The global healthcare API market is expected to reach at USD 336.02 million by 2027 with a CAGR of 6.3%, according to a new report by Grand View Research, Inc. The rise in demand for healthcare applications in the medical industry that offer simplicity and convenience to the users. More commonly, it is referred as mHealth apps that has gained a huge momentum in the recent years and continues to retain the dominance in the coming years.
The optimal quality of patient treatment and care has resulted in patient outcomes and satisfaction. The rise in need for quality in healthcare sector has driven the technological outcome. For instance, integrated technologies in the healthcare and medical industry has enabled a seamless workflow between buyers and service providers. Adoption of standardized practices has led in an easy access of patient’s data. In addition, the companies are emphasizing on API development and EHR software to provide interlinked technology for better accessibility.
Healthcare companies tend to embrace the APIs to organize and structure their data capacities. APIs can help in gaining a high edge for HCOs having better solutions for every healthcare scenario. The technological aspects can work collaboratively between payers and service providers to develop innovative applications to serve a healthcare niche.
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The ongoing pandemic has resulted in lockdown across several nations adhering to the severity of the disease. Social distancing and other preventive measures have propelled the demand for technological platforms to interact with healthcare resources. This has resulted into containing the virus spread and accessing the healthcare facility through videoconferencing. Going forward, the healthcare companies will now look out for innovative ventures that will ensure patient privacy and enable an interoperable technology for Covid-19 research.
Further findings from the report suggest:
l Electronic health record (EHR) is a dominant application in terms of revenue basis the high adoption of API platform in the EHR by mid and large medical ventures
l Cloud-based API models is expected to dominate the deployment segment based on advantages and remote access
l Service providers in the end-use segment is comprised of growing adoption by large healthcare companies having the objective for providing better patient care and quality treatment
l Healthcare payer segment is expected to gain a significant CAGR in the forecast period attributing to the easy access to billing information provided by these platforms
Factors such as technological advancements in health care solutions and the co-existence of healthcare and IT services are expected to continue driving the adoption of healthcare API. It allows patients to get well acquainted with the doctors or specialist’s details and appointment suggestions. Increasing focus towards the adoption of the Internet of Things (IoT) and Remote Patient Monitoring (RPM) is expected to drive the market growth in the forthcoming years.
Industry players are trying to develop a fully integrated API solution to gain market penetration. Moreover, the COVID-19 pandemic has increased the need for remote access to patients’ data which is expected to boost the growth of the market. For instance, in May 2020, Change Healthcare launched a suite of solutions such as industry-standard APIs, hardware bundle, and software solutions in order to help telemedicine providers to deploy virtual care services.
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The market is competitive in nature. The key players are involved in strategic collaborations, new product launches coupled with mergers and acquisitions to strengthen their market position. For instance, in 2019, Allscripts and Northwell Health partnered to produce artificial intelligence-based, voice-enabled, and cloud-based EHR. This is expected to enhance the company’s penetration. In November 2019, pCare partnered with Redox for better data integration of pCare platform with HCO’s existing HIT systems. In June 2020, MuleSoft launched a new accelerator for healthcare with prebuilt APIs and common EHR systems like Cerner and Epic.
Some of the prominent players in the healthcare API market include:
l AllScripts Healthcare Solutions Inc.,
l Apple Inc
l Cerner Corporation
l eClinical Works LLC
l Microsoft Corporation
l Google Inc
l Sansoro Health
l MuleSoft Inc.
The healthcare payers segment is expected to showcase lucrative growth over the forecast period. A customized workflow created by the integrated API ensures easy approval and review of the desired data by healthcare payers and caregivers. API also allows easy patient billing and management of patient appointments. The payers can securely get access to patients’ health records and bills without unwanted phone calls and going through receptionists.
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Grand View Research has segmented the global healthcare API market on the basis of services, deployment model, end-use:
Healthcare API Services Outlook (Revenue, USD Million, 2016 – 2027)
- EHR Access
- Remote Patient Monitoring
- Wearable Medical Device
Healthcare API Deployment Model Outlook (Revenue, USD Million, 2016 – 2027)
Healthcare API End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Healthcare Payers
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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