Healthcare interoperability market to witness nearly two-fold growth by 2024
Data interoperability and data analytics are key contributors to global market revenue for healthcare interoperability
SANTA CLARA, Calif. — Frost & Sullivan’s recent analysis, Global Healthcare Interoperability Market, Forecast to 2024, contends that interoperability has become a critical consideration for all health IT (HIT) applications. Countries where HIT interoperability standards are equally important and regulated are projected to drive the market, registering near-double-digit growth.
The market for global healthcare interoperability is expected to grow at a compound annual growth rate (CAGR) of 13.8%, reaching US$7.96 billion by 2024 from US$4.17 billion in 2019.
“With the advent of innovative delivery models and shifting focus on value-based care, the demand for interoperable systems will continue to grow,” said Koustav Chatterjee, transformational health principal analyst at Frost & Sullivan, in a prepared statement. “Real-time integration of accurate patient-generated data from connected apps and systems into a central command center platform that uses cognitive algorithms to automate care coordination and personalize intervention will be a key competitive advantage during and post-COVID-19.”
Chatterjee added: “Data interoperability and data analytics will primarily dominate the global healthcare data interoperability market. Both of these solution segments are expected to contribute more than 90% of the global market revenue throughout the study period. Further, application program interface (API) integration is the third-most important solution segment contributing to global market revenue, followed by data cleansing, data integration, and application integration.”
Globally, major government agencies are mandating healthcare stakeholders to comply with national healthcare data interoperability standards. This is resulting in higher adoption of HIT applications, thereby presenting growth opportunities for vendors involved in healthcare interoperability, including:
- API Management: Vendors are encouraged to create API partnership platforms to achieve cross-continuum connectivity.
- Data Management: Cloud or on-premise data centers comprise actionable healthcare intelligence, indicative of a past pattern of diseases, payment frauds, and operational inefficiencies.
- Electronic Medical Record (EMR) Partnerships: Build the EMR interoperability consulting services business line.
- Medical Device Partnerships: Utilize real-time assessment of patient-generated data by care episodes and patient population.
- Health Information Exchange: Develop a central infrastructure to enable the delivery of actionable health data.