Richmond, Nov. 30, 2023 (GLOBE NEWSWIRE) -- According to a research report "Healthcare Data Interoperability Market, by Type (Solutions {EHR Interoperability, HIE Interoperability, Others} and Services), Level of Interoperability (Foundational Interoperability, Structural Interoperability, Semantic Interoperability), Deployment Mode (On-Premise and Cloud-based), End User (Healthcare Providers, Healthcare Payers), and Region.
Global Healthcare Data Interoperability Market Report Scope:
| Report | Details |
| Market size value in 2023 | USD 3.5 Billion |
| Market size value in 2030 | USD 9.4 Billion |
| CAGR (2023-2030) | 13.2% |
| Forecast Period | 2023–2030 |
| Historic Data | 2019 |
| Forecast Units | Value (USD Million/USD Billion) |
| Segments Covered | Type, Level of Interoperability, Deployment Mode, End User and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and RoW |
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| Sample of Companies Covered |
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TOC Covers in Depth & Breath on Healthcare Data Interoperability Market
179 - Market Data Tables
69 - List of Figures
232 – Pages
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits.
Market Overview
The healthcare data interoperability market is witnessing a transformative evolution driven by the growing demand for seamless information exchange among diverse healthcare systems. Interoperability in healthcare refers to the ability of different information technology systems and software applications to communicate, exchange data, and use the information in a meaningful way. As healthcare organizations strive to improve patient outcomes, reduce costs, and enhance overall efficiency, the need for effective data interoperability becomes increasingly crucial. One of the primary drivers of the healthcare data interoperability market is the shift towards value-based care and the emphasis on patient-centered healthcare delivery. The move away from fee-for-service models has prompted healthcare providers to focus on collaborative and coordinated care, requiring a seamless flow of patient information across various healthcare settings. Interoperable systems play a pivotal role in achieving this goal by ensuring that healthcare professionals have access to comprehensive and up-to-date patient data, regardless of the electronic health record (EHR) system in use.
Major vendors in the Global Healthcare Data Interoperability Market:
- Oracle Health
- Epic Systems Corporation
- Infor
- InterSystems Corporation
- Koninklijke Philips N.V.
- Veradigm LLC
- Cognizant
- Change Healthcare
- NextGen Healthcare
- Merative
- Medical Information Technology
- Lyniate
- OSP Labs
- Orion Health Group of Companies
- Onyx Technology LLC
- ViSolve
- Jitterbit
- iNTERFACEWARE Inc.
- Virtusa Corp.
- Consensus Cloud Solutions Inc.
- MphRx
- Wipro
- eMids
- Nalashaa
- Deevita LLC
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Increasing healthcare expenditures globally
The global surge in healthcare expenditures stands out as a pivotal driver propelling the Healthcare Data Interoperability Market to unprecedented growth. As nations grapple with the complexities of modern healthcare delivery, the need for efficient data exchange across diverse healthcare systems becomes paramount. The rise in healthcare spending is a multifaceted phenomenon rooted in several interconnected factors, including technological advancements, aging populations, and the increasing prevalence of chronic diseases. Advancements in medical technology and treatment modalities contribute significantly to the escalating costs of healthcare. The development of innovative therapies, diagnostic tools, and medical devices often comes with a hefty price tag, driving overall healthcare expenditures upward. As healthcare systems incorporate these cutting-edge technologies, the demand for seamless data interoperability becomes essential to ensure that these disparate components work cohesively, providing healthcare professionals with comprehensive and real-time patient information.
Market Dynamics
Drivers:
- Increasing healthcare expenditures globally
- Emergence of new medical technologies
Opportunities:
- Advancements in software technology for real-time data exchange
- Rising government expenditure to improve healthcare data exchange process in North America
Advancements in software technology for real-time data exchange
Advancements in software technology for real-time data exchange present a significant opportunity for the healthcare data interoperability market to expand and flourish. By enabling seamless and secure communication between various healthcare systems, these advancements hold the potential to revolutionize patient care, enhance clinical decision-making, and streamline administrative processes. One of the key drivers of this growth is the increasing adoption of cloud-based healthcare platforms. Cloud technology facilitates real-time data sharing and access, allowing healthcare providers to access patient information from multiple sources, regardless of their location or device. This eliminates the need for manual data transfer and reduces the risk of errors, ensuring that patients receive timely and comprehensive care.
Furthermore, the development of standardized data exchange protocols, such as HL7 FHIR (Fast Healthcare Interoperability Resources), is further propelling the growth of the Healthcare Data Interoperability Market. These protocols provide a common language for healthcare systems to communicate, enabling seamless data exchange and integration. This eliminates the need for custom interfaces and reduces the complexity of data integration, making it easier for healthcare organizations to adopt interoperable solutions.
The market for Healthcare Data Interoperability is dominated by North America.
North America stands as the dominant region in the Healthcare Data Interoperability Market, and recent data from the Canadian Institute for Health Information underscores the region's robust healthcare infrastructure. According to the November 2021 report, the Canadian healthcare infrastructure witnessed a notable increase from USD 267 billion in 2019 to USD 308 billion in 2021. This surge in healthcare expenditure reflects the nation's commitment to advancing its healthcare systems, making them more resilient and responsive to the evolving needs of patients and providers.
The United States, a major player in the North American region, has experienced a substantial rise in healthcare expenditures. The healthcare expenditure in the United States escalated from USD 3.8 trillion in 2019 to USD 4.3 trillion in 2021. This surge in spending underscores the nation's commitment to providing quality healthcare services, leveraging advanced technologies, and addressing the challenges posed by a complex healthcare landscape. As healthcare costs continue to rise, there is a growing emphasis on adopting solutions that enhance efficiency, streamline operations, and improve overall healthcare outcomes.
The Structural interoperability Segment is Anticipated to Hold the Largest Market Share During the Forecast Period
Based on Level of Interoperability the Healthcare Data Interoperability market is segmented into Foundational Interoperability, Structural Interoperability, and Semantic Interoperability. Structural interoperability emerges as a dominating segment, playing a pivotal role in shaping the seamless exchange of healthcare information. Structural interoperability refers to the ability of disparate healthcare systems to exchange data in a standardized format, ensuring that the information is understood and utilized consistently across various platforms. This level of interoperability focuses on the organization and structure of data, emphasizing the importance of common data models, coding systems, and syntax to facilitate meaningful data exchange.
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