According to a new market research report published by Credence Research “Healthcare IT Systems Interoperability Market (End User – Hospitals, Ambulatory Care Centers, Long-term Care Centers and Others) Market – Growth, Future Prospects, Competitive Analysis and Forecast 2016 – 2024”, the global healthcare IT systems interoperability market stood at US$ 1.9 Bn in 2015 and is estimated to expand with a CAGR of 7.4% from 2016 to 2024.
The complete report is available at http://www.credenceresearch.com/report/healthcare-it-systems-interoperability-market
The healthcare IT systems interoperability market is majorly driven by increasing need to lower healthcare costs in the developed countries in the North America and Europe regions. In addition, with growing maturity and awareness among the patients, it has become imperative for healthcare providers to ensure continuity of care and seamless exchange of healthcare information between various stakeholders in the healthcare industry.
Factors such as need for effective deployment of healthcare IT systems and meaningful use of medical information have compelled hospital systems in the U.S. to achieve interoperability within healthcare facilities. With free moving population in Europe, healthcare organizations have been working closely with various government bodies to ensure effective collection and exchange of medical information. Healthcare interoperability has been particularly effective in various small-sized countries such as New Zealand, Singapore, and South Korea, among others. Thereby, the overall healthcare IT systems interoperability market is expected to witness sustainable growth across the world.
Some of the factors restraining the growth in healthcare IT systems interoperability market included high costs and complexity. Despite constant efforts towards the development of effective healthcare applications, the market is yet to witness a robust framework for the exchange and use of the medical information. In addition, lack of government support and initiatives in most of the developing countries has stalled the adoption of interoperability platforms in the healthcare systems.
The healthcare IT systems interoperability market is intensely competitive in the developed markets across the world. Companies have been increasingly focusing on developing innovative applications to make better use of the collected medical information in order to enable healthcare providers to deliver effective healthcare services. In addition, healthcare IT systems interoperability providers seek to work closely with various healthcare IT systems providers to ensure seamless exchange of information within healthcare facilities.
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- Consolidation in the overall healthcare IT market in the developed countries resulting in a shift from multi-vendor to a single vendor environment
- Increasing maturity of the overall healthcare IT infrastructure in developing countries driving the demand for interoperability
- Information security has been identified as the most critical aspect in medical information exchange
- Rise in research and development of innovative healthcare applications making effective use of medical information collected from various healthcare IT systems.