The healthcare interoperability solutions market is expected to have average growth during the forecast period, with a CAGR of 14% predicted to take it from a valuation of US$ 3.3 billion in 2021 to US$ 5.5 billion by 2026.
Healthcare Interoperability Solutions Market Overview:
The adoption of cloud technology related to healthcare services is one of the emerging trends in the healthcare interoperability solutions market and a major driving force. Electronic health record data is rapidly growing, making it difficult to store large amounts of data on local storage devices without risking losing vital information.
The offline mode makes it difficult to share large amounts of data. As a result, healthcare interoperability software solutions are becoming essential and crucial. They enable easy sharing and storage of big data, which spikes the global healthcare interoperability solutions market size. Furthermore, the government’s implementation of various healthcare reforms has increased the market’s demand for healthcare interoperability solutions.
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Pre-COVID, healthcare organizations faced challenges with interoperability and ineffective data management, which were exacerbated during the pandemic, and clinicians missed important COVID-19 information due to interoperability issues in healthcare, which resulted in inpatient treatment delays and clinicians’ inability to document patients’ status adequately.
Due to the rapid changes each day of the pandemic, data exchange was ineffective and challenging to coordinate. With new coronavirus variants causing new COVID-19 outbreaks worldwide, data sharing through interoperability becomes even more critical.
On account of the factors mentioned above, the healthcare interoperability solutions market is likely to garner a revenue of about US$ 5.5 Bn by 2026.
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“The market for healthcare interoperability solutions is expected to dominate the North American region. Some of the major factors driving the adoption of healthcare interoperability solutions in this region are the growing demand for high-quality healthcare, the implementation of favorable initiatives, effective EHR implementation by healthcare organizations, and healthcare costs have nearly doubled in the last decade, particularly in the United States.
According to the Organization for Economic Co-operation and Development (OECD), public spending on healthcare and long-term care in OECD countries will rise from 6% of GDP in 2018 to nearly 9% by 2030 and 14% by 2060.” affirms an FMI analyst.
Competitive Landscape:
The leading companies in the healthcare interoperability solutions market include Koninklijke Philips NV, Interfaceware Inc., Orion Health Group Limited, Infor Inc., Allscripts Healthcare Solutions, Inc., Cerner Corporation, Nextgen Healthcare, Inc., OSP Labs, EPIC Systems Corporation, and Intersystems Corporation.
Key Segments Covered:
By Type:
- Software Solutions
- Services
By Level of Interoperability:
- Foundational Interoperability
- Structural Interoperability
- Semantic Interoperability
By End User:
- Healthcare Providers
- Healthcare Payers
- Pharmacies
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
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