Why Global Healthcare API Market Size Is Expected To Flourish Through 2027

PALM BEACH, Fla., Oct. 19, 2021 /PRNewswire/ -- The COVID-19 pandemic has resulted in social distancing and lockdowns. This has led to a shortage of manpower as a consequence of imposed shutdowns. This has necessitated the implementation of a healthcare Application Programming Interfaces (API) to ease the healthcare operations in the hospitals and other organizations. An increase in funding and growing initiatives from the industry players to develop a completely standardized API is propelling growth. An increase in funding and growing initiatives from the industry players to develop a completely standardized API is propelling growth. A report from Grand View Research projected that the global healthcare API market size, which was valued at USD 210.9 million in 2019, is expected to grow at a compound annual growth rate (CAGR) of 6.3% through 2027.  The report said: "Increasing adoption of Application Programming Interfaces (API) and integrated Electronic Health Records (EHRs) that provide simplicity and ease of healthcare data accessibility is driving the market growth. Moreover, improved patient outcomes increased patient satisfaction, and development in the care quality are propelling the market expansion. Furthermore, increasing the need for healthcare integration is driving demand. Integration of new workflows between the providers and the payers, the apps which can access data from EHRs, wearables, and their services, seamless transition of care are some of the major factors increasing the adoption of healthcare API. Internal standardization for various products or workflows will help to easily access the patient's data."  Active Companies in the markets today include Healthcare Triangle Inc. (NASDAQ: HCTI), Accolade (NASDAQ: ACCD), Inovalon (NASDAQ: INOV), Health Catalyst, Inc. (NASDAQ: HCAT), Alphabet Inc. (NASDAQ: GOOG).

The Grand View Research report continued: "On the basis of services, the healthcare API market is segmented into EHR access, appointments, remote patient monitoring, payment, and wearable medical devices. EHR access dominated the market with a revenue share of over 30.00% in 2019 (and beyond). API can easily integrate the EHR with other platforms which will help seamless data integration with the third parties. Moreover, the EHR vendors are actively building APIs in their platform to provide value-based patient care which is further increasing the adoption.   The remote patient monitoring segment is expected to exhibit the fastest growth over the forecast period. Connected health and remote patient monitoring gain much attention during the COVID-19 pandemic as doctors and caregivers need to treat patients remotely in order to reduce the risk of contamination. The providers are offering various patient engagement platforms with integrated API for better treatment options and guidance based on their past medical records."