The global Healthcare API market is expected to enjoy a valuation of USD 222.6 Million by the end of the year 2023, and further projected to expand at a CAGR of 3.6% to reach a valuation of ~USD 316.2 Million by the year 2033. According to the recent study by Future Market Insights, cloud-based deployments are leading the market with an expected share of about 77.3% in the year 2023, within the global market.
Market Outlook
| Data Points | Market Insights |
|---|---|
| Market Value 2022 | USD 215.5 Million |
| Market Value 2023 | USD 222.6 Million |
| Market Value 2033 | USD 316.2 Million |
| CAGR 2023 to 2033 | 3.6% |
| Market Share of Top 5 Countries | 55.20% |
| Key Market Players List | Microsoft Corporation; Apple Inc.; Greenway Health; LLC; MuleSoft, Inc.; General Electric Company; Practice Fusion, Inc.; Epic Systems Corporation; Allscripts Healthcare Solutions Inc.; eClinicalWorks LLC; Practo Technologies Pvt. Ltd. |
Growing investments and increased initiatives by industry participants to establish a fully standardised API are driving the growth of the healthcare API market. Since the pandemic period, there has been an increasing demand for telemedicine and digital health solutions, which has further, boosted the market growth.
For instance, in order to develop cloud based API, Redox in April 2019 received a funding of around USD 33 Million.
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The market value for healthcare API was approximately 1.6% of the overall USD 13.4 Billion of the global artificial intelligence in healthcare market in 2022.
The sale of healthcare API expanded at a CAGR of 2.98% from 2017 to 2022.
The healthcare industry is one of the predecessors in technology adoption. The demand for healthcare APIs is anticipated to rise as it brings the data closer to its stakeholders, allowing for faster decision-making and a progressive increase in life expectancy and population health.
The importance of data quality and availability in the development of a transparent, patient-centred healthcare business is the major factor driving the global is the healthcare API market share. The amount of data collected in the healthcare business has increased dramatically over the last decade, according to the Stanford Medicine 2017 Health Trends Report.
This is due to a variety of factors, including government policies such as "meaningful use," widespread availability of electronic medical record (EMR) platforms, direct digitization of medical records from radiology devices including MRI, X-Ray, CT, etc.), and the widespread availability of personal health/fitness monitors.
Improved treatment outcomes raising patient satisfaction, growing demand for healthcare integration and improvements in care quality are driving the healthcare API market growth. Other driving factors include the integration of new processes between providers and payers, apps that can access data from, wearables, EHRs and associated services, and seamless transition of care.
Thus, owing to the aforementioned factors, the global healthcare API market is projected to expand at a CAGR of 3.6% during the forecast period between 2023 and 2033.
| Market Statistics | Details |
|---|---|
| Jan to Jun (H1), 2021 (A) | 2.81% |
| Jul to Dec (H2), 2021 (A) | 3.41% |
| Jan to Jun (H1),2022 Projected (P) | 2.43% |
| Jan to Jun (H1),2022 Outlook (O) | 2.69% |
| Jul to Dec (H2), 2022 Outlook (O) | 3.63% |
| Jul to Dec (H2), 2022 Projected (P) | 3.36% |
| Jan to Jun (H1), 2023 Projected (P) | 2.78% |
| BPS Change : H1,2022 (O) - H1,2022 (P) | 26↑ |
| BPS Change : H1,2022 (O) - H1,2021 (A) | (-) 12↓ |
| BPS Change: H2, 2022 (O) - H2, 2022 (P) | 26↑ |
| BPS Change: H2, 2022 (O) - H2, 2021 (A) | 21↑ |
Principal Consultant
The progressive acceptance and increased demand for healthcare API solutions by physicians, patients, and payers are projected to benefit the global healthcare API market over the projection period. Due to the convenience and flexibility it offers in scheduling doctor visits through the healthcare application-programming interface, the appointments are the most popular healthcare API service.
The influx of large and intricate healthcare datasets, the growing need to lower healthcare costs, better computing power and lower hardware costs, a rise in the number of collaborations and partnerships among various fields in the healthcare API market, and a rising demand for better healthcare services because of a workforce-patient imbalance are all contributing factors to the market's growth.
The growth of the healthcare API market size is further fuelled by ongoing upgrades and an increase in initiatives by EHR vendors and healthcare IT companies. However, the loss and management of sensitive patient data, as well as concerns about security breaches hamper the healthcare API market share. The steady rise in government attempts to shift from the traditional technique to technologically advanced healthcare frameworks and IT-enabled solutions and services is expected to open up lucrative opportunities for healthcare API market growth
To enable users to manage and engage with cloud services, cloud-computing providers create a variety of user software and APIs. The security of those APIs has an impact on the reliability and availability of common cloud services. Inappropriately built APIs can result in data misuse or, worse still, data infringement. Data leaks are a major problem for exposed, malfunctioning, and hacked APIs.
Due to their extraordinary sensitivity, confidentiality, and storage on external servers, EHR data are particularly vulnerable to security and privacy threats. The utilisation of private health care data as well as methods for safeguarding data stored in the cloud are some of the main research challenges.
The market's expansion is also constrained by some technology gaps. Since there are several technologies and no industry-wide data standards, APIs must be made specifically for each system in order to meet the needs of the service they are delivering. As a result, it is conceivable that a system will have several APIs, each of which will link to a distinct service.
Testing APIs might be difficult as well. Health systems are susceptible to a convoluted data flow across several environments that cannot always be recreated in test environments, in addition to the hassle of organising testing among various organisations and agencies.
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| Country | USA |
|---|---|
| 2023 | 31.80% |
| 2033 | 35.90% |
| BPS Analysis | 415 |
| Country | Germany |
|---|---|
| 2023 | 7.10% |
| 2033 | 7.40% |
| BPS Analysis | 33 |
| Country | China |
|---|---|
| 2023 | 6.50% |
| 2033 | 5.40% |
| BPS Analysis | -107 |
| Country | Australia |
|---|---|
| 2023 | 2.80% |
| 2033 | 3.10% |
| BPS Analysis | 32 |
| Country | Japan |
|---|---|
| 2023 | 5.90% |
| 2033 | 5.20% |
| BPS Analysis | -74 |
The USA is set to hold a global market share of about 31.8% in 2023, and is expected to continue to experience the same growth throughout the forecast period.
In the United States, patient-centric healthcare has been growing as a value-based healthcare service model. This has led to improved care quality, improved outcomes, and increased patient satisfaction. Application programming interfaces (APIs) are increasingly being used to deliver patient-centered healthcare, and the emergence of a wide range of services, such as remote patient monitoring and wearable medical device, has fueled the demand for healthcare API solutions in the country.
Germany is set to hold a market share of nearly 7.1% in the global healthcare API market in 2023.
The German market is expected to benefit from the constant rise in the acceptance and implementation of healthcare API arrangements by professionals, patients, and payers throughout the projected period. The growth in acceptance of electronic health records (EHRs) with API integration, which enable easy data access, is what is driving the German healthcare API industry. Further, market expansion is fueled by ongoing improvements and an increase in initiatives by EHR vendors and healthcare IT companies.
China is set to expand growth at a CAGR of 3.5% over the forecast duration.
Some of the key drivers driving the healthcare API market in China include increased patient satisfaction, better outcomes, and improvements in treatment quality. The availability of services like wearable clinical devices and remote patient monitoring has raised awareness and interest in the Chinese healthcare API market. Before seeking advice from a specialist or specialist, people can learn every detail about their training, experience, and availability owing to the healthcare API.
Cloud-based deployment is set to hold a share of around 77.3% in the global market, in 2023.
Cloud-based deployment, such as the Google Cloud's Cloud Healthcare API, offers a route to intelligent analytics and machine learning capabilities, with pre-built connectors for processing streaming data in Dataflow, scalable analytics in BigQuery, and machine learning in Vertex AI. Scalable, secure, and compliant with industry-specific standards, the Google healthcare API is a fully managed service. The API is ready to provide a managed solution for the storage and access of healthcare data on GCP, creating a tangible link between the current healthcare systems and the apps running on the Google Cloud.
The electronic health record access segment is set to hold a share of about 31.6% in the global market in 2023.
The term "Electronic Health Record" (EHR) refers to an electronic version of a patient's past medical history that is kept on file by the healthcare provider throughout time. It may contain all of the essential administrative clinical information pertinent to that person's treatment under a specific provider, such as demographics, progress notes, issues, prescriptions, etc.
An application programming interface (API) is a collection of guidelines that control how software programs communicate with one another. Whether for analytics, clinical research, or developing novel EHR access methods, APIs are playing an increasingly significant role in the exchange of healthcare data.
Healthcare provider segment is set to hold a share of around 46.0% in the global market, in 2023.
