Healthcare Interoperability Solutions Market to Receive Overwhelming Growth CAGR of 8.40% by 2029, Industry Trends, Future Growth

Healthcare Interoperability Solutions Market document helps disclose ambiguities that may happen due to changes in business activities or entry of a new product in the market. Under market definition topic of this report, market drivers which indicate the factors causing rise in the market growth and market restraints which indicate the factors causing fall in the market growth have been explored. The report also showcases important product developments and tracks recent acquisitions, mergers and research in the Healthcare industry by the key players of the market. Global Healthcare Interoperability Solutions Marketing report not only works to compete but also to outshine the competition.

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.

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 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.

Global 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.

Some of the Most Important Questions Scrutinized in the Business Intelligence Report:

What are the key growth parameters for this global market during the forecast period?
Which key players are expected to hold the largest market share over the forecast period?
Who are the leading vendors and manufacturers in this  Healthcare Interoperability Solutions Market ?
What are the key strategies adopted by leading players in the market for business development and geographical expansion?
Which end-use industries can trigger high demand in the market over the forecast period?
What are the key segments in this market?
Which regional player will have anticipated leading the global market in terms of size?
What is the impact of the novel coronavirus pandemic?
Which obstacles must new players overcome in order to occupy a major position?

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