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29-Jan-2025

Healthcare API Market to Reach USD 316.2 Million by 2033 at a 3.6% of CAGR, Amid Rising Demand for Digital Health Solutions

Healthcare API Market

The global healthcare API market is poised for steady growth, with its valuation expected to rise from USD 222.6 million in 2023 to approximately USD 316.2 million by 2033, expanding at a CAGR of 3.6%, according to a recent study by Future Market Insights.

Cloud-based deployments are leading the market, accounting for an estimated 77.3% share in 2023. This dominance is driven by the increasing adoption of telemedicine, electronic health records (EHRs), and digital healthcare platforms that rely on API integration for seamless data exchange.

Growing investments and strategic initiatives by industry leaders to establish standardized healthcare APIs are further fueling market expansion. Notably, in April 2019, Redox secured USD 33 million in funding to enhance cloud-based API development, reflecting the industry’s focus on interoperability and digital transformation.

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Key Takeaways:

  • The healthcare API market is projected to grow from USD 222.6 million in 2023 to USD 316.2 million by 2033 at a CAGR of 3.6%.
  • Cloud-based deployments dominate the market, holding an estimated 77.3% share in 2023.
  • Increased investments and efforts to standardize healthcare APIs are accelerating market growth.
  • The rising demand for telemedicine and digital health solutions post-pandemic continues to drive innovation in the sector.

Key Market Insights

  1. Market Drivers:
    • Increasing Investments: Growing investments and initiatives by industry participants to establish standardized APIs are driving the market’s growth.
    • Demand for Telemedicine: The COVID-19 pandemic has accelerated the demand for telemedicine and digital health solutions, further boosting the need for healthcare APIs.
    • Enhanced Patient Care: The integration of APIs facilitates improved treatment outcomes and patient satisfaction, which is crucial in a patient-centric healthcare model.
  2. Leading Market Segment:
    • The segment related to degenerative diseases is expected to lead the market, accounting for approximately 31.7% of the share in 2023.
  3. Technological Advancements:
    • Continuous advancements in API technology, including cloud-based solutions, are enhancing interoperability among healthcare systems, allowing for seamless data exchange between electronic health records (EHRs), laboratory systems, and other healthcare applications.
  4. Regional Insights:
    • North America is expected to dominate the Healthcare API market due to high digital literacy rates and established healthcare infrastructure that supports API integration.
    • Countries like Germany and China are also expected to see significant growth driven by increasing acceptance and implementation of healthcare API solutions.
  5. Service Segmentation:
    • The Electronic Health Records (EHR) access segment is projected to capture over 32% of the healthcare API market share in 2023, highlighting its importance in facilitating data access for healthcare providers.

Key Companies Profiled

Microsoft Corporation; Apple Inc.; Greenway Health, LLC; MuleSoft, Inc.; General Electric Company; Practice Fusion, Inc.; Epic Systems Corporation; Allscripts Healthcare Solutions Inc.; eClinicalWorks LLC; Practo Technologies Pvt. Ltd

Key Market Segments Covered in Healthcare API Industry Research

Deployment:

  • Cloud-Based
  • On-Premise Based

Services:

  • Remote Patient Monitoring Services
  • Appointment Services
  • Electronic Health Record Access Services
  • Wearable Medical Device Services
  • Payment Services

End User:

  • Healthcare Providers
  • Healthcare Payers
  • Vendors
  • Patients

Region:

  • North America
  • Latin America
  • Europe
  • South Asia
  • East Asia
  • Oceania
  • The Middle East and Africa (MEA)

Author By:

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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Last Updated: 29-Jan-2025