Healthcare API Market Size, Share, Opportunities, And Trends By Services (EHR Access, Appointments, Remote Patient Monitoring, Payment, Wearable Medical Device), By Deployment Model (Cloud-based, On-Premise), By End-Use (Healthcare Payers, Providers, Patients, Vendors), And By Geography - Forecasts From 2023 To 2028

The healthcare API market is expected to grow at a CAGR of 20.78% from US$984.68 million in 2021 to US$3692.91 million in 2028.

Information systems in the healthcare industry can interface with one another and exchange data by using APIs. An insurance company-compatible system, for instance, can be used by a healthcare organisation to input a patient's medical coverage data and promptly establish the patient's coverage for a certain drug or operation. It is made possible using an API. The greatest healthcare APIs enable the sending and receiving of data that may be used to update a patient's record or give aggregate data for healthcare analytics.

Healthcare API market growth drivers

The healthcare API market is expected to rise as a result of ongoing technological advancements, a rising need for healthcare integration, increased activity by electronic health record (EHR) providers, and the emergence of new healthcare IT companies. The usage of application programming interfaces (APIs) in connection with electronic health records, which has enabled access to streamlined health data, is another factor contributing to the healthcare API market growth. Cost-cutting is made possible by the healthcare API in the healthcare industry. It also provides free access to test data for medical operations and prevents management errors in the medicine supply chain. The API aids in the efficient management of the vast amounts of health-related data that the healthcare sector collects.

Prevalence of chronic diseases

The ageing population and the increasing prevalence of many chronic illnesses, including cancer, high blood pressure, chronic respiratory diseases, diabetes, heart disease, and others, are the main forces driving the healthcare API market growth. For instance, the NCBI reports that 43% of all illnesses and 60% of all mortality worldwide are caused by chronic diseases. According to the WHO, non-communicable diseases (NCDs) impact people of all ages, regions, and nations, The healthcare API market is expanded with the help of API for illnesses that are affecting individuals of all ages more often.

Growing support from FHIR

Fast Healthcare Interoperability Resources (FHIR) eliminate the requirement to modify the data template of any IT healthcare system by transferring data as resources. This facilitates the accurate and readable transfer of customised templates from diverse health systems, including EHR, cloud storage data, mobile data, and wearable devices. It also helps to bring data exchanges from various sources under one consistent health information platform. A significant amount of transactions are anticipated to be made between various healthcare IT systems globally owing to this important feature. Additionally, a healthcare data engine from Google Cloud that would facilitate interoperability in the industry was unveiled in July 2022.

Innovation in the Healthcare API market

Innovations in the healthcare API industry may be aided by inspiration from related industries like banking or tourism. The way people travel has been revolutionised by travel APIs like Uber. Such cutting-edge technologies are anticipated to assist not just a sizable populace but also specific groups of those affected. Applications of these technologies, for instance, can be tailored to specific populations, such as people with diabetes, cancer, or obesity. Numerous applications may be made of the API platforms that will link the various participants in this value chain, including linked healthcare service providers, health insurance companies, and others interested in mobile apps.

Increasing need for remote patient monitoring equipment

As the need for home healthcare programmes and remote patient monitoring equipment rises, the market for wearable medical devices is anticipated to grow favourably. Increasing consumer interest in fitness and efforts to live a healthy lifestyle is also anticipated to be a major driver of the healthcare API industry. For instance, the Philips patient deterioration detection solution's clinical monitoring is improved by the next-generation wireless wearable biosensor, allowing clinicians to identify risks early and better treat patients in lower-acuity care settings.

Increasing adoption by healthcare providers

The section of healthcare providers consists of hospitals, clinics, and other businesses. Hospitals' use of healthcare API has fueled the market's expansion. In case of an emergency, API keeps track of all medical documents, patient data, healthcare details, and patient histories. Healthcare payers and carers may easily approve and examine the relevant data due to a customised procedure generated by the integrated API. Additionally, managing patient visits and billing patients is made easier via API. Payers don't have to deal with invasive phone calls or receptionists to securely obtain patient health information and invoices.

The market for healthcare APIs in North America is projected to expand rapidly.

High levels of digital literacy and laws that enable the use of healthcare APIs are the two factors that may be responsible for the healthcare API market growth in North America. The presence of a well-established healthcare infrastructure with integrated patient EHR is another important factor that encourages business expansion. The number of adopters, including significant HCOs in the United States, is expected to rise, which is expected to further boost regional demand. Europe is likely to see the second-largest CAGR throughout the forecast period because of its advanced healthcare infrastructure and the introduction of the Internet of Things (IoT) and related technologies.

Growing adoption of apps in the North American region

A sizable patient population's increasing use of these applications has accelerated the healthcare API market growth in the North American area. The industry has been extremely competitive as a result of the availability of healthcare API service providers steadily expanding. One of the main providers of network-enabled software and services, Athenahealth Inc., announced enhancements and new athenaOne products in March 2022. This suite offers enhanced patient engagement, medical billing, and EHR solutions. Patient self-scheduling, Athena Telehealth enhancements, improved online patient payment experiences and two-way SMS appointment reminders are just a few of the feature upgrades the company introduced for its patient-facing applications.

Market Key Developments

• In April 2023, Healthcare workers may now access personalised video messaging through Message in Motion owing to a collaboration between Epocrates, an Athenahealth subsidiary, and Cognito Therapeutics. This collaboration intends to inform medical professionals about new developments in the study of neurodegenerative diseases and raise awareness and participation for Epocrates' key HOPE trial.
• In April 2023, to incorporate generative AI into healthcare, Microsoft and Epic established a strategic partnership that would pair Epic's EHR software with Azure OpenAI Service. With the help of this agreement, organisations will be able to run Epic environments on the Microsoft Azure cloud platform.
• In June 2022, Dock Health collaborated with Elation Health, a cloud-based supplier of clinically-focused electronic health record solutions.

Segmentation:

• By Services
  • EHR Access
  • Appointments
  • Remote Patient Monitoring
  • Payment
  • Wearable Medical Device
• By Deployment Model
  • Cloud-based
  • On-Premise
• By End-Use
  • Healthcare Payers
  • Providers
  • Patients
  • Vendors
• By Geography
  • North America
    • United States
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Israel
    • Others
  • Asia Pacific
    • Japan
    • China
    • India
    • South Korea
    • Indonesia
    • Thailand
    • Others