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Healthcare Interoperability Solutions Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Healthcare Interoperability Solutions Market is segmented by Deployment (Cloud-based and On-premise), Level (Foundational, Structural, and Semantic), Type (Solutions and Services), End User (Healthcare Providers, Healthcare Payers, and Pharmacies), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The report offers the value in USD million for the above segments.

Market Snapshot

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Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 13.59 %

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Market Overview

The healthcare interoperability solutions market was valued at USD 3,192.1 million in 2021, and it is expected to reach USD 6,813.2 million by 2027, registering a CAGR of 13.59% during the forecast period (2022-2027) of the study.

With the onset of COVID, several countries embraced digital healthcare to a notable extent to share data regarding infection status. The Electronic Health Record (EHR) platforms witnessed a dramatic increase in their adoption rate during the pandemic. In order to mitigate and contain the spread of COVID-19 infection, government and public health officials are adopting Electronic Case Reporting (ECR) platforms for tracking the infection spread status. This has significantly boosted the revenue generation in the 2020 and 2021 markets.

The pandemic has not only accelerated the digital transformation of the healthcare setting but also spurred the demand for innovative processes and helped redesign workflows across healthcare. Furthermore, with a growing realization of the significance of interoperability in healthcare settings, market players continue to invest in the expansion of their product and service portfolio.

For instance, in December 2021, CareCloud Inc. launched CareCloud Connector, a next-generation interface and data management engine for healthcare organizations. The solution offers ready-to-use integration that enhances data management and deployment speed while delivering improved interface control and visibility. Similarly, in October 2021, Royal Philips introduced the Philips Capsule Medical Device Information Platform (MDIP) as a new device driver that facilitates interoperability and integration. The device has integrated more than 1,000 unique medical device models. Also, in November 2021, Enovacom, the Orange Business Services healthcare subsidiary, released the Enovacom Patient Link solution to accelerate the digitization of the patient journey, thereby spurring the market revenue in the coming years.

Moreover, according to 2020 Insights: Technology Investment Priorities, in February 2020, 48% of healthcare organizations cited their plan of investment in analytics software to boost employee engagement and productivity over the next two years. Furthermore, in April 2021, Seqster PDM Inc. announced an investment of USD 12 million, led by OmniHealth Holdings LLC along with Takeda Digital Ventures and 23andMe, to drive Seqster's capabilities to develop and enhance its technology and boost the adoption of its healthcare data interoperability technology. Similarly, in August 2020, Verto Health announced an investment of USD 2.0 million, led by MaRS Investment Accelerator Fund in conjunction with Amplify Capital, Verstra Ventures, and strategic angel investors; to advance the digital health space. Such increasing investment in IT healthcare solutions is bolstering the market revenue at a lucrative growth rate.

Scope of the Report

As per the scope of this report, interoperability in healthcare facilitates timely and established access, integration, and application of electronic health data to enhance and optimize health outcomes for patients. The healthcare interoperability solutions market is segmented by Deployment (Cloud-based and On-premise), Level (Foundational, Structural, and Semantic), Type (Solutions and Services), End User (Healthcare Providers, Healthcare Payers, and Pharmacies), and Geography (North America, Europe, Asia-Pacific, Middle East & Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in USD million for the above segments.

By Deployment
Cloud-based
On-premise
By Level
Foundational
Structural
Semantic
By Type
Solutions
EHR Interoperability
HIE Interoperability
Other Types
Services
By End User
Healthcare Providers
Healthcare Payers
Pharmacies
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

The Service Segment is Expected to Hold a Major Market Share in the Healthcare Interoperability Solutions Market

The service segment is anticipated to account for the major share owing to the presence of a substantial number of service providers for interoperability solutions. Furthermore, increasing interest of healthcare and scientific communities in the cloud-based platform and cloud computing to minimize the overall operational costs for better and faster performance of healthcare applications is driving the segment growth. For instance, in July 2021, Google Cloud introduced a healthcare data engine, an end-to-end solution for life science and healthcare organizations that harmonizes data from multiple sources, including claims, medical records, research data, and clinical trials. Also, frequent purchases of services, including software upgradation, training, and maintenance, further contribute toward segment growth.

In April 2021, Reliq Health Technologies Inc., a global telemedicine market, which has developed virtual care solutions for the multi-billion dollar healthcare sector, announced the adoption of the FHIR (Fast Healthcare Interoperability Resources) standard for its iUGO Care platform to fulfill the requirements of the large-scale enterprise. In May 2020, NewWave Telecom collaborated with Technologies, Inc. for the launch of Onyx Technology, a subsidiary focused on delivering health plans with services and products required to assist healthcare data interoperability. Such initiatives are driving the segment's growth.

