SAN FRANCISCO, Dec. 8, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Healthcare Interoperability Solutions - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: November 2021
Executive Pool: 744
Companies: 68 - Players covered include Allscripts Healthcare Solutions, Inc.; Cerner Corporation; EPIC Systems Corporation; Infor, Inc.; Interfaceware, Inc.; Intersystems Corporation; Jitterbit; Koninklijke Philips NV; Nextgen Healthcare, Inc.; Orion Health Group Limited; OSP Labs; Quality Systems; Visolve, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Type (Services, Software); Application (Diagnosis, Treatment, Other Applications); End-Use (Hospitals, Ambulatory Surgical Centers, Other End-Uses)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Healthcare Interoperability Solutions Market to Reach US$4.4 Billion by the Year 2026
Interoperability in the healthcare sector has risen considerably in the past few years. The market expansion is triggered by implementation of healthcare IT interoperability regulations in various countries. Government agencies in countries like the US have made it mandatory for healthcare organizations to comply with interoperability guidelines. Factors such as policy requirements and governmental regulations are creating strong demand for data integration and analytics systems. These factors are pushing the uptake of healthcare IT applications and slated to benefit providers of healthcare interoperability systems. Ongoing shift towards value-base patient care along with emergence of innovative healthcare delivery models is expected to boost adoption of healthcare interoperability systems. The demand for these solutions is also propelled by the need to ensure connectivity of medical devices and systems through the care continuum. The market is likely to receive a major impetus from increasing uptake of app integration, application programming interface integration, data integration, data cleansing, data interoperability and data analytics solutions. The EHR Incentive Programs have been renamed Promoting Interoperability and the 21st Century Cures Act. Seamless and safe exchange of information across the healthcare ecosystem will facilitate digital health achieving its optimal potential.
Amid the COVID-19 crisis, the global market for Healthcare Interoperability Solutions estimated at US$2.1 Billion in the year 2020, is projected to reach a revised size of US$4.4 Billion by 2026, growing at a CAGR of 12.4% over the analysis period. Services, one of the segments analyzed in the report, is projected to grow at a 13.4% CAGR to reach US$2.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Software segment is readjusted to a revised 11% CAGR for the next 7-year period. This segment currently accounts for a 45.1% share of the global Healthcare Interoperability Solutions market. The global market is led by the services segment owing to increasing transition of healthcare facilities towards cloud-based platforms and cloud computing. The move enables users to reduce operating costs and improve performance of various processes and applications. Growth in the software segment is due to increasing requirement for seamless access to patient data coupled with adoption of healthcare IT solutions for quality care delivery and enhanced patient satisfaction.
The U.S. Market is Estimated at $1.2 Billion in 2021, While China is Forecast to Reach $187.7 Million by 2026
The Healthcare Interoperability Solutions market in the U.S. is estimated at US$1.2 Billion in the year 2021. The country currently accounts for a 51.94% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$187.7 Million in the year 2026 trailing a CAGR of 18.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 9.7% and 11.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 11% CAGR while Rest of European market (as defined in the study) will reach US$203.9 Million by the end of the analysis period. North America retains the imposing position in the healthcare interoperability solutions market and accounts for the majority stake due to increasing demand for quality and efficient healthcare delivery along with the pressing requirement to curb healthcare expenditure. The market growth is fueled by rising implementation of EHR across healthcare organizations. Future expansion of the regional market is poised to be favored by favorable regulations and initiatives to improve efficiency of the healthcare system. The market in Asia-Pacific region is buoyed by high burden on the healthcare system that requires advanced interoperability solutions to increase the efficiency and productivity. More
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SOURCE Global Industry Analysts, Inc.