Jersey City, NJ, March 05, 2024 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Interoperability Solution in Healthcare Market - (Level (Semantic, Foundational, Structural), By Product (Services, Solution), By Application (Treatments, Diagnostics), By End-Use (Healthcare Providers, Healthcare Payers And Life Science Companies))), Trends, Industry Competition Analysis, Revenue And Forecast To 2031."
“Interoperability Solution in Healthcare Market” in terms of revenue was estimated to be worth $3.02 billion in 2023 and is poised to reach $9.08 billion by 2031, growing at a CAGR of 14.95% from 2024 to 2031 according to a new report by Insight Ace Analytic.
Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global Interoperability Solution in Healthcare market are:
- Increasing demand for efficient and cost-effective healthcare delivery
- Government initiatives and regulations
- Emergence of new medical technologies
The following are the primary obstacles to the Interoperability Solution in Healthcare market's expansion:
- Increasing complexity due to lack of consistent data
- Lack of accurate interoperability solutions
- Lack of standards and protocols in IT businesses
Future expansion opportunities for the global Interoperability Solution in Healthcare market include:
- Growing markets for healthcare interoperability solutions
- Advancements in software technologies for real-time data exchange
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Market Analysis:
Healthcare companies increasingly use big data analytics for sales and marketing initiatives, which is anticipated to fuel market revenue growth. The demand for interoperability solutions in healthcare among healthcare providers and healthcare payers is accelerating due to the increase in the price of various medical procedures and the decrease in reimbursements for laboratory services. Further, the key drivers influencing market revenue growth include rising healthcare costs, growing demand to lower these costs, government measures to improve safety and quality of care, and more.
Recent Developments:
- In Oct 2023, InterSystems expands its startup program with eight new companies to accelerate digital health innovation. The InterSystems Startup Program supports and invests in data-driven businesses in major industries such as healthcare, financial services, logistics, and manufacturing. These firms are pioneering upcoming technologies like as remote patient monitoring and blockchain-powered health data security, as well as artificial intelligence-driven diagnostics, to improve healthcare accessibility, data integrity, and patient care.
- In January 2022, Capsule Technologies, Inc. was acquired by Koninklijke Philips to revolutionize healthcare delivery with integrated solutions.
- In January 2022, The Biden administration released a governance framework for nationwide health information exchange. This framework is aimed at creating baseline legal and technical requirements to enable secure nationwide information sharing across disparate healthcare entities.
- In May 2021, Epic Systems and Anthem, Inc. collaborated to lessen administrative constraints and address gaps in care by integrating Epic Systems' Payer Platform, which was included in Anthem's Health OS.
List of Prominent Players in the Interoperability Solution in Healthcare Market:
- InterSystems Corporation
- Allscripts Healthcare Solutions
- Cerner Corporation Inc.
- Orion Health Group Limited
- Koninklijke Philips N.V.
- Epic Systems Corporation
- ViSolve Inc.
- Infor Inc
- INTERFACEWARE
- Quality Systems Inc.
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Interoperability Solution in Healthcare Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2023 | USD 3.02 Bn |
| Revenue Forecast In 2031 | USD 9.08 Bn |
| Growth Rate CAGR | CAGR of 14.95% from 2024 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
| Historic Year | 2019 to 2023 |
| Forecast Year | 2024-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Level, Application, Product Type, End-Use |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
| Competitive Landscape | InterSystems Corporation, Allscripts Healthcare Solutions, Cerner Corporation Inc., Orion Health Group Limited, Koninklijke Philips N.V., Epic Systems Corporation, ViSolve Inc., Infor Inc, iNTERFACEWARE and Quality Systems Inc. |
| Customization Scope | Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
| Pricing and Available Payment Methods | Explore pricing alternatives that are customized to your particular study requirements. |
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Interoperability Solution in Healthcare Market Dynamics:
Market Drivers: Emergence of New Medical Technologies
There has been a significant rise in technological advances over the last several decades. Healthcare interoperability has several potential benefits, including communication systems that can improve operational efficiency and reduce the time spent on administrative tasks such as manually entering data from faxes. Interoperability also helps reduce duplicate clinical interventions such as imaging studies or lab orders, thus decreasing waste and overall costs and improving patient safety by lessening exposure to radiation or invasive procedures. Furthermore, interoperability also improves clinical care by facilitating improved access to relevant and longitudinal clinical data at the point of care.
Challenges: Lack of Accurate Interoperability Solutions
The lack of accurate interoperability between healthcare providers, systems, technology, and information is challenging across the healthcare supply chain. Many vendors, processes, and standards all obstruct the delivery of optimal patient results. Further, rising healthcare expenditures, increased patient expectations, and a movement to value-based care require providers to improve healthcare interoperability. The lack of true interoperability among electronic systems remains a major concern.
North America Is Expected To Grow With the Highest CAGR during the Forecast Period
The North America Interoperability Solution in Healthcare Market is likely to register a significant revenue share and develop at a rapid CAGR soon. This is due to increasing investment in the digitalization of the healthcare infrastructure and healthcare expenditure. The presence of some key market players in North America and business expansion initiatives like product launches, mergers and acquisitions, and collaborations, among others, are expected to boost the market growth further. Furthermore, the U.S. is expected to capture the major market in the region for healthcare interoperability solutions as it is one of the major countries where digital healthcare solutions like electronic health records (EHRs) are used widely in almost every hospital.
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Segmentation of Interoperability Solution in Healthcare Market-
By Level-
- Semantic
- Structural
- Foundational
By Product-
- Services
- Solutions
By Application-
- Treatments
- Diagnostics
- Other
By End Use-
- Healthcare Provider
- Healthcare Payer
- Life Science Companies
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of Middle East and Africa
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Why should buy this report:
- To receive a comprehensive analysis of the prospects for the global Interoperability Solution in Healthcare Market
- To receive an industry overview and future trends in the global Interoperability Solution in Healthcare Market
- To analyze the Interoperability Solution in Healthcare Market drivers and challenges
- To get information on the Interoperability Solution in Healthcare Market size value (US$ Mn) forecast till 2031
- Major Investments, Mergers & Acquisitions in the global Interoperability Solution in Healthcare Market industry
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