Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Healthcare Data Interoperability market.
Trusted Business Insights presents an updated and Latest Study on Healthcare Data Interoperability Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Healthcare Data Interoperability market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
Get Sample Copy of this Report @ Healthcare Data Interoperability Market Research Report – Forecast to 2029 (Includes Business Impact of COVID-19)
Abstract, Snapshot, Market Analysis & Market Definition: Healthcare Data Interoperability Market
Industry / Sector Trends
Healthcare Data Interoperability Market size was valued at USD 2.2 billion in 2018 and is expected to witness 9.2% CAGR from 2019 to 2025.
U.S. Healthcare Data Interoperability Market Size, By Level, 2018 & 2025 (USD Million)
Increasing focus on patient care, growing need to stricture increasing healthcare costs and government initiatives for improving patient experience of care are the major factors driving healthcare interoperability market growth. Interoperability of systems, information exchange and data access play a vital role in improving health outcomes. Mobilizing data regarding individuals health across the complete spectrum of care providers in health organizations enable coordinated, safe and high-quality care that supports payment reforms, transparency efforts and the ability of individuals to manage their health. Thus, benefits provided by healthcare data interoperability software will propel the industry growth over the coming years.
Growing adoption of EHR software in developed as well as developing regions will positively impact healthcare data interoperability business growth. The data interoperability software has gained popularity over the recent years owing to increasing need to provide effective healthcare services. Rising healthcare costs will surge the demand for data interoperability software to enable healthcare organizations to access patients medical data thereby reducing the number of repeated tests and making it easier for medical staff to co-ordinate across various departments in the organization. However, lack of awareness regarding healthcare data interoperability software in underdeveloped economies may impede industry growth over the analysis timeframe.
Market Segmentation, Outlook & Regional Insights: Healthcare Data Interoperability Market
Healthcare Data Interoperability Market, By Level
Structural interoperability segment was valued around USD 900 million in 2018. Structural interoperability enables uniform movement of healthcare data from one system to another system. Healthcare professionals have high preference towards these software as the data remains unaltered between systems. Structural interoperability software also help in converting complex data into simpler form that will augment the segmental growth.
Foundational interoperability segment is estimated to witness over 8.5% growth in analysis time frame. It provides interoperability at basic level between two information technology systems. By using this software, receiving machine cannot process, interpret, reconcile and update the data that creates inconvenience lowering the pace of segmental growth. However, small hospitals and clinics those who cant afford structural and semantic interoperability software opt for foundational interoperability software.
Healthcare Data Interoperability Market, By Deployment
Cloud-based interoperability software segment is projected to grow at 9.3% from 2019 to 2025. Robust segmental growth can be attributed to abundant benefits provided by cloud-based software. This software enables secured exchange of data efficiently and within less time. Wider information exchange is possible with cloud-based software. Aforementioned factors are expected to drive the segmental growth.
On-premise interoperability software segment was valued more than 780 million in 2018. Large hospitals majorly use such software for exchanging data within the different departments of hospitals. It ensures quick exchange of information that helps physicians and doctors to get access to patients data that enhances the success rate of treatment and surgeries. Therefore, public hospitals having different departments adopt on-premise interoperability software to a larger extent.
Germany Healthcare Data Interoperability Market Size, By Deployment, 2018 (USD Million)
Healthcare Data Interoperability Market, By Application
Diagnosis segment was valued around USD 1 billion in 2018 and is expected to have significant growth during the forecast years. Every year huge diagnostic data is generated and hence, data management becomes difficult. Therefore, along with EHR software, clinicians adopt technologically upgraded healthcare interoperability software that reduces errors and provides stronger privacy while protecting diagnostic data. Also, increasing awareness regarding benefit of early diagnosis of diseases has augmented segment growth. Early diagnosis of chronic diseases has considerably reduced the mortality rates hence, large data is generated annually as people get diagnosed at initial stage. Physicians and clinicians adopt interoperability software for carrying out secure data exchange that further propels the segmental growth.
Treatment segment will experience more than 9% growth throughout the analysis period. Number of treatments such as surgical procedures has escalated due to an increase in prevalence of chronic diseases that has fostered the segmental growth. Also, as reimbursement is available for treating several chronic conditions, number of patients undergoing treatments is increasing. For effective treatment, doctors usually adopt interoperability software to get access to patients historical data as well as other valuable data that should spur the segmental growth in coming years.
