Healthcare Data Interoperability Market By Industry Trends & Regional Forecast To 2025
Support for healthcare data interoperability industry has also been supplemented by the shift in patient demographics which is now leaning towards older patients who are prone to chronic cases such as diabetes, renal disease, hypertension, cancer, heart disease and respiratory illnesses.
The expansion of healthcare data interoperability market can be attributed to the apparent benefits that interoperability offers to the medical spectrum. That these benefits are being recognized by national authorities is evident in the recent proposal by the Department of Health and Human Services of the United States for new rules that support secure and seamless access, use, and exchange of electronic health information.
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The Office of the National Coordinator for Health Information Technology (ONC) and Centers for Medicare & Medicaid Services (CMS) have issued the rules that are meant to foster innovation in promoting control and access for patients over their health information while at the same time increasing choice and competition in the healthcare data interoperability industry.
What CMS wants to achieve through the move is to strengthen patient-centered healthcare via the implementation of open data sharing technologies by healthcare providers. According to CMS, ensuring patients have easy access to their information will essentially help in eliminating redundant procedures, reducing burden and thus providing clinicians the time and focus to improve care coordination and eventual outcomes.
Rise in the awareness about why interoperability is important in healthcare:
Health data interoperability is essentially the ability of different information systems, applications and devices to connect across organizational boundaries to exchange and use data amongst stakeholders that will necessarily optimize the health of individuals and populations. Healthcare data interoperability market size is slated to register immense growth over the coming years due to the fact that interoperability is expected to facilitate connections and integrations across systems.
Maturity in healthcare IT market has also led to the conception of better reimbursement strategies that have pushed providers into new ways of thinking about patient care focused on wellness over treatment. A paradigm shift in payment of healthcare providers has been noted as they are increasingly being paid for promotion of optimal health rather than the number of MRIs or blood tests they can provide. As the awareness about the concept increases in the years to come and the reason why interoperability is important in healthcare is globally understood, healthcare data interoperability industry size will show a rise.
Patient demographics and patient centric approach in healthcare:
Support for healthcare data interoperability industry has also been supplemented by the shift in patient demographics which is now leaning towards older patients who are prone to chronic cases such as diabetes, renal disease, hypertension, cancer, heart disease and respiratory illnesses. These ailments naturally need intensive management from specialists, home health care, hospitals and community resources grouped around an individual patient and steered by the primary care provider. The new model of patient-centric care delivery is majorly dependent on the flow of patient information across settings.
The right care at the right time can ensure evasion of emergency department visits, readmissions and other events that can adversely impact a care provider’s quality measurement scores. Healthcare providers as well as government agencies are all contributing not only ideas but also resources to demonstrate how health data interoperability can become not the exception but the norm.
Healthcare interoperability companies are leveraging the new model and boosting healthcare data interoperability industry size:
One of the latest instances of growing strength of healthcare interoperability companies is the recent raising of $33 million in a Series C funding round by Redox. Incidentally Redox was founded by former Epic Systems engineers, a company that is yet another major player in healthcare data interoperability market, in 2014. Redox has become renowned for significantly simplifying communication and making data shareable and more actionable.
Instances of other significant healthcare interoperability companies can also be cited to demonstrate the extent of the healthcare data interoperability industry growth and its intensifying impetus. In April 2019 NYC Health + Hospitals (NYCHH) launched its $1 billion Epic EHR implementation that took the total number of facilities live with the system to 50 by adding 19 additional facilities.
Around 19,000 users now have access to the system, ensuring providers can more easily engage in health data exchange across care settings. Edifecs, another player in the healthcare data interoperability market announced in 2018 that it was selected by the Blue Cross Blue Shield Association for the purpose of driving adoption of Health Level Seven International Fast Healthcare Interoperability Resources.
Tech majors like Google, Microsoft and Amazon are increasingly partnering with healthcare interoperability companies to remove blockades in the path of healthcare date interoperability market expansion. These companies along with Salesforce, Oracle and IBM have committed to support open standards Health Level Seven International organization.
Electronic information is easy to record, store and exchange across the internet. Besides, it is less susceptible to human errors that can be caused by copying mistakes or poor handwriting. As powerful algorithms are able to generate comprehensive insights, electronic health records market is gaining immense traction in healthcare industry.
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With electronic health record, strong prospect and support is being created for interoperability of information. Consequently, healthcare data interoperability market size is slated to increase appreciably, depicting a target valuation of $3.5 billion by 2025.
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