Global Market Insights Co., Ltd.
The healthcare information exchange industry is expected to witness a CAGR of 10.5% during the period 2024-2032. This growth can be attributed to advances in healthcare IT.
SELBYVILLE, Del., Oct. 7, 2024 (Globe Newswire) —
The size of the medical information exchange market is valued at approximately USD 1.6 billion in 2023. The forecast shows a development trajectory, with a CAGR of 10.5% from 2024 to 2032. The increasing adoption and acceptance of electronic medical records (EMR) and electronic health records (EHRs) will drive this progress.
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EMRs and EHRs enhance interoperability, patient care, and operational efficiency with regulatory support. These records facilitate efficient communication and information sharing across the health system and form the basis of health information exchange (HIE) platforms.
A 2021 report from the American Hospital Association (AHA) found that 96% of U.S. hospitals have implemented certified EHR technology. These adoption metrics, coupled with government incentives, highlight the pivotal role of EMRs and EHRs in facilitating the exchange of health information and driving the digital evolution of the healthcare sector.
The overall health information exchange market is segmented on the basis of type, implementation model, setup type, application, solution, end use, and region.
In 2023, the directional trading segment led the market, generating a revenue of USD 710.4 million. Direct exchanges similar to secure email facilitate the direct transfer of information between healthcare providers. The ease of deployment makes it a preferred choice, especially for organizations with limited IT resources. Additionally, compliance with regulatory obligations such as the Health Insurance Portability and Accountability Act (HIPAA) supports its growing popularity.
According to forecasts, the hybrid model segment will lead the market with expected revenue of $2.1 billion. By combining centralized and decentralized methods, hybrid models provide adaptability to a variety of healthcare settings, from large hospitals to small clinics. Its cost-effectiveness is outstanding. Organizations can integrate new technologies and processes over time while leveraging their existing infrastructure.
In 2023, the Health Information Exchange market by web portal development segment captured a notable market share of 29.7%. Workflow management systems monitor the process from patient admission to discharge and improve operational efficiency. These systems integrate fluidly with EHR and HIE platforms to ensure seamless data flow and interoperability across different health IT environments.
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North America is expected to see significant growth in the health information exchange market, with revenue reaching $766.5 million in 2023. The Meaningful Use Initiative, part of the Health Information Technology for Economic and Clinical Health (HITECH) Act, encourages the adoption and effective use of EHRs. This initiative emphasizes data sharing and interoperability and is consistent with HIE standards. Additionally, the move to cloud computing in the healthcare sector has increased scalability and cost efficiency, simplifying the deployment and implementation of HIE systems.
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Key players in the health information exchange market include Allscripts Healthcare, LLC, AXIOM Systems, Cerner Corporation, Contexture, Data Trans Solutions, eClinicalWorks, Epic Systems Corporation, General Electric, Health Catalyst, Infor, InterSystems Corporation, LightBeam, MEDITECH, etc. It will be.
Part of the report’s Table of Contents (ToC):
Chapter 1 Methodology and Scope
1.1 Market scope and definition
1.2 Research design
1.2.1 Research approach
1.2.2 Data collection method
1.3 Basic estimation and calculations
1.3.1 Base year calculation
1.3.2 Main trends in market forecast
1.4 Prediction model
1.5 Primary research and verification
1.5.1 Primary sources
1.5.2 Data mining sources
Chapter 2 Summary
2.1 Industry 3600 Overview
Chapter 3 Industry Insights
3.1 Industry ecosystem analysis
3.2 Influence on the industry
3.2.1 Drivers of growth
3.2.1.1 Increased support for electronic medical records (EMR) and electronic health records (EHR)
3.2.1.2 Advances in medical IT
3.2.1.3 Increasing focus on patient-centered care delivery
3.2.1.4 Government promotional efforts and funding
3.2.2 Industry pitfalls and challenges
3.2.2.1 High implementation costs
3.2.2.2 Patient Data Security and Privacy Concerns
3.3 Analysis of growth potential
3.4 Technology outlook
3.5 Future market trends
3.6 Regulatory status
3.7 Gap analysis
3.8 Porter’s analysis
3.9 PESTEL analysis
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