Press release
Healthcare API Market Revenue is Poised to Reach US$234.2 mn by 2024
Patient-centric healthcare is an emerging value-based model for healthcare delivery, which has resulted in an improvement in care quality, better outcomes, and greater patient satisfaction. Growing focus on patient-centric healthcare delivery via application programming interfaces (APIs) has been noted over the recent past and the emergence of a host of services, such as wearable medical devices and remote patient monitoring has spurred the demand for healthcare API solutions.
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The gradual rise in the acceptance and adoption of healthcare API solutions by doctors, patients, and payers is expected to benefit the global market during the forecast period. The revenue generated by the global healthcare API market was pegged at US$162.4 mn in 2015 and expanding at a 4.2% CAGR, the market revenue is poised to reach US$234.2 mn by 2024.
Market Players Focus on Emerging Economies for Expansion
The global market for healthcare API is led by North America. The region has emerged as the key revenue generator thanks to the presence of several prominent players. With limited public IT infrastructure development across emerging economies, the large-scale adoption of healthcare IT solutions is still considered to be a long-term opportunity for countries in developing economies. As a result, most players providing healthcare API solutions garner a significant portion of their revenue from the North America and Europe markets.
However, an increasing number of players are now working toward expanding their footprint across several emerging economies in Asia Pacific and Latin America owing to the immense opportunities in store and the untapped potential countries such as Brazil, India, China, and Japan present.
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Asia Pacific is projected to be the fastest-growing region in the healthcare API market, expanding at a 4.5% CAGR during the forecast period. The growing demand for API-based electronic health record services and wearable medical devices is anticipated to drive the healthcare API market in the region. The Latin America healthcare API market is likely to be fuelled by the rising demand for remote patient monitoring and appointment services.
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