The Healthcare IT Interoperability Market was valued at US$ 2,700 Mn in 2019 and expected to reach US$ 7900 Mn by 2029, expanding at a CAGR of 12% from 2021 to 2029. The healthcare IT systems interoperability solution aids in seamless exchange of data associated with patients between hospitals and other healthcare facility providers within healthcare industry.
According to a survey conducted by the College of Healthcare Information Management Executives (CHIME) and the Orem, Ut.-based KLAS Research in 2021, the rate of provider organizations achieving deep interoperability has doubled since 2017. A total of 67 percent of provider organizations reported they often or nearly always had access to the required records in 2020. This figure was just about 28 percent in 2017.
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One of the major factors driving growth in Healthcare IT Systems Interoperability Market is the need for effective use of healthcare IT systems in the U.S. With numerous incentives from the government towards effective use of medical data, hospitals in the U.S. have been keen on achieving overall interoperability within healthcare facilities. Factors such as need for effective deployment of healthcare IT systems and meaningful use of medical information have compelled hospital systems in the U.S. to achieve interoperability within healthcare facilities. Interoperability is also expected to play a crucial role in the European Union’s vision to build its universal healthcare record to ensure continuity of care throughout the continent. In Europe, healthcare organizations in association with various government bodies are working to ensure effective collation and exchange of medical information. Healthcare interoperability has been particularly effective in various small-sized countries such as New Zealand, Singapore, and South Korea, among others. Countries in the Asia Pacific embracing healthcare IT systems interoperability include New Zealand, Singapore, and China, among others. Thereby, the overall Healthcare IT Systems Interoperability Market is expected to witness sustainable growth globally.
North American region comprising Canada, the U.S. and Caribbean countries held the largest share in the overall Healthcare IT Systems Interoperability market. The region accounted for 48% of the global market value in the year 2020. The U.S. represented the largest and most attractive Healthcare IT Systems Interoperability Market owing to need for effective use of healthcare IT systems.
In order to help strategic decision makers, the report also includes competitive analysis and profiling of the leading providers of healthcare IT systems interoperability, market positioning and key developments. Some of the major players profiled in the report are Infor, Inc., Oracle Corporation, Cerner Corporation, Corepoint Health, LLC., Orion Healthcare Limited, InterSystems Corporation, Quality Systems, Inc., Summit Healthcare Services, Inc., Mulesoft, Inc., and IBM Corporation.
Key Market Movements
- Consolidation in the overall healthcare IT market in the developed countries resulting in a shift from multi-vendor to a single vendor environment
- Increasing maturity of the overall healthcare IT infrastructure in developing countries driving the demand for interoperability
- Information security has been identified as the most critical aspect in medical information exchange
- Rise in research and development of innovative healthcare applications making effective use of medical information collected from various healthcare IT systems.
The Healthcare IT Interoperability Market Segmentation
|Segmentation||End User Segment (2019–2029; US$ Mn)|
|Geographic Segment (2019–2029; US$ Mn)|
|Covid-19 Impact Segment (2020–2021; US$ Mn)|
*Complete segmentation list is on the report page
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