Healthcare API Market: Snapshot
Patient-centric healthcare is an emerging value-based model for healthcare delivery, which has resulted in an improvement in care quality, better outcomes, and greater patient satisfaction. Growing focus on patient-centric healthcare delivery via application programming interfaces (APIs) has been noted over the recent past and the emergence of a host of services, such as wearable medical devices and remote patient monitoring has spurred the demand for healthcare API solutions.
The gradual rise in the acceptance and adoption of healthcare API solutions by doctors, patients, and payers is expected to benefit the global market during the forecast period. The revenue generated by the global healthcare API market was pegged at US$162.4 mn in 2015 and expanding at a 4.2% CAGR, the market revenue is poised to reach US$234.2 mn by 2024.
Market Players Focus on Emerging Economies for Expansion
The global market for healthcare API is led by North America. The region has emerged as the key revenue generator thanks to the presence of several prominent players. With limited public IT infrastructure development across emerging economies, the large-scale adoption of healthcare IT solutions is still considered to be a long-term opportunity for countries in developing economies. As a result, most players providing healthcare API solutions garner a significant portion of their revenue from the North America and Europe markets.
However, an increasing number of players are now working toward expanding their footprint across several emerging economies in Asia Pacific and Latin America owing to the immense opportunities in store and the untapped potential countries such as Brazil, India, China, and Japan present.
Asia Pacific is projected to be the fastest-growing region in the healthcare API market, expanding at a 4.5% CAGR during the forecast period. The growing demand for API-based electronic health record services and wearable medical devices is anticipated to drive the healthcare API market in the region. The Latin America healthcare API market is likely to be fuelled by the rising demand for remote patient monitoring and appointment services.
Healthcare Providers Leading End Users of Healthcare API Solutions
The key end users of healthcare API solutions include healthcare payers, healthcare providers, patients, and vendors. The healthcare providers segment is the leading end user and the segment is also projected to expand at the highest CAGR of 4.5% during the forecast period. To a large extent, this growth can be attributed to large hospitals and laboratories looking for automated solutions for the management of non-core activities such as patient appointment booking and order tracking.
Given the ease and flexibility the healthcare application programming interface provides in scheduling appointments with doctors, the appointment segment is the most preferred healthcare API service. The segment is also anticipated to expand at the highest CAGR of 4.3% from 2016 to 2024.
Some of the leading healthcare API service providers are MuleSoft, Inc., Practo Technologies Pvt. Ltd., Epic Systems Corporation, Microsoft Corporation, Allscripts Healthcare Solutions Inc., General Electric Company, Greenway Health, LLC, eClinicalWorks LLC, Practice Fusion, Inc., and Apple, Inc.
The healthcare API market report provides an in-depth analysis of the global healthcare API market for the period 2014 – 2024, wherein 2015 is the base year and the years from 2016 to 2024 is the forecast period. Data for 2014 has been included as historical information. The report covers all the prevalent trends playing a major role in the growth of the healthcare API market over the forecast period. It also highlights various drivers, restraints, and opportunities expected to influence the market’s growth during the forecast period. The study provides a holistic perspective on market growth in terms of revenue estimates (in US$ Mn), across different geographies, which include North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and Latin America (LATAM). The report provides cross-sectional analysis of the global healthcare API market in terms of market estimates and projections for all the segments across different geographic regions. The report also covers profiling of major players, their growth strategies, their market positioning, and their various recent developments, and includes market positioning analysis of key players operating in the healthcare API market.
This research study on the global healthcare API market provides a detailed analysis of various type healthcare services available in the market integrated with API. Based on the services, the market is further divided into the electronic health record access, appointments, remote patient monitoring, payment, and medical device (wearable) segments. On the basis of deployment model, the market is segmented into on-premise and cloud-based models and based on end-users it is segmented into the healthcare provider, healthcare payer, patients, and vendors segments. The report includes a comprehensive coverage of the underlying economic and technological factors under the key trend analysis section.
The report aims to provide a comprehensive analysis of the global Healthcare API market across geographies such as North America, Europe, Asia Pacific, Middle East and Africa (MEA), and Latin America. The regions are further segmented to cover in-depth country level analysis. North America region is segmented into the U.S. and Canada. Similarly, Europe has been further segmented into the U.K., Germany, France, Italy, Spain, and Rest of Europe. Asia Pacific has been segmented into China, India, Australia, Japan, and Rest of Asia Pacific; MEA is divided into the UAE, Saudi Arabia, South Africa, and Rest of MEA. Latin America has been further categorized into Brazil and Rest of Latin America. The revenue estimates for these countries is also included in the report.
The report also highlights the competitive landscape of the healthcare API market, positioning all the major players according to their geographic presence, historical roadmap, key recent developments, and comparison of their revenues for 2014 and 2015.
Under the company profiles section, the report provides an overview of the players operating in the market, the strategies deployed by them to gain competitive advantage, the annual revenue generated by them in the past two or three years, and their recent developments. The key players profiled in this report include Apple, Inc., Microsoft Corporation, Greenway Health, LLC, MuleSoft, Inc., General Electric Company, Practice Fusion, Inc., Epic Systems Corporation, Allscripts Healthcare Solutions Inc., eClinicalWorks LLC, and Practo Technologies Pvt. Ltd.
The global healthcare API market has been segmented as follows:
Healthcare API Market, by Services
- Electronic Health Record Access
- Remote Patient Monitoring
- Medical Device (Wearable)
Healthcare API Market, by Deployment Model
Healthcare API Market, by End-Users
- Healthcare Payers
- Healthcare Providers
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