Healthcare API Market Revenue is Poised to Reach US$234.2 Million by 2024
The healthcare API market is expected to witness robust growth in the near future as healthcare continues to adopt cloud solutions for better patient care, amidst increasing push by governments. The global healthcare API market is also witnessing a growing demand for cloud-based APIs which make it easier to integrate data, and provide critical access to patients for interaction during critical emergencies.
The rising demand for APIs and large investment of tech giants like Amazon, Microsoft, and Apple in the arena are expected to create significant opportunities for players in the healthcare API market. Despite the major areas covered by tech giants, the APIs remain open to the creation of new apps which are patient centric and improve the quality of care for patients significantly. The growing push by programs like MediCaid for healthcare operators to move to the cloud are also expected to drive growth of the healthcare API market.
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Higher Patient Satisfaction and Better Outcomes to Drive Growth
Programs like MediCaid have tied reimbursement of healthcare agencies to improvements in quality care. Among various guidelines issued for improving the quality care, increased emphasis on digital technology, more interaction between patient and doctors, and growth of services like data management are some of them. The data management services also provides myriad of benefits to healthcare operators.
Data management makes it easier for healthcare professionals to access records, assess them at free time, and pass them on in case of change in caretaker. Moreover, one of the biggest cost plaguing the healthcare sector is administration costs. With the inclusion of digital platforms, this cost is expected to reduce considerable while simultaneously improving patient satisfaction and medical outcomes. The tremendous potential of APIs in healthcare are expected to drive growth of the healthcare API market.
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Cloud to Emerge as a Key Driver of Growth
The rising demand for cloud solution is an indicator of what is to follow in the healthcare sector in the near future. The cloud technology is at its infancy today. Cloud technology combined with Big Data and AI promises to solve major challenges in healthcare. The technology promises better diagnosis, more automated administrative procedures, better insights into various critical illnesses, and data management.
Additionally, the technology also promises major breakthrough for research including causation of various illnesses, deep promises in genetics, and new venues for growth with data management solutions. The rising demand for cloud solutions, the growing adoption of cloud technology, and increased entry of new players are expected to drive tremendous opportunities for players in the healthcare API market.
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