Healthcare Data Interoperability Market, By Model
Centralized segment held more than 41% revenue share in 2018 and is expected to have significant growth in coming years. In centralized type of model, healthcare professionals share data with one repository and then it is shared with other participants once their request is approved. Benefit of this model is that data remains protected from unauthorized sharing that prevents data breaches while transferring data. High efficiency and reliability offered by centralized model should escalate the segmental growth.
Hybrid segment was valued more than 500 million in 2018. Considerable revenue size can be attributed to the increasing demand for hybrid interoperability model due to several benefits associated with this type of model. Recently developed hybrid interoperable software models reduce operational costs. Moreover, this type of model helps in creating a virtual data center that does not require separate consolidated data center like centralized system that further prevent time delays. Aforementioned factors are expected to drive the segmental growth.
Healthcare Data Interoperability Market, By End-user
Hospitals segment held around 47% revenue share in 2018 and is anticipated to witness robust growth in coming years. Increasing prevalence of chronic diseases leading to growing number of patient admissions will augment the existing demand. According to CDC, in 2017, 28.2 million people were diagnosed with heart ailments in the U.S. alone. Substantial patient data is created through growing hospital admissions needs better and effective interoperability solutions that will upsurge segment growth in near future.
Ambulatory surgery centres segment is projected to witness over 9% growth over the analysis timeline. Ambulatory surgical centers offer several benefits such as low cost, high quality care that should increase its preference for surgical treatments in coming years. This increasing number of surgeries and consequent generation of huge patient data will propel the segment growth over the forecast timeframe.
Healthcare Data Interoperability Market, By Region
North America healthcare data interoperability market was valued more than USD 980 million in 2018 and will witness robust growth during the forecast timeline. Regional growth is attributed to increasing government initiatives regarding effective use of EHR in data interoperability. Rising government spending on healthcare digitization for effective and secure data exchange across various healthcare departments proves beneficial for regional growth. Moreover, increasing number of hospitals in the region will further favour regional growth.
Asia Pacific healthcare data interoperability market will witness more than 9.5% CAGR over the analysis period. Increasing medical tourism in the region, surging demand for quality healthcare and rising government expenditure on healthcare facilities are the key factors driving regional growth. Large patient pool in highly populous countries such as China and India generate large amount of patient data every year, thus creating a need for efficient data exchange among hospitals and pharmacies. Aforementioned factors will boost the regional market growth during the forecast period.
Asia Pacific Healthcare Data Interoperability Market Size, By Country, 2025 (USD Million)
Key Players, Recent Developments & Sector Viewpoints: Healthcare Data Interoperability Market
Prominent industry players operating in the healthcare data interoperability market are Epic, Orion Health, Medicity, Allscripts, Philips, Cerner Corporation, Optum Insights, Smith Medical, Ciox Health, Teletracking Technologies, Oracle, Edifecs Inc and Experian Health. Key industry players have adopted numerous strategies such as new product launch, joint collaborations and mergers and acquisition. For instance, in November 2016, Smith Medical launched 1.1 version of PharmGuard interoperability software for smart pump programming. The latest version enables bi-directional integration with IHE compatible EMR systems.
Healthcare Data Interoperability Industry Viewpoint
Healthcare data interoperability industry can be traced back to 1890s. First interoperability software was not much sophisticated and showcased basic level of interoperability. This system could only transfer data from one system to another but was not able to interpret the data for its users. Therefore, this software turned to be obsolete as it lacked the ability of data interpretation. Later, with advancements in technology, few changes were introduced in the interoperability software that enabled the physicians to obtain real time clinical data. After several decades, semantic interoperability software was developed that possessed highest efficiency. Currently, this industry is in developing phase and is yet to experience numerous growth opportunities in coming years. New players willing to establish their presence have ample scope in developing countries that generate huge patient data every year.
Key Insights Covered: Exhaustive Healthcare Data Interoperability Market
1. Market size (sales, revenue and growth rate) of Healthcare Data Interoperability industry.
2. Global major manufacturers’ operating situation (sales, revenue, growth rate and gross margin) of Healthcare Data Interoperability industry.
3. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Healthcare Data Interoperability industry.
4. Market size (sales, revenue) forecast by regions and countries from 2019 to 2025 of Healthcare Data Interoperability industry.
Research Methodology: Healthcare Data Interoperability Market
- Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
- Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
- Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.
Quick Read Table of Contents of this Report @ Healthcare Data Interoperability Market Research Report – Forecast to 2029 (Includes Business Impact of COVID-19)
Trusted Business Insights
Media & Marketing Executive
Email Me For Any Clarifications
Connect on LinkedIn
Click to follow Trusted Business Insights LinkedIn for Market Data and Updates.
US: +1 646 568 9797
UK: +44 330 808 0580