Healthcare Interoperability Solutions Market

North America is Expected to Hold a Significant Share in the Market and Expected to Maintain its Dominance during the Forecast Period

Anticipated dominance of the North American market can be attributed to the fact that with the growing geriatric population in the region, data sharing and interoperability is becoming increasingly critical for delivering effective healthcare. As reported by the Centers for Disease Control and Prevention (CDC) in February 2022, six in ten Americans are living with at least one chronic disease, such as cancer, heart disease and stroke, or diabetes. Apart from the rising mortality and morbidity in America, these diseases are also driving the overall healthcare costs. According to an article published by American Action Forum, published in September 2020, the total cost of chronic disease management account for USD 3.7 trillion each year in the United States, nearly 19.6% of the country's gross domestic product. Thus, with the increase in healthcare costs in the country, healthcare professionals are adopting digital healthcare solutions to reduce the overall processing time and related costs for patient management, thereby accelerating revenue in the country's market.

Furthermore, the Office of the National Coordinator for Health Information Technology reported a dramatic increase in the use of EHRs in the United States. A substantial number of hospitals now have routine access to medical records and patient data from outside providers, thereby driving the market growth.

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Competitive Landscape

The healthcare interoperability solutions market is currently fragmented in nature with the presence of several large to small and medium-sized players. Some of the companies currently dominating the market are Koninklijke Philips NV, Allscripts Healthcare LLC, Cerner Corporation, EPIC Systems Corporation, NextGen Healthcare Inc., Infor Inc., Jitterbit, Virtusa Corp., Orion Health Group Limited, and IBM.

Recent Developments

  • In March 2022, eHealth Exchange, the non-profit health information network that connects providers and federal agencies, received a new Innovation Grant program of USD 550,000 to help catalyze new and innovative ways to boost electronic health information exchange or build new technical connectivity tools.
  • In January 2022, The Biden administration released a governance framework for nationwide health information exchange. This framework is aimed at creating baseline legal and technical requirements to enable secure nationwide information sharing across disparate healthcare entities.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and market defination

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Investment in IT Healthcare Solutions and Healthcare Interoperability

      2. 4.2.2 Rising Concerns Over Increasing Healthcare Costs

    3. 4.3 Market Restraints

      1. 4.3.1 Shortage of Skilled Healthcare IT Professionals

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - in USD Million)

    1. 5.1 By Deployment

      1. 5.1.1 Cloud-based

      2. 5.1.2 On-premise

    2. 5.2 By Level

      1. 5.2.1 Foundational

      2. 5.2.2 Structural

      3. 5.2.3 Semantic

    3. 5.3 By Type

      1. 5.3.1 Solutions

        1. 5.3.1.1 EHR Interoperability

        2. 5.3.1.2 HIE Interoperability

        3. 5.3.1.3 Other Types

      2. 5.3.2 Services

    4. 5.4 By End User

      1. 5.4.1 Healthcare Providers

      2. 5.4.2 Healthcare Payers

      3. 5.4.3 Pharmacies

    5. 5.5 Geography

      1. 5.5.1 North America

        1. 5.5.1.1 United States

        2. 5.5.1.2 Canada

        3. 5.5.1.3 Mexico

      2. 5.5.2 Europe

        1. 5.5.2.1 Germany

        2. 5.5.2.2 United Kingdom

        3. 5.5.2.3 France

        4. 5.5.2.4 Italy

        5. 5.5.2.5 Spain

        6. 5.5.2.6 Rest of Europe

      3. 5.5.3 Asia-Pacific

        1. 5.5.3.1 China

        2. 5.5.3.2 Japan

        3. 5.5.3.3 India

        4. 5.5.3.4 Australia

        5. 5.5.3.5 South Korea

        6. 5.5.3.6 Rest of Asia-Pacific

      4. 5.5.4 Middle East & Africa

        1. 5.5.4.1 GCC

        2. 5.5.4.2 South Africa

        3. 5.5.4.3 Rest of Middle East & Africa

      5. 5.5.5 South America

        1. 5.5.5.1 Brazil

        2. 5.5.5.2 Argentina

        3. 5.5.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Koninklijke Philips NV

      2. 6.1.2 Allscripts Healthcare LLC

      3. 6.1.3 Oracle Corporation (Cerner Corporation)

      4. 6.1.4 EPIC Systems Corporation

      5. 6.1.5 NextGen Healthcare Inc.

      6. 6.1.6 Koch Software Investments (Infor Inc.)

      7. 6.1.7 Jitterbit

      8. 6.1.8 Virtusa Corpopration

      9. 6.1.9 Orion Health Group Limited

      10. 6.1.10 International Business Machines Corporation (IBM)

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape Covers - Business Overview, Financials, Products and Strategies, and Recent Developments

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Frequently Asked Questions

The Global Healthcare Interoperability Solutions Market market is studied from 2019 - 2027.

The Global Healthcare Interoperability Solutions Market is growing at a CAGR of 13.59% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Koninklijke Philips NV, EPIC Systems Corporation, NextGen Healthcare, Inc., Oracle Corporation (Cerner Corporation), Koch Software Investments (Infor, Inc) are the major companies operating in Global Healthcare Interoperability Solutions Market.

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