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Healthcare Data Interoperability Market Forecast Report 2025: Revenue and Outlook by Industry Players

Author : Ronak Bora | Published Date : 2020-09-15 

Healthcare Data Interoperability Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Increasing digitalization and adoption of electronic health records (EHR) will drive healthcare data interoperability market share in the upcoming years. Over the past few years, hospitals and physicians have moved from paper-based to electronic health records for recording and exchanging patient information.

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According to the Healthcare Information and Management Systems Society (HIMSS), over 95% of hospitals and nearly 90% of independent physicians have adopted EHR systems. With varied systems being used, interoperability has become a feature much in demand in today’s health industry.

The technology enables better workflows and reduced ambiguity, allowing efficient data transfer among EHR systems and healthcare stakeholders. The demand for interoperability is expected to grow in the coming years with advancements in healthcare technology, which will propel healthcare data interoperability market size.

According to GMI report, healthcare data interoperability market is poised to surpass USD 3.5 billion by 2025.

Semantic segment is anticipated to register a growth rate of more than 9.5% throughout the forecast period. The growth can be credited to the product’s ability of interpreting high-level data. It eases the sorting of complicated and raw medical data and presents the information in simple understandable form by means of this level of interoperability. Moreover, semantic level of interoperability offers high level of security for data exchange that alleviates any threat to the data. These enormous benefits are anticipated to propel the growth of semantic interoperability segment in the upcoming years.

Multispecialty healthcare facilities find extensive use of on-premise software applications for enhanced interface for accessing data. It allows fast and easy data exchange between several departments of multispecialty ASCs and large public hospitals. Needless to mention, on-premise interoperability software offers high reliability, as a result of which the segment procured a revenue share of 35% in 2018.

Centralized model consists of a reliable data repository, that enables gathering of data, which is accessible only to authorized personnel, from different healthcare organizations. . This model offers the benefits of fast data sharing as the data is easily available in central repository. Attributing to these merits, the segment will witness an upsurge in the demand subsequently leading to considerable growth in the coming years. Reportedly, in 2018, centralized segment had recorded a revenue of around USD 900 million.

Ambulatory surgical centers segment is expected to observe a growth rate of over 9% during the forecast timeline owing to the corresponding benefits they provide, including lower cost of surgical procedures and faster recovery rate leading to a rise in patient admissions. ASCs predominantly use technologically enhanced interoperability software in order to provide superior treatment to the patients.

Favorable regulatory initiatives for interoperability software in the Asia Pacific region have encouraged various industry players to invest in the market., thus establishing new avenues for the debutants in the healthcare data interoperability industry who are willing to gain a strong foothold in the healthcare sector thereby, stimulating the growth of regional market. For the record, in 2018, Asia Pacific healthcare data interoperability market had registered a revenue of over USD 440 million.

The new entrants in the region are focused on providing new innovative solutions to the customers that would cater to their specific needs in an efficient way. For instance, in 2018, UCARE.AI, an emerging industry player from Singapore along with Parkway Pantai, a private healthcare provider had launched an AI-powered hospital bill estimation system. News reports suggest that the product generates more accurate and personalized bill estimates based on patients’ medical practices and medical conditions while considering their age, visiting frequency and existing ailments. This novel move has helped the company to gain a remarkable position in the market on account of the accuracy of their software.

Prominent industry players partaking in the healthcare data interoperability market such as Philips, Epic, Allscripts, Orion Health, Medicity, Cerner Corporation, Smith Medical, Optum Insights, Edifecs Inc., Ciox Health, Teletracking Technologies, Oracle, Edifecs Inc and Experian Health, are implementing several strategies such as new product launches, promotions, mergers, collaborations and acquisitions in order to bolster their market position. 

Browse full table of contents (TOC) of this report @ https://www.gminsights.com/toc/detail/healthcare-data-interoperability-market

Partial Chapter of the Table of Content 

Chapter 4.    Healthcare Data Interoperability Market, By Level

4.1. Key segment trends

4.2. Foundational

4.2.1.  Market size, by region, 2014-2025 (USD Million)

4.3. Structural

4.3.1.  Market size, by region, 2014-2025 (USD Million)

4.4. Semantic

4.4.1.  Market size, by region, 2014-2025 (USD Million)

Chapter 5.    Healthcare Data Interoperability Market, By Application

5.1. Key segment trends

5.2. Diagnosis

5.2.1.  Market size, by region, 2014-2025 (USD Million)

5.3. Treatment

5.3.1.  Market size, by region, 2014-2025 (USD Million)

5.4. Others

5.4.1.  Market size, by region, 2014-2025 (USD Million)

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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