The major factors driving the growth of this 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%.
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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 healthcare 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.
North America is expected to account for the largest share of the healthcare interoperability solutions market in 2019, followed by Europe.
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The prominent players in the healthcare interoperability solutions market are Cerner Corporation (US), Infor, Inc. (US), Allscripts Healthcare Solutions, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US), Orion Health Group Limited (New Zealand), iNTERFACEWARE (Canada), Quality Systems, Inc. (US), OSP Labs (US), Epic Systems Corporation (US), ViSolve, Inc. (US), and Jitterbit (US).