The global healthcare API market is predicted to rise from an estimated US$ 222.6 million in 2023 and reach US$ 316.2 million by 2033. The market is set to grow at a slow CAGR of 3.6% from 2023 to 2033. Historically, the healthcare API market was valued at US$ 215.5 million in 2022 while witnessing a CAGR of 2.98% from 2017 to 2022. This growth can be attributed to surging demand for telemedicine and digital health solutions as well as increasing investment and growing initiatives by market players and government agencies to strengthen the healthcare API market prospects.
The healthcare sector is one of the leaders in the early adoption of technology. With the ongoing evolution of technology, the healthcare industry is also registering greater demand for advancing technology. Thus, healthcare API solutions have observed progressive acceptance and increasing demand from physicians, patients, and other involved parties. The convenience and flexibility offered by healthcare API solutions in terms of scheduling doctor visits via healthcare application programming interface make the appointments segment the most in-demand healthcare API service which, in turn, fosters growth for the overall market in the upcoming years.
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Healthcare API solutions enable faster decision-making and increase life expectancy and better population health. The improvement in data quality and the development of a transparent, patient-centered healthcare business is also ensured by healthcare API solutions. With the rapid rise in data, these aforementioned features play a vital role in the expansion of the healthcare API market size.
Favorable government policies and initiatives, deep penetration of electronic medical record (EMR) platforms, direct digitization of patient records such as MRI, X-ray, CT, and others, and the greater availability of personal health/ fitness monitors are factors that underpin the growth of the healthcare API market. Moreover, better treatment outcomes that increase patient satisfaction, the rising need for the integration of technology and healthcare, and improvements in quality of care also spur the demand for the healthcare API market. Additionally, aspects like the development of new processes between providers and payers, the availability of apps that can extract data from wearables, EHRs, and related services, as well as a seamless transition of care, are also responsible for the steady growth of the healthcare API market during the forecast period.
Key Takeaways:
- Inconsistencies and technology gaps along with concerns regarding the security of patient data are factors that may stymie the growth of the healthcare API market.
- The healthcare API market in the US will account for a market share of 31.8% in 2023 and will present strong growth throughout the assessment period.
- China’s healthcare API market will grow at a CAGR of 3.5% due to rising awareness of the advantages of healthcare API.
- By deployment, the cloud-based segment will hold about 77.3% of the market share in 2023.
- Based on service, the electronic health record (EHR) category will account for 31.6% of the market share in 2023.
Competitive Landscape:
Microsoft Corporation, Apple Inc., Greenway Health, Epic Systems Corporation, Practo Technologies Pvt. Ltd., Mulesoft, Inc., and General Electric Company, among others, are some of the key players in the healthcare API market profiled in the full version of the report.
Leading market players are concentrating on increasing investments to establish a fully standard API. These enterprises also employ various organic and inorganic business strategies to enhance their market footprints.
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More Insights into Healthcare API Market:
FMI offers the latest, detailed, and unbiased analysis of the global healthcare API market, providing historical data from 2017 to 2022 and forecast statistics for 2023 to 2033. To understand the global market potential, growth, and scope, the market is segmented on the basis of deployment, services, end users, and region.
According to the reports, based on segmentation, the cloud-based deployment model will dominate the global market due to numerous benefits associated with the segment such as better storage and access to healthcare data. In terms of service, the EHR category will remain popular during the forecast period.
Based on region, the healthcare API market in North America will demonstrate impressive growth during 2023 and 2033. The target market in this region will be shaped by the increasing demand for patient-centric healthcare systems, easier adoption of advanced technology, and well-established healthcare infrastructure. Besides, Germany, China, and Japan will also make notable contributions to the global growth of the healthcare API market during the assessment period.
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
Region:
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa (MEA)
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