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.
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Concerns over Data Privacy and Security Threaten Global Growth
An increase in the initiatives by electronic health record (EHR) vendors and healthcare IT startups has resulted in an immense growth in healthcare IT solutions, including application programming interfaces. The adoption of API-integrated EHR has risen rapidly in the recent past thanks to the ease of data accessibility and this, in turn, has boosted the market for healthcare API.
Leading vendors such as GE Healthcare, Mulesoft, Practise Fusion, and Practo Technologies have been focused on making sure their solutions are compatible with the latest healthcare apps. This is also projected to benefit the healthcare API market.
“Considering that the need for frequent upgrades in the overall healthcare API market will arise in the near future, the impact of this driver will remain moderate in the coming years,” the analyst predicts.
However, concerns regarding privacy breaches and the loss as well as manipulation of important patient information pose a key challenge for the growth of the healthcare API market. “Open-source APIs are increasingly vulnerable to cyber-attacks and considering that the usage of APIs cannot be restrained, the privacy and security of patients becomes a major issue,” the author of the study states. Developers have, therefore, been focused on eliminating the risk of data theft by developing more secure platforms.
North America Key Revenue Contributor in Global Healthcare API Market
The global revenue of the healthcare API market stood at US$162.4 mn in 2015 and is expected to reach US$234.2 mn by 2024 expanding at a 4.2% CAGR therein. The appointment segment led the global healthcare API market by services, rising from a value of US$43.1 mn in 2015 to US$62.9 mn by the end of the forecast period. The segment is also anticipated to expand at the highest CAGR from 2016 to 2024.
By deployment model, on-premise healthcare API solutions emerged as the leading segment while cloud-based API solutions are likely to grow at the fastest pace during the forecast period. Healthcare providers are the leading end users of healthcare API services and the segment is projected to register the highest CAGR from 2016 to 2024. While North America emerged as the key revenue contributor in the global healthcare API market, Asia Pacific is likely to be the fastest growing regional segment.
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Last updated on: 24/10/2016
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