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Healthcare Data Interoperability Market - By Level (Foundational, Structural, Semantic), By Deployment (Cloud-based, On-premise) By Application (Diagnosis, Treatment), By Model (Centralized, Hybrid, Decentralized) By End-use & Global Forecast, 2032


Published on: 2024-08-01 | No of Pages : 240 | Industry : Healthcare

Publisher : MIR | Format : PDF&Excel

Healthcare Data Interoperability Market - By Level (Foundational, Structural, Semantic), By Deployment (Cloud-based, On-premise) By Application (Diagnosis, Treatment), By Model (Centralized, Hybrid, Decentralized) By End-use & Global Forecast, 2032

Healthcare Data Interoperability Market Size

Healthcare Data Interoperability Market size was valued at over USD 5.5 billion in 2022 and is poised to grow at over 13% CAGR through 2023 - 2032. Driven by rising global healthcare expenditure.
 

Healthcare Data Interoperability Market

Surging healthcare investments across both developed and developing economies have helped many healthcare organizations afford advanced interoperability software for effective management of healthcare data. As per Centers for Medicare & Medicaid Services, in 2021, U.S. healthcare spending grew by 2.7%, hitting USD 4.3 trillion, which accounts for 18.3% of the country’s GDP.
 

Steep cost of healthcare data interoperability software may constrain industry progression

Despite ample growth opportunities, high professional service charges, expansive software maintenance costs and license fees add to the overall cost of product. The involved costs can also go up depending on different types of interfacing capability options. In fact, in the first year of installation, costs related to software development and infrastructure to ensure interoperability within a healthcare organization can exceed USD 60,000.
 

Additionally, data transfer from one healthcare software to another requires at least two vendors, which doubles the transfer charges, making the service out of reach for many small and medium-scale healthcare enterprises.
 

Healthcare Data Interoperability Market Analysis

  Global Healthcare Data Interoperability Market Size By Level

In terms of level, healthcare data interoperability market from the structural segment is anticipated to record a valuation of more than USD 7.5 billion by 2032. Structural interoperability level defines the data structure of information that is being transferred between systems. It allows uniform transfer of health data between systems while keeping its meaning intact. Additionally, it offers standardized message formatting which enables healthcare organizations to interpret data at the field level and helps them take effective clinical decisions to minimize the chances of adverse health events.
 

Global Healthcare Data Interoperability Market Share By Application

With respect to application, healthcare data interoperability market valuation from diagnosis segment is poised to surpass USD 9.9 billion by 2032. Diagnostic data helps healthcare organizations in getting meaningful insights into patient history, efficacy of surgical techniques, reinfection rates, and others which helps them take effective actions for further treatment.
 

Surging number of people undergoing diagnosis has bolstered the demand for healthcare data interoperability software for effective transfer of diagnostic data for better clinical outcomes. As per the American Cancer Society, around 1.9 million new cancer cases are poised to be diagnosed in 2023 in the U.S. alone.
 

North America Healthcare Data Interoperability Market

From the regional perspective, North America healthcare data interoperability market held over 44% of the overall business share in 2022. Growing investments towards healthcare digitalization have hastened the demand for healthcare data interoperability software in the region. In fact, in June 2022, the government of Manitoba, a province in Canada that borders Ontario, invested more than USD 7 million to improve virtual healthcare systems in Manitoba.
 

Additionally, strong presence of major market players such as Veradigm LLC, Edifecs, and others is also creating a notable impetus for regional growth. In fact, in October 2022, Veradigm LLC, an American publicly traded IT firm, made Carequality, which is a non-profit interoperability framework available in the U.S. with Veradigm EHR.
 

Healthcare Data Interoperability Market Share

Some of the major healthcare data interoperability industry players are

  • Ciox Health
  • Epic Systems Corporation
  • Medicity
  • Cerner Corporation
  • Edifecs 
  • Experian Health

These firms are majorly turning to strategic partnerships to gain a competitive advantage. Citing an instance, in January 2022, Epic Systems Corporation, an American healthcare software firm, inked a deal with Priority Health, a Michigan-based health plan provider, for streamlining its patient data flow.
 

This partnership helped the company minimize costs, improve patient experience and population health, and enhance the healthcare workflow. It also helped it expand its customer base while maximizing revenue.
 

Impact of COVID-19 pandemic

The COVID-19 pandemic had a moderate impact on healthcare data interoperability industry as it led to skyrocketing demand for digital solutions such as EHR software for healthcare data interoperability. In fact, many governments across developed and developing nations rolled out regulations for the use of healthcare data interoperability solutions. In August 2020, the Prime Minister of India launched the National Digital Health Mission (presently Ayushman Bharat Digital Mission) for the development of digital health ecosystem.
 

The healthcare data interoperability market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032 for the following segments

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By Level

  • Foundational
  • Structural
  • Semantic

By Deployment

  • Cloud-based
  • On-premise

By Application

  • Diagnosis
  • Treatment
  • Others

By Model

  • Centralized
  • Hybrid
  • Decentralized

By End-use

  • Ambulatory care providers
  • Hospitals
  • Others

The above information is provided for the following regions and countries

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Poland
    • Netherlands
    • Switzerland
  • Asia Pacific
    • Japan
    • India
    • China
    • Australia
    • South Korea
    • Indonesia
    • Thailand
    • Singapore
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Columbia
    • Peru
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
    • Iraq
    • Israel
       

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )