Analytics key contributor to market revenue as IT interoperability is set to drastically increase in value
Frost & Sullivan’s recent analysis 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%, 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 at 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 personalize intervention will be a key competitive advantage during and post-COVID-19.
“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% 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,” Chatterjee added.
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: 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.
SOURCE: Frost and Sullivan