With the aid of healthcare APIs, digital healthcare enterprises and solutions may take the initial step toward dramatically boosting the speed of innovation. Sharing information from one system to another in a secure and effective manner is more comfortable for healthcare providers. Healthcare providers and payers are required to use FHIR in accordance with the interoperability guidelines in order to make certain components of clinical and claims data accessible to users via health applications.
Using APIs, healthcare providers can move data efficiently and centrally between EHR/EMR, information platforms, communication systems, healthcare applications, and devices.
The growing demand for healthcare APIs, as well as the massive investments made by IT behemoths, are anticipated to open significant doors for key players in the healthcare API market. Regardless of the substantial zones covered by tech giants, APIs remain available for the creation of new applications that demonstrate restraint and improve the overall quality of treatment for patients.
The growing trend among medical services administrators to shift to the cloud, as demonstrated by programs like MediCaid, is projected to fuel the growth of the healthcare API market.
Recent Developments in the Healthcare API Market
Similarly, recent developments have been tracked by the team at Future Market Insights related to companies in the healthcare API space, which are available in the full report.
| Attribute | Details |
|---|---|
| Forecast Period | 2023 to 2033 |
| Historical Data Available for | 2017 to 2022 |
| Market Analysis | USD Million for Value |
| Key Regions Covered | North America; Latin America; Europe; South Asia; East Asia; Oceania; and Middle East & Africa |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Argentina, United kingdom, Germany, Italy, Russia, Spain, France, BENELUX, India, Thailand, Indonesia, Malaysia, Japan, China, South Korea, Australia, New Zealand, Turkey, GCC Countries, North Africa, and South Africa |
| Key Market Segments Covered | Deployment, Services, End User, and Region |
| Key Companies Profiled | Microsoft Corporation; Apple Inc.; Greenway Health, LLC; MuleSoft, Inc.; General Electric Company; Practice Fusion, Inc.; Epic Systems Corporation; Allscripts Healthcare Solutions Inc.; eClinicalWorks LLC; Practo Technologies Pvt. Ltd |
| Report Coverage | Market Forecast, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, Strategic Growth Initiatives |
| Pricing | Available upon Request |
The projected CAGR of the healthcare API market by 2033 is 3.6%.
The projected market value for 2033 is USD 316.2 million.
The market is estimated to secure a valuation of USD 222.6 million in 2023.
The healthcare providers industry is the key consumer of the market.
North America market is growing remarkably fast due to the early adoption of healthcare IT.
1. Market- Executive Summary 2. Market Overview 3. Key Market Trends 4. Value Added Insights 5. Market Background 6. Global Market Demand (in Value USD Million) Analysis 2017 to 2022 and Forecast, 2023 to 2033 7. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Deployment 7.1. Cloud-Based 7.2. On-Premise Based 8. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Services 8.1. Remote Patient Monitoring Services 8.2. Appointment Services 8.3. Electronic Health Record Access Services 8.4. Wearable Medical Device Services 8.5. Payment Services 9. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By End User 9.1. Healthcare Providers 9.2. Healthcare Payers 9.3. Vendors 9.4. Patients 10. Global Market Analysis 2017 to 2022 and Forecast 2023 to 2033, By Region 10.1. North America 10.2. Latin America 10.3. Europe 10.4. South Asia 10.5. East Asia 10.6. Oceania 10.7. Middle East & Africa (MEA) 11. North America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 12. Latin America Market Analysis 2017 to 2022 and Forecast 2023 to 2033 13. Europe Market Analysis 2017 to 2022 and Forecast 2023 to 2033 14. South Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 15. East Asia Market Analysis 2017 to 2022 and Forecast 2023 to 2033 16. Oceania Market Analysis 2017 to 2022 and Forecast 2023 to 2033 17. Middle East and Africa Market Analysis 2017 to 2022 and Forecast 2023 to 2033 18. Market Structure Analysis 19. Competition Analysis 19.1. Microsoft Corporation 19.2. Apple Inc. 19.3. Greenway Health, LLC 19.4. MuleSoft, Inc. 19.5. General Electric Company 19.6. Practice Fusion, Inc. 19.7. Epic Systems Corporation 19.8. Allscripts Healthcare Solutions Inc. 19.9. eClinicalWorks LLC 19.10. Practo Technologies Pvt. Ltd. 20. Assumptions and Acronyms Used 21. Research Methodology
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Healthcare API Market
