Frost & Sullivan benchmarking system highlights leading companies poised for growth and driving healthcare interoperability
SAN ANTONIO, 4 September 2024 /PRNewswire/ — The medical data interoperability market is expected to 19.28 billion US dollars by 2028, with a compound annual growth rate (CAGR) of 18.3% from 2023. This rapid expansion is driven by regulatory pressures that are pushing payers and providers to accelerate interoperability initiatives and ensure seamless information flow through APIs and semantic interoperability.
Frost & Sullivan carefully reviewed over 80 healthcare data interoperability solution providers and identified the 14 leaders that will revolutionize the industry with their rapid business growth and visionary innovation. These companies are known for their strong presence in multiple segments and their ability to improve data management and orchestration by enabling seamless data exchange between internal and external sources.
“Beyond establishing a data flow between patients, providers and payers, market leaders and new entrants should expand their solutions to include other key industry players such as life sciences companies, laboratories and pharmacies. This will enable them to create a unified platform for data aggregation and analysis that provides end users with comprehensive insights to effectively manage and monitor the entire patient journey,” says Nitin ManochaGrowth expert at Frost & Sullivan.
The adoption of Fast Healthcare Interoperability Resources (FHIR) as a standard for data exchange and the formation of national alliances are helping stakeholders develop cross-organizational solutions that will lead the industry into the future. The rising trend of mergers and acquisitions (M&As) in healthcare is also increasing the demand for interoperability solutions. As the merged organizations seek to create synergies, intensive API usage will follow, creating the need for application integration tools to build interconnected systems.
As healthcare continues to shift toward virtual and home care models, the need for seamless communication and collaboration between different systems and devices to ensure optimal patient care is becoming increasingly important. The expansion of healthcare retail, mergers and acquisitions (M&As), the growing influence of pharmacists, and the rise of telemedicine are adding new dimensions to the patient’s healthcare experience, so bringing patient data together into a single, comprehensive view is critical.
The Master Patient Index (MPI) segment is expected to witness rapid growth during the forecast period as vendors work to develop national and enterprise-wide MPIs. Regulatory initiatives will play a critical role in supporting these efforts, including the promotion of national patient identifiers that will enable patients to seamlessly transfer their health data between different treatment facilities.
Spotlight on industry leaders
The Frost Radar™ highlights the following growth and innovation leaders that set the standard 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™ compares these companies and their solutions that enable effective sharing and use of data between healthcare applications. “Improved interoperability is essential to improve continuity of care, promote communication and connectivity between stakeholders – including payers, providers, patients and public health authorities – and reduce inefficiencies,” emphasizes Manocha.
To learn more about Frost Radar™: Healthcare Data Interoperability, 2024, click here.
About Frost & Sullivan
Frost & Sullivan, the growth pipeline company, enables its clients to accelerate their growth and achieve leadership positions in growth, innovation and leadership. The company’s Growth Pipeline as a Service provides the CEO and his growth team with transformational strategies and best practice models to drive the development, evaluation and implementation of high-performing growth initiatives. Frost & Sullivan leverages over 60 years of experience working with Global 1000 companies, emerging companies and the investment community from more than 40 offices on six continents.
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Kristina Menzefricke
Marketing & Communication
Global Customer Experience, Frost & Sullivan
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