Selbyville, Delaware Market Study Report, has recently added a report on the ‘Asia Pacific Healthcare Data Interoperability market’ which presents substantial inputs about the market size, market share, regional trends, and profit projection of this business sphere. The report also enlightens users regarding the foremost challenges and existing growth tactics implemented by the leading organizations that constitute the dynamic competitive gamut of this industry.
Asia Pacific Healthcare Data Interoperability market was valued around USD 440 million in 2018. Positive regulatory scenario for interoperability software in APAC region keeps the entry barrier low for new entrants. Therefore, new players willing to establish their presence in healthcare interoperability software will experience numerous growth opportunities in developing economies that positively impacts the regional market growth.
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Prominent industry players operational in the healthcare data interoperability market include Epic, Orion Health, Medicity, Allscripts, Philips, Cerner Corporation, Optum Insights, Smith Medical, Ciox Health, Teletracking Technologies, Oracle, Edifecs Inc and Experian Health. Key industry players have adopted numerous strategies such as new product launch, joint collaborations and mergers and acquisition. For instance, in April 2015, Cerner Corporation promoted its set of health care interoperability solutions. Such promotional activities will positively impact companies sales.
Increasing healthcare expenditures in developed as well as developing countries will positively impact healthcare data interoperability market growth. According to WHO in 2015, 10% of global GDP was spent on healthcare domain.
As a result, there have been several developments in healthcare infrastructure that increased cashflow in hospitals and other healthcare facilities significantly. Due to increase in cashflow, healthcare organizations can afford technologically advanced interoperability software for secured data exchange to provide well-organized services that should escalate industry growth in coming years.
Growing adoption of EHR software in healthcare facilities will boost the industry growth. According to National Health Council, currently there are approximately 133 million people affected with chronic diseases in the U.S. alone. Abundant patient data is generated with rising cases of chronic diseases and for storing such data upgraded EHRs software are being utilized extensively. Along with EHR software, for safe and effective data transfer efficient interoperability software are required. Demand for EHR software will ultimately augment demand for healthcare interoperability software. However, low awareness regarding healthcare data interoperability software in underdeveloped regions may affect the industry growth to certain extent.
Semantic segment will experience more than 9.5% growth throughout the forecast period. Semantic interoperability provides highest level of data interpretation. Complicated raw medical information is sorted and presented in simpler form through this level of interoperability. Furthermore, semantic level of interoperability allows protected data exchange that resolves the issue of data threat. Aforementioned factors are projected to drive the segmental growth.
On-premise segment held over 35% revenue share in 2018. Multi-specialty healthcare facilities that have several departments need an on premise efficient interface for data access. On-premise software enables easy and quick inter-departmental data exchange in huge public hospitals and multispecialty ASCs. Thus, rising reliability on upgraded on premise interoperability software should surge segment growth.
Diagnosis segment is anticipated to witness around 9% growth throughout the analysis period. Increasing prevalence of chronic diseases such as cancer and diabetes results in increasing demand for diagnostic tests. Also, known benefits of early diagnosis is attracting people to screen themselves at initial stages. As a result, diagnostic centers have enormous patient data that needs to be transferred amongst healthcare organizations. Above mentioned factors are expected to escalate the business growth.
Centralized segment was valued around USD 900 million in 2018. Centralized model has a reliable data repository that gathers data from different healthcare organizations and is shared only with authorized person. This model gives advantages of quick data sharing as the data is easily available in central repository. As a result, benefits obtained from this model will create high demand, thereby propelling segmental growth.
Ambulatory surgical centers segment is predicted to witness more than 9% growth during the forecast period. Numerous benefits associated with ASCs such as lower surgical costs and faster recovery rate increases the number of patient admissions. Hence, to facilitate the treatment, ASCs usually adopt technologically advanced interoperability software that should accelerate the segmental growth.
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