The majority of players in the global healthcare application program interface (API) market are paying attention towards offering innovative solutions to cater to the needs to the changing needs of end users. Apart from this, key players are also focusing towards creating value through mergers and acquisitions, observes Transparency Market Research (TMR) in a new study. Apple Inc., Mulesoft Inc., Epic Systems Corporation, GE Healthcare, Microsoft Corporation, and Allscripts Healthcare Solutions Inc. were the frontrunners in the global arena in 2015, accounting for a cumulative share of about 67.0% of the overall healthcare API market.
“Partnership with healthcare technology providers in order to expand their base of customers is one of the most commonly adopted strategies by large players,” says the author of the report. The opportunity in the global market for healthcare API was valued at US$162.4 mn in 2015 and is poised to rise to US$234.2 mn by 2024, posting a CAGR of 4.2% between 2016 and 2024.
Domicile of Key Players Provides Edge to North America
On the basis of services, the appointment segment is anticipated to remain at the forefront of growth until 2024, with a valuation of US$62.9 mn by end of the review period. The growth of the segment can be attributed to the flexibility and ease provided by the healthcare API in scheduling appointments. The segment is also expected to expand at a tremendous CAGR during the forecast period.
Geographically, North America will be the leading revenue contributor throughout the forecast horizon, thanks to a large number of key players headquartered in the region. Asia Pacific, on the other hand, will be the most promising region, rising at a CAGR of 4.5% during the same period. The spiraling demand for API-based electronic health record (EHR) and wearable medical devices is supplementing the growth of the region.
Growing Awareness Regarding Availability of Healthcare IT Solutions to Augment Healthcare API Market
The rising awareness regarding the availability of healthcare IT solutions can be credited to the initiatives by healthcare IT startups and EHR vendors. An increase in such initiatives is, therefore, working in favor of the global healthcare API market. Globally, API-integrated EHR is being increasingly acknowledged due to the ease of data accessibility.
Leading companies such as Practise Fusion, Mulesoft, GE Healthcare, and Practo Technologies are aggressively investing in the research and development of solutions that are compatible with the latest healthcare software and apps. The birthing of advanced API solutions is likely to provide a fillip to the global market. Besides this, the popularity of patient-centric healthcare models is growing rapidly, owing to their ability to provide better outcomes, greater patient satisfaction, and improved care quality. “Increasing focus on patient-centric healthcare delivery via APIs and the advent of a raft of services, such as remote patient monitoring and wearable medical devices are triggering the demand for healthcare API solutions,” says a TMR analyst.
However, the soaring concerns regarding privacy breaches are acting as a major bottleneck in the development of the global healthcare API market. Open source APIs, especially, are highly susceptible to cyber-attacks. In addition, important patient data with API solutions are vulnerable to loss and manipulation, which is negatively impacting the growth of the market. Developers are, therefore, focusing towards the development of secure platforms that can eliminate the risk of data breaches.
The above data has been derived from a report by TMR, titled “Healthcare API Market (Services - Electronic Health Record Access, Appointments, Remote Patient Monitoring, Payment, and Medical Device (Wearable); Deployment Model - On-premise and Cloud-based; End-Users - Healthcare Payers, Healthcare Providers, Patients, and Vendors) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 - 2024.”
The global healthcare API market has been segmented as follows:
Global Healthcare API Market, by Services
- Electronic Health Record Access
- Remote Patient Monitoring
- Medical Device (Wearable)
Global Healthcare API Market, by Deployment Model
Global Healthcare API Market, by End-Users
- Healthcare Payers
- Healthcare Providers
Global Healthcare API Market, by Geography
- North America
- The U.S.
- The U.K.
- Rest of Europe
- Asia Pacific (APAC)
- Rest of APAC
- Middle East & Africa (MEA)
- United Arab Emirates (the UAE)
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of Latin America
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