VANCOUVER, BC, Oct. 26, 2020 /PRNewswire/ -- The Global Interoperability Solutions in Healthcare Market is forecast to reach USD 5.29 Billion by 2027, as per a new report by Emergen Research. The growing emphasis on patient safety, increasing the need to shore up that healthcare expenses, and policy efforts to enhance patient care quality are the main drivers driving development in demand for healthcare interoperability. Systems interoperability, information sharing, and access to data play an essential role in improving health outcomes. The mobilization of individual health data across the full spectrum of health care providers within health organizations allows for coordinated, safe, and high-quality care that supports payment reforms, transparency efforts, and individuals' ability to manage their health. Consequently, the benefits provided by interoperability software for healthcare data will boost industry growth over the coming years. However, to achieve the right use of interoperability solutions and for their successful implementation, healthcare organizations are working holistically on strategies for data sharing & implementation, spanning the entire continuum of patient care.
That implementation of EHR software in both industrialized and emerging regions would have a beneficial impact on the development of company interoperability with healthcare data. In recent years, the platform for data interoperability has gained attention due to the growing need to provide efficient healthcare services. Increasing healthcare costs would raise the need for data interoperability tools to enable healthcare organizations to access the medical records of patients, thus decreasing the number of repetitive checks and promoting the management of across various departments in the organization. However, the lack of knowledge regarding interoperability software in healthcare data in underdeveloped economies can hinder the growth of the industry over the time frame of the study.
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The interoperability demand for healthcare data in North America will see rapid development over the projected timeframe due to expanded policies regarding the usage of EHR in data interoperability. Increasing policy expenditure on the digitization of healthcare for efficient and safe data sharing through different healthcare departments is beneficial to regional development. Besides, the region's rising number of hospitals will further foster regional growth.
Key Highlights from The Report
- Based on level, semantic generated a revenue of USD 0.66 billion in 2019 and believed to rise with a CAGR of 9.9% in the forecast period, as it facilitates the online sharing of medical details between separate approved parties and clinicians across possibly incompatible EHR and other programs to increase health care delivery capacity, protection, consistency, and effectiveness.
- The solutions type is expected to grow with a CAGR of 10.6% in the forecast period owing to the growing need for more exposure to patient health knowledge and increasing adoption of healthcare IT technologies to improve the quality of treatment & enhance patient satisfaction.
- The diagnostics application is the major contributor to the Interoperability Solutions in Healthcare Market. The diagnostics application of the North America region is the major shareholder of the market and held around 43.1% of the market in the year 2019. Due to an increasing need for efficient knowledge exchange for disease diagnosis, such precise and accurate assessments allow healthcare providers to better evaluate the condition of patients, including knowledge evaluation, such as the history of medication and allergies.
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- North America dominated the market for Interoperability Solutions in Healthcare in 2019 due to the increased occurrence of cancer and growing exploration and innovation activities in Interoperability Solutions in Healthcare, coupled with adequate government support. The North America region held approximately 35.1% of the market, followed by the Asia Pacific, which contains around 31.2% market in the year 2019.
- Key participants include InterSystems Corporation, Allscripts Healthcare Solutions, Cerner Corporation Inc., Orion Health Group Limited, Koninklijke Philips NV, Epic Systems Corporation, ViSolve Inc., Infor Inc., iNTERFACEWARE, and Quality Systems Inc., among others.
For this report, Emergen Research has segmented the Global Interoperability Solutions in Healthcare Market based on the level, product type, application, and region:
- Level Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Product Type Outlook (Volume, Kilotons; Revenue, USD Billion; 2017-2027)
- Application Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2017-2027)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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