Healthcare Data Interoperability Market 2021 By Regional Statistics, CAGR, Trend & Growth Forecast To 2025
The healthcare data interoperability market is expected to be driven by increasing spending on healthcare across developed as well as developing countries. The WHO has stated that 10% of global GDP was spent on healthcare domain in the year 2015. Since then, there have been multiple developments in healthcare infrastructure which has led to increased cashflow across clinical facilities and hospitals.
That COVID-19 pandemic has played a major role in the growth of the healthcare data interoperability market. The outbreak has encouraged countries to focus more on improving their healthcare infrastructure and support the betterment of their economy. Supportive initiatives by governments and steady investments have helped healthcare organizations to afford technologically advanced clinical interoperability software for secured data exchange and regimented services.
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According to a report published by the GMI, the healthcare data interoperability market is expected to surpass USD 3.5 billion by 2025.
Highlighting some of the prominent trends in this industry:
1) Growing adoption of EHR software
Electronic health record (EHR) software is gaining prominence across healthcare facilities to help clinical staff manage their workflows. According to National Health Council, in the U.S. alone, there are around 133 million people affected with chronic diseases.
Rising cases of chronic diseases could make EHR software crucial for storing patient data. Safe and actual data transmission competent interoperability software are also required along with EHR software. Rising demand for these software solutions could consequently enhance the growth prospects of healthcare data interoperability market over time.
2) Rising need for diagnosis tests
Increasing awareness regarding chronic diseases such as cancer and diabetes have resulted in a surge in demand for diagnostic tests. The benefits of early diagnosis of disease have intrigued people’s attention towards routine healthcare screening. Rise in testing activities have resulted in enormous data being generated by patients at diagnostic centers and healthcare organizations. As per a report, it is estimated that the healthcare data interoperability industry is anticipated to witness around 9% growth from the diagnosis application segment by 2025.
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3) Strategic initiatives by major industry players
Industry players are constantly focusing on adopting numerous strategies to stay competitive in the market. They are announcing new mergers, acquisitions along with latest product launch to maintain their presence in the market.
Some of these industry players include Medicity, Cerner Corporation, Epic, Orion Health, Edifecs Inc Optum Insights, Allscripts, Philips, Ciox Health, Experian Health, Teletracking Technologies, Smith Medical, and Oracle.