Global healthcare interoperability market to witness nearly two-fold growth by 2024

A recent analysis from Frost & Sullivan, 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 buoyant market for global healthcare interoperability is expected to grow at a compound annual growth rate (CAGR) of 13.8 per cent, reaching $7.96 billion by 2024 from $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, Frost & Sullivan. “Additionally, the ability to achieve medical device connectivity across the care continuum will be critical. 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 personalise intervention will be a key competitive advantage during and post-COVID-19.

Chatterjee added, “From product segment perspectives, 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 per cent of the global market revenue throughout the study period. Further, application programme 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 immense 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: Utilise 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.