$243 Million Seems Low as the Predicted Size of the Healthcare API Market by 2024

According to a report by Transparency Market Research, the global market for healthcare-related APIs reached $162.4M in 2015 and by 2024, that number is anticipated to hit $243M.  So basically, the math works like this; the second decade of the healthcare API economy (from 2015 to 2024) is only expected to see about 50% ($81 million) of the growth it achieved in the first decade. 

Given the way organizations are driving towards APIs like its a gold rush, and particularly given the various efforts to standardize on APIs that make the various EHR systems significantly more interoperable than they are today, does that number seem extraordinarily low to anybody?

According to an article in HealthITAnalytics.com, "Much of the market will be centered in North America as providers, payers, and other members of the care continuum invest in patient-centered technologies and other tools powered by data standards such as FHIR." The report goes on to cite Allscripts, athenahealth, Cerner, and Epic Systems as examples of leading health care companies with app dev programs that advocate APIs in hopes of driving innovative outcomes for end users.

As API categories go, neither Healthcare nor Medical rate as high growth areas of ProgrammableWeb's API directory.  But that's not unusual for an industry where there's a pretty big barrier to entry and the players are organizing around a small handful of standard APIs (encouraged by the government). The EHR (electronic healthcare industry) has also been moving at glacial pace as some of the key players aren't so keen to release the proprietary grip they have on patient data. 

But even with the uphill climb, for the healthcare API market to have achieved $162M in its first decade only to see half of that in the second decade seems off. Especially given how some of the hardest work -- breaking down some of those proprietary data silos -- is already fait accompli.

Be sure to read the next Healthcare article: Zynx Health Offers API That Supports FHIR Standard Data Format