Healthcare Interoperability Solutions Market Current Progress, Growth Drivers, Challenges, And Future Development

By Author: Snehal S
Total Articles: 396
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Healthcare Interoperability Solutions Market growth is driven by the growing need to curtail healthcare costs, government initiatives to enhance patient care & safety, government funding for healthcare interoperability, and the rapid adoption of EHR & other healthcare IT solutions. However, the lack of true interoperability solutions, lack of standards, and the use of outdated legacy systems are some factors restraining the growth of the healthcare interoperability solutions market to a certain extent during the forecast period.
Currently, Healthcare Interoperability Solutions Market is growing at a Compound Annual Growth Rate (CAGR) of 13.9 % to reach USD 5.7 billion by 2026. Healthcare costs have almost doubled over the last decade, especially in the US. The Organisation for Economic Co-operation and Development (OECD) anticipated increasing public expenditures on healthcare and long-term care in OECD countries from 6% of the GDP in 2018 to almost 9% by 2030 and 14% by 2060. Factors such as increasing health insurance premiums, the rising demand for quality healthcare services, the growing geriatric population, ...
... and the growing incidence of chronic disorders across the globe are responsible for the significant rise in healthcare costs. Another major factor contributing to this trend is the high dependency on traditional and technologically outdated clinical devices that increase the rate of readmission of patients and the chances of medical errors as well as increase the administration costs.
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Growth Drivers
• Growing need to curtail healthcare costs
• Government initiatives to enhance patient care and safety
• Government funding for healthcare interoperability
• Rapid adoption of electronic health records and other healthcare IT solutions
Growth Opportunities
• Emerging markets for healthcare interoperability solutions in developing countries
Challenges
• Increasing complexity with lack of consistent data
• Shortage of skilled healthcare IT professionals
• Data privacy concerns
Trends
• Fast healthcare interoperability resources
• Smart on FHIR
• Growing need for semantic interoperability
• Increasing adoption of application programming interface

The prominent players operating in the Healthcare Interoperability Solutions Market are

Cerner Corporation (US), Epic Systems Corporation (US), Infor, Inc. (US), Koninklijke Philips NV (Netherlands), and InterSystems Corporation (US)

Cerner Corporation dominated the healthcare interoperability solutions market in 2020. The company’s leading position in this market can be attributed to its comprehensive suite of products and solutions and strong distribution network, which has enabled the adoption of its solutions across the globe. The company offers various industry-specific applications and suites to facilitate information exchange across several healthcare providers. Around 27,500 facilities license Cerner’s solutions in more than 35 countries. Cerner has a strong product portfolio with a double-digit organic growth rate over the last three decades. Its high focus on R&D enables the company to rapidly innovate and develop products that suit the current market demands.

InterSystems Corporation is the second-largest player in the healthcare interoperability solutions market. InterSystems has earned its reputation by partnering with well-known companies such as Epic Systems Corporation and GE Healthcare and offering services to well-known hospitals in the US. The company offers advanced HCIT interoperability technologies in its solutions, such as the InterSystems HealthShare and InterSystems Ensemble. The company actively launches products in the healthcare interoperability solutions market to expand its product portfolio. Recently, it launched HealthShare 2021.2 and the InterSystems IRIS FHIR Accelerator Service. The firm also intends to expand its business in the international market, mainly through agreements and contracts. The company has its presence in more than 100 countries, including the US. The major end users of the company include healthcare providers, government organizations, and other industries.
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North America is expected to exhibit the highest growth during the forecast period
• The rising demand for quality healthcare delivery
• The need to curb the increasing healthcare expenditure
• The implementation of favorable initiatives
Recent Developments
• In May 2021, Epic Systems (US) partnered with Anthem, Inc. (US) to ease administrative burdens and address potential gaps in care by harnessing Epic’s Payer Platform, which will be embedded directly into Anthem’s Health OS.
• In May 2021, InterSystems Corporation (US) partnered with Oncodesign (France). Under this partnership, Oncodesign will use the InterSystems’ IRIS for Health solution to organize and leverage healthcare data to accelerate the search for new treatments in oncology using AI.
• In January 2021, Koninklijke Philips (Netherlands) signed an agreement to acquire Capsule Technologies, Inc. (US) to transform the delivery of care along the health continuum with integrated solutions.
• In February 2019, Veradigm (US) entered into a partnership with NextGen Healthcare, Inc. (US) to improve connectivity and data exchange with payers & labs.