The key players in the healthcare API market are focusing on improving security to ensure safety of the API.
The key players in the healthcare API market are focusing on improving security to ensure safety of the API. Identity Defined Security company – Ping Identity announced the acquisition of API cyber security provider Elastic Beam and the unveiling of PingIntelligence mainly for security of APIs in 2018. This acquisition improves intelligence-based approaches to API security. With this acquisition and product launch, the security of API in healthcare can be ensured.
Gradual rise in adoption of healthcare API solutions by numerous patients, doctors, and payers is anticipated to positively influence growth of the global market for healthcare API over the forecast period. The global revenue is collected by the key players in the global healthcare API market was registered at US$162.4 MN in 2015 and is growing with steady growth rate with a CAGR of 4.2%, the market revenue is anticipated to attain value of US$234.2 MN by the end of 2024.
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Here are some of the factors which are influencing the growth of the market:
Adoption of API-based EHR: The global healthcare API market is primarily fuelled by growing adoption of API-based electronic health records (EHR), which are easy to integrate detailed information of patients. Increasing focus on the patient-centric healthcare service by the healthcare providers is leading to improve quality of care, results, and patient satisfaction. These factors are positively influencing growth of the global healthcare API market.
Adoption of Patient-centric applications: Patient-centric applications create a new ways for healthcare providers to connect with patients through web, mobile, and social apps. Additionally, development of internal APIs allows healthcare companies to offer their employees and partners for the new tools.
These tools helps to deliver high quality of care. These apps and services are able to record data and keeps history of the things like blood-sugar levels and diabetes. Also, able to track physician-reported data and analysis of the data on which physicians can take decisions. From past few years, demand for patient-centric healthcare services through application programming interface (API) is rising which is likely to spur growth of the healthcare API market over the forecast period.
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Fear of data loss: Loss of important patient information and risks related to privacy that could be manipulated by any one is limiting the growth of the market. Nevertheless, continuous government initiatives to replace traditional methods with some technologically advanced healthcare systems and services is projected to offer more opportunities for growth in the market.
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.
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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 players in the healthcare API market are Practo Technologies Pvt. Ltd., MuleSoft, Inc., Epic Systems Corporation, Allscripts Healthcare Solutions Inc., Microsoft Corporation, Practice Fusion, Inc., and General Electric Company, eClinicalWorks LLC, Greenway Health, LLC, and Apple, Inc.
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