Healthcare API Market revenue is poised to reach US$234.2 Mn by 2024 – TMR

Healthcare API Market: Increasing Focus on Patient-centric Healthcare Service by Healthcare Providers to be Beneficial for Growth

Albany, New York, Oct. 17, 2018 (GLOBE NEWSWIRE) -- Gradual rise in adoption of healthcare API solutions by numerous patients, doctors, and payers is anticipated to positively influence growth of the global Healthcare API Market 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.

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.

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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.

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 cybersecurity 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.

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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., General Electric Company, eClinicalWorks LLC, Greenway Health, LLC, and Apple, Inc.

The review presented here is based on the findings of a TMR report, titled “Healthcare API Market (Services - Electronic Health Record Access, Appointments, Remote Patient Monitoring, Payment, Medical Device (Wearable); Deployment Model - On-premise, Cloud-based; End-Users - Healthcare Payers, Healthcare Providers, Patients, Vendors) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024.”

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About TMR

Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

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