Upward Integration of Healthcare API with EHR Drives Healthcare API Market Growth
The global healthcare API market size was valued at US$210.9 Mn in 2019 and is expected to grow at a CAGR of 6.3% from 2020 to 2027. Healthcare application programming interfaces (APIs) continue to garner traction as they are beneficial for both consumers, and healthcare service providers, including tech vendors, payers, and providers. The growing integration of APIs with electronic health record (EHR) has helped in simplifying the healthcare data accessibility, thereby driving the healthcare API market growth. Healthcare API is expected to play a crucial role in data transfer from EHR to mobile health applications, wearable devices, and remote patient monitoring systems.
API has proved to be valuable to a large patient population; however, it has also become a potential gateway for malicious practices, a rise in cybercrime paired with a strong buyers’ market, patient data theft, and privacy breaches. This showcases an unmet need, and an opportunity for those players active in antitheft software space. In addition, government initiatives to mitigate these risks by changing the operating platforms to safer, more secure, and anti-theft proof platforms have been reported to be beneficial. The pandemic situation amid COVID-19 outbreak has also obliged companies to undergo massive digitalization, and automation through the use of Artificial Intelligence (AI), Internet of Things (IoT), and data analytics, consequently fostering market growth. The consumer segment registering notable usage of API has witnessed significant growth recently, and with more healthcare companies deploying API, the payers have outpaced the usage of API compared to both consumers, and health tech companies.
Innovations in Healthcare API Market to Pave the Way for Further Progress
Inspiration from other parallel sectors such as banking, or travel may help with innovations in the healthcare API market. For instance, travel API such as Uber has revolutionized the way people travel. Such technologically advanced tools are expected to not only help a large population but also aid certain sections of affected people. For instance, applications of these tools can be segmented for groups such as diabetic patients, cancer patients, or those living with obesity. There can be endless possibilities for the API platforms that will aid in connecting various stakeholders in this value chain, including connected healthcare service providers, health insurance providers, and others involved in mobile applications.
Risk prediction, data validation engines, validation of workflow, and proximity technologies will be some of the capabilities that would need to be harnessed in a wide spectrum of specialities. For instance, in June 2021, Apple introduced a health sharing feature to enable secured sharing of personal health information with one’s family members, as well as a trusted caregiver. Based on the innovative health features of iPhone, and Apple Watch, iOS 15 gives users the ability to securely share their data with important people. Additionally, new tools in iOS 15 can be used to identify, measure, and understand changes in a person’s health data.
FHIR Poised to Support Healthcare API Market Growth
Fast healthcare interoperability resources (FHIR) eliminate the necessity to modify the data template of each IT healthcare system by exchange of data as resources. This helps to bring data exchanges from different sources under one uniform health information platform, thereby allowing custom templates to be shared with accuracy, and readability from various health systems, including EHR, cloud storage data, mobile data, and wearable devices across health systems. This key feature is expected to bring an enormous level of transactions across various healthcare IT systems worldwide.
In July 2022, Google Cloud announced a healthcare data engine that would enable interoperability in healthcare. This healthcare data engine will provide end-to-end solutions to healthcare organisations that operate in services such as maintaining medical records claims, and research data. In addition, this healthcare data engine will provide real-time, longitudinal records of patients through the use of advanced analytics, and AI in a scalable, reliable, and secure cloud storage environment.
North America Continues to Dominate Global Market Space
North America accounts for the largest revenue share in global healthcare API market owing to the growing number of healthcare API users in the US, faster deployment of healthcare applications for EHR, growing awareness about digital healthcare, and a significant rise in the number of API launches and services that are provided through such platforms. For instance, Getlabs Healthcare API provides at-home lab tests for Lab Corp and Quest. Getlabs API partners with service providers to dispatch in-person medical specialists for patients’ blood withdrawal, blood donation, and other similar pathological activities.
Growing adoption of such apps by a sizeable patient population has boosted market growth in the North American region. With consistently increasing availability of healthcare API service providers, the market has become highly competitive. In March 2022, Athenahealth Inc., one of the leading providers of network-enabled software and services, announced advancements and product up-gradation in its existing athenaOne. This suite provides EHR, medical billing, and advanced patient engagement solutions. The company introduced various feature enhancements for its patient-facing applications, including patient self-scheduling, Athena Telehealth enhancements (providing telehealth support to patients), enhanced online patient payment experiences (improved digital payments), and two-way SMS appointment reminders (where the patient can confirm, cancel, or re-schedule).
The European region will follow North America with growing demand for healthcare API services. Asian markets are however expected to foresee highest growth during the forecast period owing to a large population of mobile users, and the growing adoption of healthcare API by general public.
Key Players in Global Healthcare API Market
Some of the major players in healthcare API market include Athenahealth (acquired by Hellman & Friedman and Bain Capital in Feb 2022), Apple Inc., GE Company, Cerner Corporation, Microsoft Corporation, Google Inc., Allscripts Healthcare Solutions Inc. Greenway Health LLC, Practice Fusion, Inc. MuleSoft Inc., and Practo Technologies Pvt Ltd.
The global healthcare API market is segmented as below:
Key Elements Included In The Study: Global Healthcare API Market
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