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%. During the historic period, growth in the healthcare sector can be attributed to several factors. These include government regulations aimed at improving healthcare standards, advancements in technology driving innovation, economic incentives encouraging investment and development, increasing consumer demand for quality care, industry collaboration fostering synergies, emphasis on patient safety and quality improvement measures, initiatives promoting value-based care delivery models, investments in research and innovation, the globalization of healthcare services, and efforts in public health surveillance to monitor and address health issues effectively.
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 projected growth in the forecast period can be attributed to ongoing regulatory efforts, technological advancements in health information exchange, expansion of telehealth and remote monitoring services, integration of artificial intelligence and analytics, increased consumer engagement, adoption of value-based care models, enhanced interoperability in precision medicine, leveraging interoperability for competitive advantage, heightened concerns regarding data privacy and security, global collaboration, and standardization initiatives. Key trends anticipated in the forecast period encompass the standardization of data formats and protocols, advancements in interoperability platforms, proliferation of health information exchanges (HIEs), interoperability integration in telehealth and remote monitoring solutions, utilization of blockchain and distributed ledger technologies, integration of artificial intelligence (AI) and machine learning (ML), emphasis on patient-centered data exchange, implementation of population health management strategies, and the development of interoperability governance and policy frameworks.
The increase in professional service robots in healthcare facilities is driving the growth of the healthcare data interoperability market. For example, in October 2022 saw a notable surge in automated healthcare solutions, as reported by the International Federation of Robotics. The increase in professional service robots in healthcare facilities, reaching 14,800 installations, reflects a 23% rise from the previous year. This trend signifies a growing demand for technology-driven tools aimed at optimizing healthcare delivery and management processes. The integration of such automated solutions underscores the importance of healthcare data interoperability, facilitating seamless exchange and utilization of patient information to enhance care delivery and streamline clinical workflows.
Major players are leveraging innovation to gain a strategic advantage. Noteworthy among these innovations is the introduction of the CareCloud Connector interface. Developed by CareCloud Inc., this data management engine and interface offer healthcare organizations a comprehensive solution for improving data management efficiency and deployment speed. With its array of ready-to-use connectors, the CareCloud Connector empowers users with enhanced visibility and control over data interfaces, addressing interoperability challenges effectively. 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.
In September 2023, Enovacom acquired NEHS Digital and Xperis, subsidiaries of MNH Group. This strategic acquisition bolstered Enovacom's presence in the digital healthcare landscape, expanding its portfolio of solutions and expertise. NEHS Digital and Xperis, renowned for their healthcare data interoperability solutions, complement Enovacom's offerings, particularly in areas such as medical imaging, telemedicine, e-health programs, and medical interpreting services. This consolidation strengthens Enovacom's position as a leader in delivering innovative solutions tailored to the evolving needs of the healthcare industry.
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.
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.
The countries covered in the healthcare data interoperability market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Healthcare data interoperability encompasses the seamless exchange, interpretation, and utilization of data across different healthcare systems, devices, and applications, irrespective of their platform or provider. This capability streamlines the sharing of patient information among various healthcare settings, enhancing care coordination, clinical decision-making, and patient outcomes.
In healthcare data interoperability, three main models are recognized: centralized, hybrid, and decentralized. Centralized interoperability involves the aggregation and management of healthcare data within a single, centralized location or system. This model can be implemented either as cloud-based or on-premises solutions and operates at various levels, including foundational, structural, and semantic. Centralized interoperability finds application across a range of healthcare functions such as diagnosis, treatment, and beyond, serving diverse end users including healthcare providers, payers, and pharmacies.
The healthcare data interoperability market research report is one of a series of new reports that provides healthcare data interoperability market statistics, including healthcare data interoperability industry global market size, regional shares, competitors with a healthcare data interoperability market share, detailed healthcare data interoperability market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare data interoperability industry. This healthcare data interoperability market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare data interoperability market includes revenues earned by entities by providing services, such as data standardization, semantic interoperability, technical connectivity, and policy frameworks. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
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 projected growth in the forecast period can be attributed to ongoing regulatory efforts, technological advancements in health information exchange, expansion of telehealth and remote monitoring services, integration of artificial intelligence and analytics, increased consumer engagement, adoption of value-based care models, enhanced interoperability in precision medicine, leveraging interoperability for competitive advantage, heightened concerns regarding data privacy and security, global collaboration, and standardization initiatives. Key trends anticipated in the forecast period encompass the standardization of data formats and protocols, advancements in interoperability platforms, proliferation of health information exchanges (HIEs), interoperability integration in telehealth and remote monitoring solutions, utilization of blockchain and distributed ledger technologies, integration of artificial intelligence (AI) and machine learning (ML), emphasis on patient-centered data exchange, implementation of population health management strategies, and the development of interoperability governance and policy frameworks.
The increase in professional service robots in healthcare facilities is driving the growth of the healthcare data interoperability market. For example, in October 2022 saw a notable surge in automated healthcare solutions, as reported by the International Federation of Robotics. The increase in professional service robots in healthcare facilities, reaching 14,800 installations, reflects a 23% rise from the previous year. This trend signifies a growing demand for technology-driven tools aimed at optimizing healthcare delivery and management processes. The integration of such automated solutions underscores the importance of healthcare data interoperability, facilitating seamless exchange and utilization of patient information to enhance care delivery and streamline clinical workflows.
