Healthcare Interoperability Solutions Market: Trends and Developments
The Growth in Healthcare Interoperability Solutions Market is driven by the growing need to curtail healthcare costs, government initiatives to enhance patient care & safety, government funding for healthcare interoperability, and the rapid adoption of EHR & other healthcare IT solutions. However, the lack of true interoperability solutions, lack of standards, and the use of outdated legacy systems are some factors restraining the growth of the healthcare interoperability solution market to a certain extent during the forecast period. The base year considered for the study is 2020, while, the forecast period is 2021 to 2026.
The global healthcare interoperability solutions market is projected to reach USD 5.7 billion by 2026 from USD 2.9 billion in 2021, at a CAGR of 13.9% during the forecast period
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Market Segmentation: -
On the basis of type, the services segment accounted for the largest share. The large share of this segment can be attributed to the recurring cost of services such as software upgrades/updates and maintenance.
Based on end user, the healthcare providers segment is expected to register the highest CAGR during the forecast period. Factors responsible for the growth of this segment are increasing patient volume, the need to curtail the rising healthcare costs, and government mandates.
Recent Developments
In May 2021, Epic Systems (US) partnered with Anthem, Inc. (US) to ease administrative burdens and address potential gaps in care by harnessing Epic’s Payer Platform, which will be embedded directly into Anthem’s Health OS.
In May 2021, InterSystems Corporation (US) partnered with Oncodesign (France). Under this partnership, Oncodesign will use the InterSystems’ IRIS for Health solution to organize and leverage healthcare data to accelerate the search for new treatments in oncology using AI.
In January 2021, Koninklijke Philips (Netherlands) signed an agreement to acquire Capsule Technologies, Inc. (US) to transform the delivery of care along the health continuum with integrated solutions.
In February 2019, Veradigm (US) entered into a partnership with NextGen Healthcare, Inc. (US) to improve connectivity and data exchange with payers & labs.
Regional Analysis:
North America accounted for the largest share of the healthcare interoperability solution market in 2020, followed by Europe and Asia Pacific. The rising demand for quality healthcare delivery, the need to curb the increasing healthcare expenditure, and the implementation of favorable initiatives & regulations to improve the overall efficiency of healthcare organizations in the region are the key factors responsible for the large share of North America in the market.
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Top Key players:
Some of the prominent players in this healthcare interoperability solutions market are Cerner Corporation (US), Epic Systems Corporation (US), Infor, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US) are the major players in this market. These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market. Some of the prominent players in the market namely, Orion Health Group Limited (New Zealand), IBM Watson Health (US), Lyniate (US), Change Healthcare (US), NextGen Healthcare, Inc. (US), and Medical Information Technology, Inc. (US), iNTERFACEWARE (Canada), OSP Labs (US), ViSolve, Inc. (US), Jitterbit (US), Virtusa Corp. (US), and Summit Healthcare Services, Inc. (US).
