Global Healthcare Interoperability Solutions Market - 2021-2028

Global Healthcare Interoperability Solutions Market - 2021-2028

Market Overview

The global healthcare interoperability solutions market size was valued at US$ XX million in 2020 and is estimated to reach US$ XX million by 2028, growing at a CAGR of XX % during the forecast period (2021-2028).

Interoperability in healthcare refers to the timely and secure access, integration, and use of electronic health data to improve individual and population health outcomes.

Market Dynamics

The factors influencing the global healthcare interoperability solutions market are increased healthcare authorities' adoption of interoperability solutions, increased investments to improve healthcare facilities, and favourable government initiatives to improve patient care.

The increase in adoption of authorities’ interoperability solutions in the healthcare industry is expected to drive the market growth

Accessing and securely sharing health data has always been difficult. The nature of health data creates a paradox it's difficult to share because it's sensitive and requires a high level of privacy and security, but not being able to access it when needed could cause significant harm. Inadequate interoperability can lead to an incomplete understanding of an individual's or population's health needs, resulting in poorer outcomes and higher costs. Interoperability and data sharing will become increasingly important for delivering effective healthcare as populations worldwide age and people live longer lives. Interoperability enables organizations to examine data trends and past performance and make data-driven improvements in patient care and other areas. Government service providers would be able to access population data to identify trends and meet the needs of their citizens. In addition, life science organizations could use large datasets to conduct faster, more informed research. With improved interoperability, organizations would stop treating individuals as patients one day, health plan members the next, and health app users the next. Instead, decision-makers across the industry would be able to begin looking at how people access and use health information, regardless of its source, to drive better models of care, improve patient safety, and improve experiences for those they serve.

The problems associated with interoperability solutions is expected to hamper the market growth

The Office of the National Coordinator for Information Technology (ONC) reports that nearly 95% of hospitals and 90% of office-based physicians have implemented an electronic health record (EHR) system. Despite the advancement and adoption of EHR technology, these systems continue to contribute to data silos, making interoperability a significant challenge. For instance, the lack of a national patient identifier is one of the most significant barriers to true EHR interoperability (NPID). Where EHRs are the primary repositories and means of access to patient and health data, a major issue is the inability to identify patients and match patient records across and within healthcare provider settings. As a result, healthcare costs have risen, ideal health outcomes have been suppressed, and a slew of safety issues have arisen.

COVID-19 Impact Analysis

The new coronavirus variants causing recent outbreaks of COVID-19 worldwide, data sharing through interoperability becomes even more critical. From comprehending a single patient's entire medical journey to analysing aggregated data at the community level, frontline providers and researchers require access to the most comprehensive data sets available to track the disease, determine which protocols are most effective, and stay ahead of the virus. Certainly, the battle for interoperability is about much more than just combating COVID-19. Because of the pandemic, the already overburdened healthcare system is in even deeper trouble. Interoperability has many benefits for measuring vaccine efficacy at the population level. Scientists can study the impact of vaccines on different populations and the implications of distribution inequities in traditionally underserved populations when data can be shared at the macro level. Interoperability enables us to comprehend and shed light not only on the efficacy of the medicines developed but also on the ability of the healthcare system to deliver these medicines to those in need. The data that interoperability can provide is critical to public health. Interoperability is a critical component of improving care for all.

Segment Analysis

EHR Interoperability is expected to dominate the market growth in the forecast period

Interoperable electronic health records (EHR) enable the electronic sharing of patient information between different EHR systems and healthcare providers, making it easier for doctors to provide care to their patients and move in and out of different care facilities. Depending on factors such as the size of the care facility and state requirements, health care systems may choose to use specific EHR systems. However, to share patient information, health care facilities frequently need to interact with one another. Many providers and health care facilities currently use eHRs. Interoperability refers to a system's ability to integrate with another system to share critical information easily. Interoperability refers to the ease with which medical records and health care information can be transferred from one provider or system to another in the context of an EHR. While health care systems can communicate in various ways, the EHR is widely regarded as one of the simplest and most secure options that do not result in information blocking.

In fact, according to the Office of the National Coordinator for Health Information Technology, 86 percent of office-based physicians used EHRs in 2017. According to the office, more than 80% of non-federal acute care hospitals used EHRs that included clinician documentation. With EHRs being used so widely across the country, it is expected to improve EHR interoperability and benefit any practice's bottom line.

Geographical Analysis

North America region is expected to hold the largest market share in the global healthcare interoperability solutions market

The major factors driving the adoption of interoperability solutions in this region are increased demand for efficient healthcare services, the need to reduce healthcare expenditure, and effective EHR implementation by healthcare organizations.

Interoperability and data sharing will become increasingly important for delivering effective healthcare as people worldwide age and live longer lives. The Agency for Healthcare Research and Quality estimates that two out of three older Americans in the United States have at least two chronic behavioral or physical conditions. Treatment for people with multiple chronic conditions currently accounts for approximately 66 percent of all healthcare costs in the United States.

Furthermore, FHIR, or Fast Healthcare Interoperability Resources, is an open-source standards framework for healthcare data that builds on HL7, a previous standards framework. FHIR was developed to make it easier to transfer healthcare data from one system to another. The increasing adoption of FHIR is expected to drive market growth. For instance, in the United States, many major healthcare systems have already implemented FHIR in their health IT practices. FHIR is at the heart of Medicare's Blue Button 2.0 initiative, and the Veteran's Affairs Administration has created an FHIR platform called Lighthouse. Through FHIR, both provide platforms for patients to access healthcare information.

Competitive Landscape

With company mergers, collaborations, and product launches, the global healthcare interoperability solutions market is moderately competitive. Some of the key players in the market are Allscripts Healthcare Solutions, Epic Systems Corporation, Cerner Corporation., Infor, Inc., Koninklijke Philips NV, Orion Health Group Limited, CES Limited, NextGen Healthcare Information Systems, Inc., OSP Labs, InterSystems Corporation,

Epic Systems Corporation

Overview: Epic Systems Corporation, also known simply as Epic, is a privately held healthcare software company. Epic's primary business is developing, manufacturing, licensing, supporting, and selling a proprietary electronic medical record software application known as 'Epic' or an Epic EMR. The Chronicles database management system serves as the foundation for the company's healthcare software. The company was founded in 1979.

Product Portfolio: The company's One Virtual System helps clinicians from all Epic-using organisations exchange more data and interact with one another on that data.

Key Developments: On January 30th, 2018, to promote interoperability, the company launched its novel One Virtual System Worldwide initiative and added new features to its Care Everywhere solution.

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Target Audience
Service Providers/ Buyers
Industry Investors/Investment Bankers
Education & Research Institutes
Research Professionals
Emerging Companies
Manufacturers

Market Segmentation

Global Healthcare Interoperability Solutions Market- By Type
Solutions

o EHR Interoperability

o HIE Interoperability

o Enterprise Interoperability

o Others
Services

Global Healthcare Interoperability Solutions Market- By Application
Diagnosis
Treatment
Other

Global Healthcare Interoperability Solutions Market- By End User
Hospitals
Ambulatory Surgical Centers
Other

Global Healthcare Interoperability Solutions Market- By Region
North America
Europe
South America
Asia Pacific
Middle East and Africa