The healthcare data interoperability global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Healthcare Data Interoperability Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The healthcare data interoperability market size has grown rapidly in recent years. It will grow from $5.31 billion in 2023 to $6.23 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to government regulations, advancements in technology, economic incentives, consumer demand, industry collaboration, patient safety, and quality improvement, value-based care initiatives, research and innovation, globalization of healthcare, and public health surveillance.
The healthcare data interoperability market size is expected to see rapid growth in the next few years. It will grow to $11.95 billion in 2028 at a compound annual growth rate (CAGR) of 17.7%. The growth in the forecast period can be attributed to continued regulatory initiatives, advancements in health information exchange technologies, expansion of telehealth and remote monitoring, artificial intelligence and analytics, empowered consumer engagement, value-based care models, interoperability in precision medicine, interoperability as a competitive advantage, data privacy and security concerns, global collaboration and standards harmonization. Major trends in the forecast period include standardization of data formats and protocols, advancements in interoperability platforms, expansion of health information exchanges (HIEs), interoperability in telehealth and remote monitoring, blockchain and distributed ledger technologies, application of artificial intelligence (AI) and machine learning (ML), patient-centered data exchange, population health management, interoperability governance and policy.
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Scope Of Healthcare Data Interoperability Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Healthcare Data Interoperability Market Overview
Market Drivers –
The growing adoption of automated healthcare solutions is expected to propel the growth of healthcare data interoperability going forward. Automated healthcare solutions refer to technology-driven tools and systems designed to streamline and enhance various aspects of healthcare delivery and management processes. The growing adoption of automated healthcare solutions in the healthcare industry is driven by the need for improved efficiency, accuracy, and patient care delivery. Healthcare data interoperability enables automated healthcare solutions to seamlessly integrate and exchange patient information for enhanced care delivery. Additionally, interoperability enables automated healthcare solutions to streamline clinical workflows by automating routine tasks such as data entry, documentation, and administrative processes. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, there were 14,800 professional service robots installed in healthcare and medicinal centers, representing an increase of 23% from the previous year. Therefore, the growing adoption of automated healthcare solutions is driving the growth of the healthcare data interoperability market.
Market Trends –
Major companies operating in the healthcare data interoperability market are developing new innovative products, such as the CareCloud Connector interface, to gain a competitive edge in the market. CareCloud Connector refers to a data management engine and next-generation interface. Healthcare businesses may benefit from CareCloud Connector’s ready-to-use connectors, which enhance data management and deployment time while providing improved interface visibility and control. For instance, in December 2021, CareCloud Inc., a US-based healthcare information technology company, launched the CareCloud Connector. It’s a unified, scalable, and centralized platform with APIs (application programming interfaces) that enable healthcare IT suppliers, medical billing organizations, and digital health firms to overcome interoperability obstacles and effectively manage data integration and transmission issues. The connector provides a streamlined SaaS package that includes a collection of industry-tested, ready-to-use integrations, interfaces, and customized tools.
The healthcare data interoperability market covered in this report is segmented –
1) By Model: Centralized, Hybrid, Decentralized
2) By Deployment: Cloud-Based, On-Premises
3) By Level: Foundational, Structural, Semantic
4) By Application: Diagnosis, Treatment, Other Applications
5) By End User: Healthcare Providers, Healthcare Payers, Pharmacies
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Regional Insights –
North America was the largest region in the healthcare data interoperability market in 2023. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare data interoperability market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the healthcare data interoperability market are Optum Inc., Oracle Corporation, Cognizant Technology Solutions, Koninklijke Philips NV, Wipro Limited, Epic Systems Corporation, Infor Inc, Virtusa Corp, Deevita LLC, Ciox Health , Veradigm LLC, ViSolve Inc., Change Healthcare, InterSystems Corporation, NextGen Healthcare Inc. , eMids, Consensus Cloud Solutions Inc., Merative, Orion Health Group Limited, Teletracking Technologies, OSP Labs, Jitterbit, Nalashaa Solutions, Lyniate, MphRx, Onyx Technology LLC, iNTERFACEWARE Inc
Table of Contents
1. Executive Summary
2. Healthcare Data Interoperability Market Characteristics
3. Healthcare Data Interoperability Market Trends And Strategies
4. Healthcare Data Interoperability Market – Macro Economic Scenario
5. Global Healthcare Data Interoperability Market Size and Growth
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32. Global Healthcare Data Interoperability Market Competitive Benchmarking
33. Global Healthcare Data Interoperability Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Healthcare Data Interoperability Market
35. Healthcare Data Interoperability Market Future Outlook and Potential Analysis
36. Appendix
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