"Designing Growth Strategies is in our DNA"
Healthcare interoperability is a system which enables exchange of electronic health records (HER) and other healthcare information among various parties involved, including healthcare facilities, insurance providers, etc. This system allows information to be shared, accessed and coordinated seamlessly. Healthcare interoperability is essential for healthcare systems and their infrastructure to function efficiently. The nature of healthcare interoperability market is extremely challenging due its highly personalized integration, delivery of personalized care and scaling of healthcare interoperability systems. Innovators are now addressing these issues which are driving the global healthcare interoperability market. For instance, in July 2021, according to Centre of Medicare Services, the presence of new policies developed for improving healthcare data standardization and adoption of new electronic standards such as HL7 FHIR represents progress in the field of healthcare interoperability. The primary aim of this policy is to make healthcare data comprehensive, complete and capable to drive better patient-centric decisions.
Moreover, key players in the market are developing innovative healthcare interoperability systems focusing on bidirectional data exchange, provider connectivity and defining interoperability standards to gain competitive advantage.
Major factors driving growth for healthcare interoperability market are patient-centric care delivery programs and government initiatives for healthcare interoperability. These are mainly focused on enhancing patient care and safety. Moreover, expensive healthcare system and subsequent need of curbing healthcare costs is a growing need of healthcare which may encourage market growth. Also, improvements in connectivity between healthcare facilities and auxiliary departments is anticipated to promote the growth of healthcare interoperability market in near future. Additionally, upcoming applications of interoperability solutions such as computer-assisted medical coding, medical machine learning and Natural Language Processing (NLP) are likely to support market growth for healthcare interoperability.
Key Market Driver -
Improvements in patient-centric government initiatives, increasing need for effective and efficient interoperability solutions in healthcare settings to decrease administrative costs
Key Market Restraint -
High cost of integration, privacy and security challenges.
Globally, the Healthcare interoperability market can be segmented on the basis of type of solution, by interoperability, end user and region. Based on the type of solution, the market can be segmented into solution and service. Based on interoperability levels market can be segmented into foundational interoperability, structural interoperability, semantic interoperability, organizational interoperability. Based on end users, market can be segmented by healthcare providers, diagnostic and imaging centers, payers, pharmacies, others (accountable care organization, blood banks and academic research centers). Based on geography the market is segmented in North America, Europe, Asia pacific, Latin America and Middle East-Africa.
Some of the major companies that are present in the healthcare interoperability market are Cerner Corporation, Infor, Epic Systems Corporation, InterSystems Corporation, Jitterbit Inc., Koninklijke Philips N.V., OSP Labs, Allscripts Healthcare Solutions Inc., ViSolve Inc., Orion Health Group, iNTERFACEWARE Inc. and other prominent players.
Geographically, the healthcare interoperability market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America is anticipated to account for largest share of the healthcare interoperability market. The dominance is attributable to well-developed healthcare facilities, higher acceptance rate of new technologies and trainability of technicians. In July 2021, Centres for Medicare and Medicaid Services, deployed policies focused on hospitals with EHR capabilities to send admission, discharge and transfer notifications to other providers. This will enforce requirements for certain payers to support patient access along with reducing the burden of administrative processes.
Europe is estimated to show a positive projection in global healthcare interoperability market due to government policies being stringent in addressing a common sharing platform for healthcare interoperability. For instance, in June 2021, According to European Commission, the Recommendation on a European electronic health record exchange format seeks to facilitate the cross-border interoperability of electronic health records in the EU. Asia Pacific may show a higher growth rate due to developing healthcare systems in emerging countries.
Moreover, government initiatives pushing insurance based healthcare mandates is another factor that incentivizes acceptance of healthcare interoperability market. For instance, in April 2021, Integrated Health Information Systems has partnered with trade associations such as General Insurance Association Singapore and Life Insurance Association Singapore to create an integrated platform that enables faster processing of hospitalization claims. Latin America is an emerging economy which may turn out to be price sensitive as healthcare interoperability incurs considerable cost for establishment and habituation. Nonetheless, it may grow in the future. Middle East-Africa are relatively emerging markets with emphasis on GCC and certain parts of Africa which may show better acceptance of healthcare interoperability, thereby promoting growth of the global healthcare interoperability market.
To gain extensive insights into the market, Request for Customization
By Type of solution
By Interoperability Levels
By End User
“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”- One of the Leading Food Companies in Germany
“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”- Intuitive Surgical
“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”- Major Food Company in Japan
“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”- Ziering Medical
“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”- Major Manufacturer of Precision Machine Parts in India
“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”- Hewlett-Packard
“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”- Global Management Consulting Firm
“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”- UK-based Start-up in the Medical Devices Sector
“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”- One of the Largest Companies in the Defence Industry