.V. (Netherlands) signed an agreement to acquire Capsule Technologies, Inc. (US) in In January 2021 to transform care delivery.

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Healthcare Interoperability Solutions Market Scope and Market Size

The healthcare interoperability solutions market is segmented on the basis of type, level of interoperability, deployment and end user. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Type

• Software Solutions
• Services

On the basis of type, the healthcare interoperability solutions market is segmented into Software Solutions and Services. Software Solutions are further segmented into EHR interoperability solutions, lab system interoperability solutions, imaging system interoperability solutions, healthcare information exchange interoperability solutions, enterprise interoperability solutions and other healthcare interoperability solutions.

Level of Interoperability

• Foundational Interoperability
• Structural Interoperability
• Semantic Interoperability

On the basis of level of interoperability, the healthcare interoperability solutions market is segmented into foundational interoperability, structural interoperability, and semantic interoperability. The semantic segment is projected to witness the highest growth during the forecast period in terms of revenue. Whereas, in the past, the structural part dominated the healthcare interoperability solutions market.

Deployment

• Cloud-based
• On-premise

On the basis of deployment, the healthcare interoperability solutions market is segmented into cloud-based and on-premises. The cloud-based segment dominates the market and is expected to witness highest growth in the coming years.

End User

• Healthcare Providers
• Healthcare Payers
• Pharmacies

On the basis of level of interoperability, the healthcare interoperability solutions market is segmented into healthcare providers, healthcare payers and pharmacies. Healthcare providers segment is further divided into hospitals and clinics, long-term care centers, diagnostics and imaging centers and other healthcare providers.

The report provides insights on the following pointers:

• Market Penetration: Comprehensive information on the product portfolios of the top players in the this market
• Product Development/Innovation: Detailed insights on upcoming technologies, R&D activities, and product launches in the market
• Competitive Assessment: In-depth assessment of the market strategies, and geographic and business segments of the leading players in the market
• Market Development: Comprehensive information about emerging markets. This report analyzes the market for various segments across geographies

Critical Insights Related to This Market Included in the Report:

• Exclusive graphics and Illustrative SWOT analysis of some of the leading companies in this market
• Value chain analysis of prominent players in the market
• Current trends influencing the dynamics of this market across various geographies
• Recent mergers, acquisitions, collaborations, and partnerships
• Revenue growth of this industry over the forecast period
• Marketing strategy study and growth trends
• Growth driven factor analysis
• Emerging recess segments and region-wise market
• An empirical evaluation of the curve of this market
• Ancient, Present, and Probable scope of the market from both prospect value and volume

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Key Players:

Some of the major players operating in the healthcare interoperability solutions market are Allscripts Healthcare, LLC, Cerner Corporation, Epic Systems Corporation, Infor, iNTERFACEWARE Inc., InterSystems Corporation, Jitterbit, NXGN Management, LLC, Koninklijke Philips N.V., ViSolve Inc., Orion Health group of companies, OSP Labs, AM HEALTHCARE TECHNOLOGY, Deevita LLC, GENERAL ELECTRIC COMPANY, and IBM among others.

Healthcare Interoperability Solutions Market Regional Analysis/Insights

The healthcare interoperability solutions market is analysed and market size insights and trends are provided by country, type, level of interoperability, deployment and end user as referenced above.

The countries covered in the healthcare interoperability solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.

North America dominates the healthcare interoperability solutions market because of the strong base of healthcare facilities and presence of major key players within the region. Asia-Pacific is expected to witness significant growth during the forecast period of 2022 to 2029 due to the increase in government initiatives for eHealth, rise in medical tourism, and growing demand for quality healthcare in the region.

The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.

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