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."

Healthcare Triangle Inc. (NASDAQ: HCTI) BREAKING NEWS:  Healthcare Triangle Partners with Google Cloud to Accelerate Cloud Transformation for Healthcare and Life Sciences Organizations  - Healthcare Triangle Inc. ("HCTI" or the "Company") a leading provider of cloud and data transformation solutions in healthcare and life sciences, is pleased to announce that it has advanced to Google Cloud Premier Partner status. This advancement to 'Premier' status is based on its success in building, deploying, and managing Google Cloud solutions for regulated healthcare and life sciences organizations and building massive data analytics platforms on Google Cloud's highly scalable and reliable infrastructure.

Through the Google Cloud Partner Advantage Program, Healthcare Triangle solves healthcare and life sciences organizations' complex challenges with innovative solutions in areas such as data analytics, AI, security, compliance, blockchain capabilities, cloud DevOps and other key cloud products. With the Premier Partner status, Healthcare Triangle continues to deploy the scalable and secure infrastructure on Google Cloud to maximize customers' operational efficiencies.

Healthcare Triangle uses Google Cloud to help companies create and architect a value-driven cloud transformation. The Premier status designates a proven record of delivering exceptional customer service and in-depth technical expertise around core Google Cloud specializations and certifications.

With the availability of Healthcare Triangle's healthcare solution offerings on Google Cloud Marketplace, Healthcare Triangle presents a practical and cost-effective way for healthcare and life sciences organizations to deliver on their data strategy with state-of-the-art AI/ML, advanced analytics, and a highly agile infrastructure. At the same time, Healthcare Triangle can also offer a consolidated bill to their customers, launch innovative data and AI solutions on Google Cloud Marketplace, own the customer relationship, and advise customers on how to best leverage Google Cloud's technology through the sales engagement model with Google Cloud. Looking forward, Healthcare Triangle plans to expand its footprint on Google Cloud.

"Being named a Google Cloud Premier Partner highlights Healthcare Triangle's commitment to innovative, strategic relationships that allow us to deliver cloud insights and solutions that drive meaningful outcomes for our clients," says Suresh Venkatachari, CEO of Healthcare Triangle. "As a Premier Partner, we are committed to helping our customers realize the benefits of Google Cloud and providing a solid foundation including hybrid, multi-cloud, and cloud-native environments, as well as DevOps automation, smart analytics and AI, healthcare industry solutions, infrastructure and application modernization."

"As a healthcare IT leader enabling clients to deliver digital transformation, we are very excited to work with Google Cloud as one of their Premier Partners. Healthcare Triangle now addresses a range of healthcare use cases including personalized healthcare and accelerating drug research & development using proprietary technology platforms, AI solutions, and healthcare IT service offerings," says Lena Kannappan, Head of Strategic Partnerships and a Board member for Healthcare Triangle, Inc. "As interoperability is foundational to achieving the digital transformational goals in healthcare, Healthcare Triangle is working with Google Cloud on the client readiness program and building Healthcare API based solutions."   Read this full release for Healthcare Triangle at:  https://www.healthcaretriangle.com/investors/ 

Other recent developments in the markets include:

Accolade (NASDAQ: ACCD), a healthcare provider serving millions of people and their families, recently announced that WellRight, the provider of the nation's most holistic and comprehensive corporate well-being platform, has joined the company's trusted partner ecosystem.

Accolade uses a rigorous methodology to select healthcare partners who are change agents in their respective categories and deliver clinically compelling solutions that combine exceptional health outcomes, service, and experience. Accolade integrates with best-in-class solutions across nearly every health category to help people and their families get the personalized healthcare they need; no matter their condition.

Inovalon (NASDAQ: INOV), a leading provider of cloud-based platforms empowering data-driven healthcare, recently announced that it has entered into a definitive agreement to be acquired by an equity consortium led by Nordic Capital, and joined by Insight Partners, as lead co-investor, 22C Capital, and Inovalon founder and Chief Executive Officer Keith Dunleavy, M.D. and certain Class B stockholders of Inovalon in an all-cash transaction with an enterprise value of approximately $7.3 billion.

Under the terms of the agreement, Inovalon stockholders will receive $41.00 per share in cash for each share of Class A Common Stock or Class B Common Stock, representing a 25.3% premium over the closing price of Inovalon Class A Common Stock on July 26, 2021, the last unaffected trading day prior to media speculation regarding a potential transaction, and a 24.4% premium over the volume-weighted average price of the Company's shares over the 30 trading days leading up to the unaffected trading day.

Health Catalyst, Inc. (NASDAQ: HCAT), a leading provider of data and analytics technology and services to healthcare organizations, recently announced an expansive, multi-year partnership with Oklahoma Heart Hospital (OHH), one of the largest cardiovascular networks in the United States.

Initially, Health Catalyst and OHH will work to accelerate the organization's efforts to improve revenue cycle analytics and performance, drive transparency on the cost of care, and empower clinicians with the right data to inform their patient care delivery processes. In support of OHH's commitment to keeping patient care at the heart of everything they do, the partnership will also focus on OHH's future operational and clinical improvement projects.

Alphabet Inc. (NASDAQ: GOOG) Google Cloud and Thales recently announced a strategic agreement to co-develop a sovereign hyperscale cloud offering for France. Operated by a joint company with Thales as the majority shareholder, it will meet the criteria of the French 'Trusted Cloud.' With this new offering, French companies and public sector organizations will benefit from all the power, security, flexibility, agility and sovereignty offered by the respective technologies of the two organizations.

By addressing the highest legal and technical requirements for 'Trusted Cloud', the Thales and Google Cloud offering will enable private and public sector organisations who need to meet the criteria - defined by France's Information Systems Security Agency (ANSSI)1 - to benefit from cloud computing services, in accordance with the country's sovereign cloud strategy.

The joint offer of Thales and Google Cloud is based on the most advanced technologies and services of each partner. Google Cloud's services, which will be enhanced and complemented with new innovations regularly, will bring elasticity, agility and technological openness, enabling companies to innovate transparently and autonomously, without vendor lock-in.

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