Global Healthcare Interoperability Solution Market 2023-2030

Global Healthcare Interoperability Solution Market 2023-2030

Global Healthcare Interoperability Market Size, Share & Trends Analysis Report, by Level (Foundational, Structural, and Semantic), Type (Solutions and Services), End-User (Healthcare Providers, Healthcare Payers, and Pharmacies), Forecast Period (2023-2030)

The global healthcare interoperability market is anticipated to grow at a significant CAGR of 10.5% during the forecast period. The rise in the number of healthcare facilities adopting healthcare interoperability solutions has driving the global market. Also, increasing demand for Electronic Health Records (EHR) and mandatory federal norms are responsible for the increased usage of healthcare interoperability.

Governments all over the world are focusing on establishing the regulations, infrastructure, and standards for maintaining health records, which is driving the market growth. According to HealthIT.Gov, as of 2021, nearly 4 in 5 office-based physicians (78%) and nearly all non-federal acute care hospitals (96%) adopted a certified EHR. This marks substantial 10-year progress since 2016 when 96% of hospitals and 78% of physicians had adopted an EHR.The growing integration of AI in healthcare interoperability is offering new opportunities to the market growth. For instance, in August 2023, Consensus Cloud Solutions, Inc. provider of digital cloud fax and interoperability solutions, is proud to announce the launch of Clarity Clinical Documentation (Clarity CD), an accessible, cost-effective, and turnkey solution that automatically routes unstructured clinical data from faxes, handwritten notes, and scanned documents into the correct patient record. The company is focusing on development of advanced NLP and AI solutions to support providers where they can make real strides in improving care quality, reducing staff burnout, and protecting patient data security.

In July 2023, the WHO signed an agreement with HL7 to jointly develop guidelines and advance the adoption of open interoperability standards that are critical for the development of equitable and evidence-based digital health.

Segmental Outlook

The global healthcare interoperability market is segmented based on level, type, and end-user. Based on level, the market is segmented into foundational, structural, and semantic. Based on type, the market is segmented into solutions and services. Based on end-user, the market is segmented into healthcare providers, healthcare payers, and pharmacies.

Service Segment Held Considerable Share in Global Healthcare Interoperability Market

The service segment held considerable share in the growth of the global healthcare interoperability market. The presence of a substantial number of service providers for interoperability solutions is a key factor driving the growth of this market segment. Furthermore, increasing interest of healthcare and scientific communities in the cloud-based platform and cloud computing to minimize the overall operational costs for better and faster performance of healthcare applications is driving the segment growth.

Regional Outlook

The global healthcare interoperability market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).

North America Held Major Share in the Global Healthcare Interoperability Market

North America held major share in the global market. The US held major share in the North American market. The regional market is driven the high awareness and adoption of healthcare interoperability across the region. In February 2023, Redox and Google Cloud announced a partnership to simplify the exchange of healthcare data so organizations can make better and faster decisions. By easily onboarding health data from legacy systems into Google Cloud products like Healthcare Data Engine and Healthcare API, organizations can build longitudinal views to better serve their patients and members. As a part of the partnership, Redox will replicate its platform on Google Cloud, offering Google Cloud customers the full range of Redox's world-class products, services, and experiences. Existence of key players is further contributing to the development of regional market.

In August 2023, the Office of the National Coordinator for Health announced $2 million in new award funding for the most recent innovation projects under its Leading Edge Acceleration Projects in Health Information Technology initiative. The LEAP in Health IT program is meant to recognize and encourage healthcare organizations that are pioneering new approaches and tools to harness information technology toward better care delivery, advance clinical research capabilities and help solve long standing challenges, especially around data interoperability.

Market Players Outlook

The major companies serving the global healthcare interoperability market include Koninklijke Philips NV, EPIC Systems Corp., NextGen Healthcare, Inc., Oracle Corp. (Cerner Corp.), Koch Software Investments (Infor, Inc.) among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market.

For instance, in October 2023, Royal Philips has announced the interoperability of Philips Capsule Medical Device Information Platform (MDIP) with Philips Patient Information Center iX (PIC iX), providing hospitals with a first-of-its-kind, comprehensive patient overview. By disseminating this information through the Patient Information Center, clinicians have a single source, comprehensive overview of a patient’s condition that helps empower caregivers to make treatment recommendations confidently from anywhere throughout the hospital’s digital environment.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global healthcare interoperability market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.