During the forecast period, the Healthcare API Market is expected to grow at a CAGR of 3.6%, from US$ 215.6 Mn in 2022 to US$ 306.6 Mn in 2032.
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The global healthcare API market is expected to expand due to the growing acceptance of Application Programming Interfaces (APIs) and integrated Electronic Health Records (EHRs), which provide simplicity and easy access to healthcare data.
According to healthcare API market adoption trends, improved treatment outcomes have increased patient satisfaction, and improvements in care quality are propelling the healthcare API market forward.
The growing need for healthcare integration is also likely to drive demand.
In the healthcare API market, patient-centric care is an emerging paradigm in healthcare delivery that has resulted in improved outcomes, patient satisfaction, and treatment quality. A slew of new services, such as healthcare monitoring and wearable medical devices, have increased demand for healthcare API solutions that allow patients to learn more about a doctor’s experience, specialty, and availability before making an appointment. Furthermore, patients can stick to their appointment schedules and visit only when absolutely necessary.
However, the growing demand for healthcare API is being hampered by the loss and misuse of sensitive patient data, as well as privacy concerns. Furthermore, the continued growth in government efforts to transition from traditional techniques to technologically sophisticated healthcare systems and IT-enabled solutions and services is likely to open up various healthcare API market development prospects.
EHR companies and healthcare IT startups are driving the healthcare API market with frequent updates and initiatives. Concerns about privacy breaches and the loss of sensitive patient data, on the other hand, are limiting the healthcare API industry expansion.
According to Future Market Insights’ global healthcare API market study, government efforts to migrate to technologically sophisticated healthcare systems, as well as IT-enabled products and services, are likely to open up additional market development potential.
Almost every industry in the world has suffered a setback as a result of the pandemic in recent months. This can be attributed to severe disruptions in their specific production and supply-chain operations as a result of multiple preventive lockdowns and other restrictions imposed by governments worldwide.
Because the general economic situation of most people has been harmed by this outbreak, consumer demand has decreased as people are now more keen on eliminating non-essential expenditures from their various budgets. The aforementioned factors are likely to weigh on healthcare API market sales over the forecast period.
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The global healthcare API market is likely to revive as regional government agencies begin to lift these mandated lockdowns.
Key Takeaways
The US healthcare API market size is expected to reach US$ 55.9 Mn by 2032.
The China market is expected to grow at a CAGR of 3.6% during the forecast period and is likely to reach a valuation of US$ 12.2 Mn by 2032.
The market study by Future Market Insights portrays that over the projected period. The remote patient monitoring segment is expected to develop at the fastest rate.
During the forecast period, the global healthcare API market is expected to face challenges such as lack of reliability and payment uncertainty.
The EHR access category topped the worldwide healthcare API market with a revenue share of over 35% in 2020, according to the service.
Based on the mode of implementation, cloud-based APIs had the largest market share of roughly 81% in 2020. The availability of free storage space to store and organise patient and hospital health data, as well as data that is immediately available during an emergency, can be attributed to the increase in the size of the healthcare API market.
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Competitive Landscape
MuleSoft, Inc., Practo Technologies Pvt. Ltd., General Electric Company, Athenahealth, Cerner Corporation, Microsoft Corporation, Epic Systems Corporation, Apple, Inc., eClinicalWorks LLC, Greenway Health, LLC., Practice Fusion, Inc., and Allscripts Healthcare Solutions Inc. are the market leaders in the global healthcare API market.
As per the healthcare API market adoption trends, the healthcare market is inherently competitive. To increase their market position, the leading companies are engaging in strategic alliances, new product launches, and mergers and acquisitions.
For example, Allscripts and Northwell Health teamed up in 2019 to create an artificial intelligence-based, voice-enabled, cloud-based EHR. The company’s penetration is likely to improve as a result of this. In November 2019, pCare announced a collaboration with Redox to improve data integration between the pCare platform and HCO’s existing HIT systems.
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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