The economic inflow in healthcare industry has peaked up in last few years as healthcare industry is one of the crucial industries. The influx of money in health sector has transformation the entire ecosystem with the help of emerging technologies.
The Covid-19 tragedy made it clear that healthcare innovation must be accelerated and amplified. While the introduction of Electronic Health Record made a leap in the industry but the data still remained in separate systems, blocking the flow of important health information from being used across systems and healthcare infrastructures.
Necessity is the mother of invention. In order to make healthcare remotely accessible, affordable and improving care co-ordination, the health systems are required to integrate and communicate with different health systems. The one-to-one integration of systems becomes a hectic, time consuming and error-prone process. As the need for integration was direly felt, health data interoperabilityemerged as a game changer by effectively integrating, and synchronizing health data without compromising with security, flexibility and scalability.
Digitalization of Health Ecosystem
On January 19, 2022, The Trusted Exchange Framework and Common Agreement (TEFCA) established a universal floor for Health ecosystem Digitalization. It aimed at securing trusted channels to exchange healthcare data between different healthcare professionals for integrated and coordinated care.
The Global Strategy on digital health 2020-2025 report stated that "digital health should be an integral part of health priorities and benefit people in a way that is ethical, safe, secure, reliable, equitable and sustainable. It should be developed with principles of transparency, accessibility, scalability, replicability, interoperability, privacy, security, and confidentiality"
The government's commitment to creating a strong digital healthcare ecosystem was reflected in the 2022 budget. It is anticipated that this year would offer the healthcare industry the much-needed boost it needs to become more resilient and effective in the new normal.
Healthcare spending is anticipated to exceed $6 trillion in 2023 or about one-third of the world economy. This is brought on by the aging population, rising healthcare expenses, and rising chronic disease rates.
In 2022 the healthcare data interoperability market was valued at over 5.5 billion USD and is poised to grow by 13% CAGR through 2023-2032
Is Healthcare One of the Fastest-Growing Sectors?
According to a recent report on Health Gorrilla’s 2023 state Interoperability, the year 2023 will witness a surging investment in interoperability projects.
More than half of the healthcare professionals, that is 55% healthcare professionals are expected to put their investment in interoperability programs.
The amount of interoperability investment has increased by 5 to 20% in 2023 as compared to the previous years.
Over the next five years, the healthcare industry, is predicted to grow at exponential rates in the economy. This boom will be supported heavily by cutting-edge technologies that will improve services and reduce costs.
Startups and digital firms now have plenty of market opportunities to develop products that assist EHR and healthcare professionals in complying with new standards.
For data storage, management, interchange, and remote access related to health systems and EHRs, cloud-based services like Google Cloud, Amazon Web Services, and Microsoft Cloud are increasingly being used. Additionally, they are collaborating with third-party platforms and apps to provide users the freedom to access and download their data at any time.