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Global Healthcare API Market to Grow as Leading Companies Enter into Contract with Healthcare Technology Providers

Press release Description

Albany, New York, October 07, 2016: Market Research Reports Search Engine has announced the addition of a new report, titled “Healthcare API Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024,” to its repository. The study provides a granular analysis of the various growth drivers and restraints registering impact on the operations of the healthcare API market globally. For the purpose of the study, the market is thus segmented based on various parameters. Besides presenting insights into the factors influencing growth across key segments, the report also includes an in-depth analysis on the prevailing vendor landscape. 

The report projects the global healthcare API market to rise at a CAGR of 4.2% between 2016 and 2024. Expanding at this rate, the market is poised to reach US$234.2 mn by the end of 2024. It stood at a valuation of US$162.4 mn in 2015. 

The global healthcare API market exhibits highly consolidated vendor landscape, with the leading players holding over 67% share in 2015. To gain competitive advantage, these players have been majorly focusing on creating value through mergers and acquisitions. In order to strengthen their position in the market, leading players are also looking to offer innovative solutions to buyers. Large players are seen signing contracts with various healthcare technology providers and healthcare facilities to reach out more customers. 

The market is currently witnessing robust opportunities in North America, which emerged as the dominant region in 2015. Thanks to the presence of several prominent players, the region has emerged as a key revenue generator in the market. Besides this, with development of IT infrastructure across developing countries, large-scale adoption of IT solutions is expected in the healthcare sector. The healthcare API market is therefore expected to witness long-term opportunities in emerging nations. Hence, a considerable number of players are looking to expand their footprint across emerging markets to capitalize on opportunities present therein. 

By end user, some of the prominent segments in the market are healthcare providers, healthcare players, vendors, patients, and others. Of these, the healthcare providers segment emerged dominant in the global market and is expected to exhibit a CAGR of 4.5% during the forecast period. 

Despite witnessing positive growth worldwide, concerns pertaining to data privacy and breaches could hamper the growth of the market to an extent. According to the report, open source APIs are have become increasingly vulnerable to cyber-attacks. Considering the less likelihood of restricting the usage of APIs, security and privacy issues pose a major threat to the market. Nevertheless, with technological advancements and as leading vendors try to make healthcare API more smartphone compatible, the market is forecast to mitigate the solution in the near future. 

Some of the leading companies operating in the global healthcare API market are Apple Inc., Microsoft Corporation, Mulesoft Inc., Epic Systems Corporation, GE Healthcare, and Allscripts Healthcare Solutions Inc. These companies are currently enjoying dominance in the market. 

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