Major players are leveraging innovation to gain a strategic advantage. Noteworthy among these innovations is the introduction of the CareCloud Connector interface. Developed by CareCloud Inc., this data management engine and interface offer healthcare organizations a comprehensive solution for improving data management efficiency and deployment speed. With its array of ready-to-use connectors, the CareCloud Connector empowers users with enhanced visibility and control over data interfaces, addressing interoperability challenges effectively. 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.
In September 2023, Enovacom acquired NEHS Digital and Xperis, subsidiaries of MNH Group. This strategic acquisition bolstered Enovacom's presence in the digital healthcare landscape, expanding its portfolio of solutions and expertise. NEHS Digital and Xperis, renowned for their healthcare data interoperability solutions, complement Enovacom's offerings, particularly in areas such as medical imaging, telemedicine, e-health programs, and medical interpreting services. This consolidation strengthens Enovacom's position as a leader in delivering innovative solutions tailored to the evolving needs of the healthcare industry.
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.
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.
The countries covered in the healthcare data interoperability market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Healthcare data interoperability encompasses the seamless exchange, interpretation, and utilization of data across different healthcare systems, devices, and applications, irrespective of their platform or provider. This capability streamlines the sharing of patient information among various healthcare settings, enhancing care coordination, clinical decision-making, and patient outcomes.
In healthcare data interoperability, three main models are recognized: centralized, hybrid, and decentralized. Centralized interoperability involves the aggregation and management of healthcare data within a single, centralized location or system. This model can be implemented either as cloud-based or on-premises solutions and operates at various levels, including foundational, structural, and semantic. Centralized interoperability finds application across a range of healthcare functions such as diagnosis, treatment, and beyond, serving diverse end users including healthcare providers, payers, and pharmacies.
The healthcare data interoperability market research report is one of a series of new reports that provides healthcare data interoperability market statistics, including healthcare data interoperability industry global market size, regional shares, competitors with a healthcare data interoperability market share, detailed healthcare data interoperability market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare data interoperability industry. This healthcare data interoperability market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The healthcare data interoperability market includes revenues earned by entities by providing services, such as data standardization, semantic interoperability, technical connectivity, and policy frameworks. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Healthcare Data Interoperability Market Characteristics3. Healthcare Data Interoperability Market Trends and Strategies32. Global Healthcare Data Interoperability Market Competitive Benchmarking33. Global Healthcare Data Interoperability Market Competitive Dashboard34. Key Mergers and Acquisitions in the Healthcare Data Interoperability Market
4. Healthcare Data Interoperability Market - Macro Economic Scenario
5. Global Healthcare Data Interoperability Market Size and Growth
6. Healthcare Data Interoperability Market Segmentation
7. Healthcare Data Interoperability Market Regional and Country Analysis
8. Asia-Pacific Healthcare Data Interoperability Market
9. China Healthcare Data Interoperability Market
10. India Healthcare Data Interoperability Market
11. Japan Healthcare Data Interoperability Market
12. Australia Healthcare Data Interoperability Market
13. Indonesia Healthcare Data Interoperability Market
14. South Korea Healthcare Data Interoperability Market
15. Western Europe Healthcare Data Interoperability Market
16. UK Healthcare Data Interoperability Market
17. Germany Healthcare Data Interoperability Market
18. France Healthcare Data Interoperability Market
19. Italy Healthcare Data Interoperability Market
20. Spain Healthcare Data Interoperability Market
21. Eastern Europe Healthcare Data Interoperability Market
22. Russia Healthcare Data Interoperability Market
23. North America Healthcare Data Interoperability Market
24. USA Healthcare Data Interoperability Market
25. Canada Healthcare Data Interoperability Market
26. South America Healthcare Data Interoperability Market
27. Brazil Healthcare Data Interoperability Market
28. Middle East Healthcare Data Interoperability Market
29. Africa Healthcare Data Interoperability Market
30. Healthcare Data Interoperability Market Competitive Landscape and Company Profiles
31. Healthcare Data Interoperability Market Other Major and Innovative Companies
35. Healthcare Data Interoperability Market Future Outlook and Potential Analysis
36. Appendix
Executive Summary
Healthcare Data Interoperability Global Market Report 2024 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on healthcare data interoperability market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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- Report will be updated with the latest data and delivered to you along with an Excel data sheet for easy data extraction and analysis.
- All data from the report will also be delivered in an excel dashboard format.
Description
Where is the largest and fastest growing market for healthcare data interoperability ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The healthcare data interoperability market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
- The impact of higher inflation in many countries and the resulting spike in interest rates.
- The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Model: Centralized; Hybrid; Decentralized2) 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
Key Companies Mentioned: Optum Inc.; Oracle Corporation; Cognizant Technology Solutions; Koninklijke Philips NV; Wipro Limited
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- 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
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 175 |
Published | May 2024 |
Forecast Period | 2024 - 2028 |
Estimated Market Value ( USD | $ 6.23 Billion |
Forecasted Market Value ( USD | $ 11.95 Billion |
Compound Annual Growth Rate | 17.7% |
Regions Covered | Global |