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Analysis of Healthcare Data Interoperability Market applications and companies active in the industry

Author : Rahul Sankrityayan | Published Date : 2019-03-19 

Healthcare Data Interoperability Market size is projected to experience significant growth from 2019 to 2025. Innovations in healthcare data interoperability software will positively influence the industry growth in forthcoming years. Healthcare organizations utilizing EHR platforms for processing and maintaining patient data find difficulty in exchanging data. Recently developed healthcare interoperability solutions are highly efficient and equally reliable. Thus, increasing dependency of healthcare professionals on newly developed healthcare interoperability solutions will accelerate the healthcare data interoperability market growth in foreseeable future.

Favorable regulations to promote interoperability solutions will boost the healthcare interoperability market in coming years. For instance, CMS announced EHR incentive programs. Under this program CMS offered merit-based incentives to healthcare providers that will help in increasing the adoption of certified EHR technology. Such initiatives will substantially reduce the cost burden and will also facilitate procedures that require exchange of health information between providers and patients. This scenario will prove beneficial for the industry growth as it will raise the adoption of highly efficient interoperability software amongst healthcare professionals. However, lack of skilled IT professionals in healthcare and high cost associated with maintenance of IT software can hamper the healthcare IT interoperability market to some extent.

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Healthcare interoperability software segment held considerable share during analysis timeframe owing to the availability of advanced interoperability software that helps in retaining the data integrity. For instance, Netsmart provides smart software and solutions for maintaining and tracking electronic health records. Solutions are specifically designed to coordinate and connect to any EHR and immediately offers care services in case of medical emergency. Thus, high adoption of interoperability software in healthcare sectors as well as research institutes will propel the segmental growth.

Patient data management segment will show lucrative growth during analysis timeframe. Currently  utilized interoperability software enhance patient’s safety, as this software allows quick access to clinical patient information. Additionally, adoption of interoperable digital health systems allows steady stream of data to EHR systems from variety of advanced tools and system. Therefore, high efficiency and accuracy possessed by the data interoperability software will significantly boost its adoption for maintaining patient data.

Hospitals segment is projected to witness immense growth in the upcoming years. Hospitals handle huge medical data including patient information, inventory required by hospitals, claims data and patient health records. According to American Hospital Association (AHA), in 2019, number of hospital admissions in the U.S. is over 36 million. Therefore, increasing patient inflow in the hospitals will create huge demand for healthcare data interoperability software as it allows secure data exchange thereby, positively impacting the segment growth.

U.S. dominates North America healthcare data interoperability market and is expected to have exponential growth during the forecast years. High healthcare expenditure and rising government initiatives regarding effective use of EHR will drive the regional growth in coming years. Insurance providers such as Medicare and Medicaid reduce operational cost of surgeries that leads to patient inflow in the hospitals and ambulatory surgical center. Therefore, continuous increase in the number of patients is expected to drive the demand for interoperability software for better management of patient data. Moreover, high adoption of interoperability software among researchers that helps in speeding the discovery process will further stimulate the regional market growth.

Eminent industry players in healthcare data interoperability market are Quest Diagnostics, Optum, Allscript, Philips, Carecloud, Siemens, Oracle, Orion Health, Cerner Corporation, Netsmart, Smith Medical and Kareo. Industry players focus on innovative product launch as their main strategies as well as mergers and acquisitions to expand existing product portfolio and capture high market share. For instance, In 2016, Smith Medical launched PharmGuard, interoperability software for EHR system. Introduction of innovative software will positively impact company’s revenue generation.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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