Global Radical Interoperability Market Size, Trends & Analysis - Forecasts To 2026 By Implementation Model (Centralized /Consolidated Models, Decentralized / Federated Models, Hybrid Model), By Setup Type (Private, Public), By Deployment Model (Cloud, On-Premise), By Component (Enterprise Master Person Index (EMPI), Healthcare Provider Directory (HPD), Record Locator Service (RLS), Clinical Data Repository, Others), By Region (North America, Europe, Asia Pacific and Rest of the World); Vendor Landscape, End User Landscape and Company Market Share Analysis & Competitor Analysis
Radical Interoperability Market: Insights
The global radical interoperability market is estimated to witness a significant CAGR during the forecast period (2019-2026). The growth of the radical interoperability market is anticipated to increase with the efficient data flow, along with other factors, such as technological advancements in process development, growth in the biopharmaceutical industry and increasing R&D spending by manufacturing companies among others. Lack of skilled personal and less awareness about radical interoperability are expected to hamper the market growth.
Radical Interoperability Market: By Setup Type
On the basis of setup type, the global radical interoperability market is segmented into private and public. The private segment is expected grow during the forecast period, owing to large number of companies present in the market. The market for public is also expected to increase during the forecast period owing to various government initiatives for smooth exchange of health and other data that is, interoperability —between consumers, healthcare organizations and new entrants.
Radical Interoperability Market: By Implementation Model
On the basis of implementation model, the global radical interoperability market is segmented into centralized/consolidated models, decentralized/federated models and hybrid model. The centralized/consolidated models segment is expected to hold the largest market share in the implementation model segment. The centralized/consolidated model connects a number of payer, provider, and public health data sources through a single common data pool. Individual organizations feed into the aggregated clinical data repository, which can then respond to queries from those providers. The centralized model is simple, but it is also highly effective for aggregating information from multiple sources, since all data is being held in a consolidated data warehouse that is managed by a strong central authority.
Radical Interoperability Market: By Deployment Model
On the basis of deployment model, the global radical interoperability market is segmented into cloud and on-premise. The cloud segment is expected to occupy the largest market share in terms of revenue in the deployment model segment. The segment is expected to grow owing to large information which can be stored in cloud and easy accessibility of that information anywhere in the world, are some of the major factors for the growth of the segment.
Radical Interoperability Market: By Component
On the basis of component, the global radical interoperability market is segmented into Enterprise Master Person Index (EMPI), Healthcare Provider Directory (HPD), Record Locator Service (RLS), and clinical data repository among others. The Healthcare Provider Directory (HPD) segment is expected to occupy the largest market share in terms of revenue in the component segment. The Healthcare Provider Directory (HPD) profile supports management of healthcare provider information in a directory structure. Typical provider information maintained by the directory is demographics, address, credential and specialty information as well as electronic endpoint to facilitate trusted communications with a provider.
Radical Interoperability Market: By Region
North America region is expected to hold the largest market share. The radical interoperability market in the region is expected to witness a significant growth owing to technological advancement in the region. In addition, availability of favorable government initiatives in the U.S. positively impacts the growth of the market. Asia Pacific is expected to witness considerable growth in the radical interoperability market. Asia-Pacific is currently home to over half of the worlds elderly population. This region is experiencing population aging at an unprecedented pace, due to the tremendous improvements in life expectancy combined with falling fertility rates. The number of older persons in the region is expected to triple from 438 million in 2010 to more than 1.26 billion by 2050. By then, almost two thirds of the world’s older persons will be living in Asia-Pacific, with one in four people in the region expected to be over 60 years old.
Radical Interoperability Market: End Use Landscape
The end-user landscape entails a list of current and prospective consumers prevailing across the regions. This section briefs you about company addresses, contact details, products, and regional presence of companies who are purchasing or are likely to purchase radical interoperability. The key end-users of the markets are Sun Pharma, Abbott, and HCL among others.
Radical Interoperability Market: Vendor Landscape
The report contains a chapter dedicated to vendors operating in the market, covering raw material manufactures, equipment developers, manufacturers, and distributors. The report provides these insights on a regional level. This section of the report entails contact details, experience, products manufactured/supplied, and geographical presence of companies.
Radical Interoperability Market: Share & Competitor Analysis
Some of the key players operating in the radical interoperability market are Allscripts Healthcare Solutions Inc, Cerner Corporation, Open Text Corporation, Infor, Inc, Conifer Health Solutions, Epic Corporation Inc, Optum Inc, Orion Health, NextGen Healthcare Information Systems LLC, Medicity, Inc, Relayhealth Corporation eClinicalWorks, Amazon, Apple and Google among others.
In March 2020, Open Text Corporation acquired XMedius, a provider of secure information exchange and unified communication solutions. XMedius brings decades of experience and patented technologies to transform secure and collaborative communication, enabling organizations to move more workloads to the cloud and unlock the information advantage.
In November 2019, Open Text Corporation expended domestic data centers in Tokyo and Osaka that will help customers’ transition EIM workloads to the OpenText Cloud, while strengthening capacity for disaster recovery and security.
Check the Press Release on Global Radical Interoperability Market Report
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The global Radical Interoperability Market has been studied from the year 2017 till 2026. However, the CAGR provided in the report is from the year 2018 to 2026. The research methodology involved three stages: Desk research, Primary research, and Analysis & Output from the entire research process.
The desk research involved a robust background study which meant referring to paid and unpaid databases to understand the market dynamics; mapping contracts from press releases; identifying the key players in the market, studying their product portfolio, competition level, annual reports/SEC filings & investor presentations; and learning the demand and supply side analysis for the Radical Interoperability Market.
The primary research activity included telephonic conversations with more than 50 tier 1 industry consultants, distributors, and end-use product manufacturers.
Finally, based on the above thorough research process, an in-depth analysis was carried out considering the following aspects: market attractiveness, current & future market trends, market share analysis, SWOT analysis of the companies and customer analytics.
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