Northbrook, IL 60062 -- (SBWIRE) -- 12/05/2022 -- The Global "Healthcare Interoperability Solutions Market is projected to reach USD 5.7 billion by 2026 from USD 2.9 billion in 2021, at a CAGR of 13.9% during the forecast period. Growth in this market is driven by the growing need to curtail healthcare costs, government initiatives to enhance patient care & safety, government funding for healthcare interoperability, and the rapid adoption of EHR & other healthcare IT solutions. However, the lack of true interoperability solutions, lack of standards, and the use of outdated legacy systems are some factors restraining the growth of the healthcare interoperability solutions market to a certain extent during the forecast period.

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Key Market Player

The global healthcare interoperability solutions market is fragmented with the presence of many regional and global players like Cerner Corporation (US), Epic Systems Corporation (US), Infor, Inc. (US), Koninklijke Philips NV (Netherlands), InterSystems Corporation (US) are the major players in this market. 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. Some of the prominent players in the market namely, Orion Health Group Limited (New Zealand), IBM Watson Health (US), Lyniate (US), Change Healthcare (US), NextGen Healthcare, Inc. (US), and Medical Information Technology, Inc. (US), iNTERFACEWARE (Canada), OSP Labs (US), ViSolve, Inc. (US), Jitterbit (US), Virtusa Corp. (US), and Summit Healthcare Services, Inc. (US).

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CernerCorporation dominated 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 Cerner's solutions in more than 35 countries. Cerner has 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.

InterSystems Corporation is the second-largest player in the healthcare interoperability solutions market. InterSystems has earned its reputation by partnering with well-known companies such as Epic Systems Corporation and GE Healthcare and offering services to well-known hospitals in the US. The company offers advanced HCIT interoperability technologies in its solutions, such as the InterSystems HealthShare and InterSystems Ensemble. The company actively launches products in the healthcare interoperability solutions market to expand its product portfolio. Recently, it launched HealthShare 2021.2 and the InterSystems IRIS FHIR Accelerator Service. The firm also intends to expand its business in the international market, mainly through agreements and contracts. The company has its presence in more than 100 countries, including the US. The major end users of the company include healthcare providers, government organizations, and other industries.

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North America dominated the healthcare interoperability solutions market in 2020

North America accounted for the largest share of the healthcare interoperability solution market in 2020, followed by Europe and Asia Pacific. The rising demand for quality healthcare delivery, the need to curb the increasing healthcare expenditure, and the implementation of favorable initiatives & regulations to improve the overall efficiency of healthcare organizations in the region are the key factors responsible for the large share of North America in the market.

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