The global Healthcare API Market Demand is expected to generate consistent growth prospects between 2023 and 2033, at a CAGR of 3.6%. The global market is estimated to be valued at US$ 222.6 million by the end of 2023, rising to US$ 316.2 million by the end of 2033. According to Future Market Insights’ historical study, the worldwide healthcare API Market grew at a CAGR of 2.98% from 2017 to 2022. The market value was about 1.6% of the total US$ 13.4 billion. According to a recent analysis by Future Market Insights, cloud-based installations are predicted to lead the market with a share of approximately 77.3% in 2023.
The importance of high-quality data quality and availability within a transparent, patient-centered healthcare business is the primary driver of the worldwide healthcare API market share. Furthermore, according to the Stanford Medicine 2017 Health Trends Report, the amount of data collected in the healthcare industry has increased considerably over the last decade. Furthermore, increasing investments and increased initiatives by industry participants to build a fully standardised API are propelling the healthcare API market forward. Over the last several years, there has been tremendous development in the demand for telemedicine and digital health solutions, which has fuelled market growth.
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One of the forerunners in the technology adoption category is the global healthcare industry. The global need for healthcare APIs is expected to increase as data is brought closer to its stakeholders. This enables faster decision-making while also increasing life expectancy and population health. This is due to a number of causes. Government regulations such as “meaningful use,” the broad availability of electronic medical record (EMR) platforms, direct digitization of medical records from radiological devices such as MRI, X-Ray, CT, and so on), and the widespread availability of personal health/fitness monitors are examples of such policies.
Key Takeaways
- The global market is expected to gain from the increasing acceptance and demand for healthcare API solutions. Physicians, patients, and players all recommend healthcare API solutions. Appointments are the most popular healthcare API service due to the simplicity and flexibility it provides over scheduling doctor visits through the healthcare application programming interface.
- The influx of big and complex healthcare datasets, as well as the growing desire for lower healthcare expenditures, are projected to drive market expansion. Better processing power and cheaper hardware prices are driving the growth of the healthcare API Market.
- A rise in the number of collaborations and partnerships among several fields over the healthcare API market along with an increasing demand for better healthcare services because of a workforce-patient imbalance are all contributing factors to the market’s growth.
- The growth of the healthcare API market size is further propelled by ongoing upgrades and an increase in various initiatives by EHR vendors and healthcare IT companies. Although, the loss and management of sensitive patient data along with rising concerns about security breaches hamper the healthcare API market share.
- The stable surge in government attempts to shift from the traditional technique to technologically advanced healthcare frameworks and IT-enabled solutions is expected to open up lucrative opportunities for healthcare API market growth
- Enhanced treatment outcomes, growing demand for healthcare integration, raising patient satisfaction, and improvements in care quality are driving the healthcare API market growth.
- Several other driving factors incorporate the integration of new processes between providers and payers, apps that can access data from, wearables, EHRs, and associated services, and seamless transition of care.
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Competitive Landscape
The growing demand for healthcare APIs, as well as the heavy investments made by IT behemoths, are predicted to open significant doors for key players in the healthcare API market. Irrespective of the substantial zones covered by tech giants, APIs remain available for the creation of new applications that demonstrate restraint and improve the overall quality of treatment for patients.
Key Players
- Microsoft Corporation
- Apple Inc.
- Greenway Health, LLC
- MuleSoft, Inc.
- General Electric Company
- Practice Fusion, Inc.
- Epic Systems Corporation
- Allscripts Healthcare Solutions Inc.
- eClinicalWorks LLC
- Practo Technologies Pvt. Ltd
Key Market Segments Covered in Healthcare API Industry Research
Deployment:
- Cloud-Based
- On-Premise Based
Services:
- Remote Patient Monitoring Services
- Appointment Services
- Electronic Health Record Access Services
- Wearable Medical Device Services
- Payment Services
End User:
- Healthcare Providers
- Healthcare Payers
- Vendors
- Patients
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About Future Market Insights, Inc.
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient 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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