Frost & Sullivan's Benchmarking System Highlights Leading Companies Poised for Growth and Advancing Healthcare Interoperability
SAN ANTONIO, Sept. 3, 2024 /PRNewswire/ -- The healthcare data interoperability market is expected to reach $19.28 billion by 2028, growing at a compound annual growth rate (CAGR) of 18.3% from 2023. This rapid expansion is fuelled by regulatory pressures urging payers and providers to accelerate interoperability initiatives, ensuring seamless information flow through APIs and semantic interoperability.
Frost & Sullivan has meticulously vetted over 80 healthcare data interoperability vendors, identifying the leading 14 companies poised to revolutionise the industry with their rapid corporate growth and visionary innovation. These companies are recognised for their strong presence across multiple segments and their capacity to enhance data management and orchestration by facilitating seamless data exchange among internal and external sources.
"Beyond establishing data flow between patients, providers, and payers, market leaders and new entrants should expand their solutions to incorporate other key industry players, such as life science companies, laboratories, and pharmacies. By doing so, they can create a unified data aggregation and analysis platform, empowering end users with comprehensive insights to effectively manage and oversee the entire patient journey," says Nitin Manocha, Growth Expert at Frost & Sullivan.
The adoption of Fast Healthcare Interoperability Resources (FHIR) as the standard for data exchange, along with the formation of national alliances, is helping stakeholders develop cross-organisational solutions that advance the industry toward its future state. The rising trend of mergers and acquisitions (M&As) in healthcare is also increasing demand for interoperability solutions. As the combined organisations look to build synergies, heavy API use will follow, creating the need for application integration tools to build connected systems.
As healthcare increasingly shifts towards virtual and at-home care models, the need for seamless communication and collaboration between different systems and devices is becoming critical to ensure optimal patient care. The expansion of retail health, mergers and acquisitions (M&As), the growing influence of pharmacists, and the rise of telehealth are adding new dimensions to the patient's healthcare journey. Consequently, merging patient data into a single, comprehensive view is essential.
The Master Patient Index (MPI) segment is expected to experience rapid growth during the forecast period, with vendors working to develop both national and enterprise-level MPIs. Regulatory initiatives will play a crucial role in supporting these efforts, including the push for national patient identifiers, which will enable patients to seamlessly transfer their health records across different care settings.
Spotlight on Industry Leaders
The Frost Radar highlights the following growth & innovation leaders, setting the benchmark for excellence in healthcare data interoperability: athenahealth, ELLKAY, Innovaccer, InterSystems, MatrixCare, Onyx Technology, Optum, Oracle (Oracle Health), Orion Health, Progress Software Corporation (Progress), Rhapsody, Salesforce, Snowflake, and Veradigm.
The Frost Radar benchmarks these companies and their solutions, which enable the effective exchange and utilisation of data between healthcare applications. "Enhanced interoperability is essential for improving continuity of care, fostering communication and connectivity among stakeholders - including payors, providers, patients, and public health bodies - and reducing inefficiencies," Manocha emphasises.
To learn more about the Frost Radar: Healthcare Data Interoperability, 2024, please click here.
About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables clients to accelerate growth and achieve best-in-class positions in growth, innovation, and leadership. The company's Growth Pipeline as a Service provides the CEO and the CEO's Growth Team with transformational strategies and best-practice models to drive the generation, evaluation, and implementation of powerful growth initiatives. Frost & Sullivan leverages over 60 years of experience in partnering with Global 1000 companies, emerging businesses, and the investment community from more than 40 offices on six continents.
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Contact:
Kristina Menzefricke
Marketing & Communications
Global Customer Experience, Frost & Sullivan
kristina.menzefricke@frost.com
+44 (0)20 331 01228
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