The global healthcare interoperability solutions market is projected to reach USD 6.2 billion by 2027 from USD 3.4 billion in 2022, at a CAGR of 12.9% during the forecast period. Growth in this market is driven by the escalating need to curtail healthcare costs, government funding for healthcare interoperability, and increasing deman for value-based healthcare. However, patient data security and privacy concerns are some factors challenging the growth of the healthcare interoperability solutions market to a certain extent during the forecast period.
The global healthcare interoperability solutions market is fragmented with the presence of many regional and global players like Oracle Health (US), Epic Systems Corporation (US), Infor, Inc. (US), InterSystems Corporation (US), Koninklijke Philips N.V. (Netherlands), Veradigm LLC (US), Cognizant (US), Change Healthcare (US), NextGen Healthcare, Inc. (US), Merative (US), Medical Information Technology, Inc. (US), Lyniate (US), OSP Labs (US), Orion Health Group of Companies (New Zealand), Onyx Technology LLC (US). Some other players in the market include ViSolve (US), Jitterbit (US), iNTERFACEWARE Inc. (Canada), Virtusa Corp. (US), Consensus Cloud Solutions Inc. (US), MphRx (US), Wipro (India), eMids (US), Nalashaa (US), Deevita LLC (US). These companies are majorly focusing on the strategies such as agreements, collaborations, partnerships, and service launches in order to remain competitive and further increase their share in the market.
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Oracle Health accounted for the largest market share of the healthcare interoperability solutions market in 2020. The company’s leading position in this market can be attributed to its comprehensive suite of products and solutions and strong distribution network, which has enabled the adoption of its solutions across the globe. The company offers various industry-specific applications and suites to facilitate information exchange across several healthcare providers. Around 27,500 facilities license Oracle Health’s solutions in more than 35 countries. Oracle Health has had a strong product portfolio with a double-digit organic growth rate over the last three decades. Its high focus on R&D enables the company to rapidly innovate and develop products that suit the current market demands.
Epic Systems Corporation is among the leading providers of healthcare interoperability solutions. The company offers interoperable EHR solutions, such as Care Everywhere and Share Everywhere, which help the company mark its leading position in the interoperability solutions market. The company’s core competency lies in its EHR software solutions—according to the company, about one in four physicians in the US use the Epic Care Everywhere solution. The company aims to grow its market share by further implementing product diversification strategies and also expanding its product offerings by incorporating emerging technologies. The company mainly operates in the US and has offices across Australia, the Netherlands, the UAE, the UK, Finland, and Singapore.
Healthcare Interoperability Solutions Market by Type (Software (EHR, Lab System, Imaging, Health Information Exchange, Enterprises), and Services), Interoperability Level (Foundational, Structural, Semantic), End User, and Region - Global Forecast to 2027
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