The major factors driving the growth of Healthcare Interoperability Solutions Market include the growing need to curb increasing healthcare costs and a growing focus on patient-centric care delivery. Moreover, government initiatives for enhancing patient care & safety and government funding for healthcare interoperability are also boosting market growth.
The Healthcare Interoperability Solutions Market is expected to reach USD 4.2 billion by 2024 from an estimated USD 2.3 billion in 2019, at a CAGR of 12.6%.
Based on type, the healthcare interoperability solutions market is segmented into software and services. The services segment is estimated to account for the largest market share in 2019. The large share of this segment can be attributed to the shifting era towards cloud computing and reduced operational costs for better and faster performance of business processes and applications.
Based on software type, the Interoperability solutions Market is segmented into EHR interoperability solutions, lab system interoperability solutions, imaging system interoperability solutions, HIE interoperability solutions, enterprise interoperability solutions, and other interoperability solutions. The HIE interoperability solutions segment is expected to grow at the highest CAGR during the forecast period.
In 2018, Epic launched the One Virtual System Worldwide, and added new features to its Care Everywhere solution.
In 2016 Cerner opened a Health center at the Cerner Center in Bangalore, India, which helped the company enter the Indian market and also expand its geographic reach.
In 2017, Epic launched its Share Everywhere.
In 2016, Cerner launched its Open Developer Experience (code).
North America is expected to account for the largest share of the Interoperability solutions Market in 2019, followed by Europe. The dominance of the North American region can be attributed to the rising demand for quality healthcare delivery, a need to curb increasing healthcare expenditure, and the implementation of favorable initiatives & regulations to improve the overall efficiency of healthcare organizations in the region