The healthcare industry is rapidly changing and trying to focus more on being patient-centric. Healthcare delivery has improved, and there has been an enhancement in the quality of care provided, resulting in better outcomes and contributing to greater satisfaction of patients. The focus on Application Programming Interfaces (APIs) for delivering patient-centric healthcare has been growing rapidly over the past years, and emerging services such as monitoring patients remotely and wearable medical devices have led to an increased demand for health APIs.
Health APIs are gradually gaining popularity as doctors, patients, and payers are adopting and accepting the use of APIs. It is expected to be advantageous to the global market. The income generated by healthcare APIs all over the world was US$162.4 million in 2015, and it is rising at a rate of 4.2% CAGR, and it is expected to reach US$234.2 million by 2024.
Factors Influencing The Expansion Of Health APIs
- Adoption of API-based EHR – API-based electronic health records have led to the rise of the global healthcare API market. It can easily integrate an enormous dataset of patients.
- Adoption of Patient-centric Applications – This kind of application gives healthcare providers new methods of connecting with patients through the mobile, web, and social apps. Internal API development allows healthcare companies to provide their employees with new implements.
- Apprehension of Losing Data – Losing significant private information about patients becomes risky for the growth of the market. Traditional methods are being replaced by technologically advanced systems, which brings development opportunities to the market.
Healthcare API ecosystem services aid healthcare companies to allay any risk and adopting efficient healthcare APIs.
Market Players Concentrate On Growing Economies For Expansion
The world market for health APIs is controlled by North America, and it has been the primary revenue generator, which was possible as many prominent players took part. Public IT infrastructure development is limited in developing economies, and the adoption of health APIs on a large scale is thought of as a long-term opportunity for growing countries. Consequently, most players who provide health APIs get a major part of their income from North America and European markets.
However, more organizations are working towards extending their footprint across different growing economies in Latin America and the Asia Pacific because of the enormous opportunities that are on the way and the potential presented by countries such as India, Japan, China, and Brazil. The quickest growing region in the healthcare API market in the Asia Pacific growing at a rate of 4.5% Compound Annual Growth Rate (CAGR) during the forecast period. There is an anticipated increase in demand for wearable medical devices and electronic health record services to develop the health APIs in the region. The healthcare API market in Latin America will probably rise due to an increased desire for appointment services and remote patient monitoring.
Healthcare Organizations: Greatest End Users Of Healthcare APIs
The significant users of healthcare APIs are the healthcare providers and organizations, vendors, and patients. The providers of healthcare use the health APIs the most, and the section is expected to increase at a high CAGR of 4.5% during the forecast tenure. This expansion can be ascribed to expanding hospitals and testing centers that want automated solutions for handling activities such as order tracking, appointment booking for patients, and so on.
Health APIs provide easy and flexible solutions for scheduling appointments with physicians. The appointment service is the most sought-after healthcare API service. This section is predicted to rise at a CAGR of 4.3% between 2016 and 2024. Some of the greatest healthcare API ecosystem services include DigitalAPICraft, Practo Technologies Pvt. Ltd., MuleSoft Inc., Microsoft Corporation, Epic Systems Corporation, General Electric Company, LLC, Greenway Health, Allscripts Healthcare Solutions, and so on.
Healthcare API Market is supposed to gain more momentum from cloud-based API services.
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The Healthcare API market is deemed to have a proper development very soon since the healthcare sector keeps getting cloud answers for tolerance consideration. It comes in the middle of expanding movements by governments. Health APIs global market has seen a growing interest in cloud-based application programming interfaces, making it convenient to convey data and information and provide basic admittance to patients for collaborating during normal crises.
The expanding interest in APIs and the large ventures undertaken by tech giants such as Apple, Microsoft, and Amazon in the API field are supposed to open up important paths for significant parts of the healthcare API market. Despite the significant zones covered by tech giants, the healthcare APIs remain open to the making of new applicants, which shows moderation and enhances the quality of care for patients overall. DigitalAPICraft assists healthcare organizations to shift to cloud-based health APIs, which is expected to improve and develop the medical sector API market.