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Healthcare Interoperability Solutions Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

Healthcare Interoperability Solutions Market - Growth, Trends, Covid-19 Impact, and Forecasts (2022 - 2027)

  • May 2022
  • 139 pages
  • ID: 6283221
  • Format: PDF
  • Mordor Intelligence LLP

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The healthcare interoperability solutions market was valued at USD 3,192.1 million in 2021, and it is expected to reach USD 6,813.2 million by 2027, registering a CAGR of 13.59% during the forecast period of the study.

With the onset of COVID, several countries embraced digital healthcare to a notable extent to share data regarding infection status. The Electronic Health Record (EHR) platforms witnessed a dramatic increase in their adoption rate during the pandemic. In order to mitigate and contain the spread of COVID-19 infection, government and public health officials are adopting Electronic Case Reporting (ECR) platforms for tracking the infection spread status. This has significantly boosted the revenue generation in the 2020 and 2021 markets.

The pandemic has not only accelerated the digital transformation of the healthcare setting but also spurred the demand for innovative processes and helped redesign workflows across healthcare. Furthermore, with a growing realization of the significance of interoperability in healthcare settings, market players continue to invest in the expansion of their product and service portfolio.

For instance, in December 2021, CareCloud Inc. launched CareCloud Connector, a next-generation interface and data management engine for healthcare organizations. The solution offers ready-to-use integration that enhances data management and deployment speed while delivering improved interface control and visibility. Similarly, in October 2021, Royal Philips introduced Philips Capsule Medical Device Information Platform (MDIP) as a new device drivers that facilitates interoperability and integration. The device has integrated more than 1,000 unique medical device models. Also, in November 2021, Enovacom, the Orange Business Services healthcare subsidiary, released the Enovacom Patient Link solution to accelerate the digitization of the patient journey, thereby spurring the market revenue in the coming years.

Moreover, according to 2020 Insights: Technology Investment Priorities, February 2020, 48% of healthcare organizations cited their plan of investment in analytics software to boost employee engagement and productivity over the next two years. Furthermore, in April 2021, Seqster PDM Inc. announced investment of USD 12 million, led by OmniHealth Holdings LLC along with Takeda Digital Ventures and 23andMe, to drive Seqster’s capabilities to develop and enhance its technology and boost adoption of its healthcare data interoperability technology. Similarly, in August 2020, Verto Health announced investment of USD 2.0 million, led by MaRS Investment Accelerator Fund in conjunction with Amplify Capital, Verstra Ventures, and strategic angel investors; to advance digital health space. Such increasing investment in IT healthcare solutions is bolstering the market revenue at lucrative growth rate.

Key Market Trends

The Service Segment is Expected to Hold a Major Market Share in the Healthcare Interoperability Solutions Market

The service segment is anticipated to account for the major share owing to the presence of a substantial number of service providers for interoperability solutions. Furthermore, increasing interest of healthcare and scientific communities towards 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. For instance, in July 2021, Google Cloud introduced a healthcare data engine, an end-to-end solution for life science and healthcare organizations that harmonizes data from multiple sources including claims, medical records, research data, and clinical trials. Also, frequent purchases of services including software upgradation, training, and maintenance further contribute toward segment growth.

In April 2021, Reliq Health Technologies Inc., a global telemedicine market, which has developed virtual care solutions for the multi-billion dollar healthcare sector, announced the adoption of FHIR (Fast Healthcare Interoperability Resources) standard for its iUGO Care platform to fulfill the requirements of large-scale enterprise. In May 2020, NewWave Telecom collaborated with Technologies, Inc. for the launch of Onyx Technology, a subsidiary focused on delivering health plans with services and products required to assist healthcare data interoperability. Such initiatives are driving the segment growth.

North America is Expected to Hold a Significant Share in the Market and Expected to Maintain its Dominance in the Forecast Period.

Anticipated dominance of the North America market can be attributed to the fact that with the growing geriatric population in the region, data sharing and interoperability is becoming increasingly critical for delivering effective healthcare. As reported by the Centers for Disease Control and Prevention (CDC) in February 2022, six in ten Americans are living with at least one chronic disease, such as cancer, heart disease and stroke, or diabetes. Apart from the rising mortality and morbidity in America, these diseases are also driving the overall healthcare costs. According to an article published by American Action Forum, published in September 2020, the total cost of chronic disease management account for USD 3.7 trillion each year in the United States, nearly 19.6% of the country’s gross domestic product.Thus, with increase in healthcare cost in the country, healthcare professionals are adopting digital healthcare solutions to reduce the overall processing time and related cost for patient management, thereby accelerating revenue in the country market.

Furthermore, the Office of the National Coordinator for Health Information Technology reported a dramatic increase in the use of EHRs in the United States. A substantial number of hospitals are now having routine access to medical records and patient data from outside providers, thereby driving the market growth.

Competitive Landscape

The healthcare interoperability solutions market is currently fragmented in nature with the presence of several large to small and medium-sized players. Some of the companies which are currently dominating the market are Koninklijke Philips NV, Allscripts Healthcare, LLC, Cerner Corporation, EPIC Systems Corporation, NextGen Healthcare, Inc., Infor, Inc., Jitterbit, Virtusa Corp., Orion Health Group Limited., and IBM.

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