Market Overview and Dynamics
The North America health information exchange market is expected to reach US$ 1,439.25 million by 2028 from US$ 665.03 million in 2021; it is estimated to grow at a CAGR of 11.7% from 2021 to 2028. The growth of the market is attributed to some key driving factors such as government support for adoption of EMR/EHR systems and growing emphasis on healthcare cost optimization across North America. However, the data security and privacy concerns are hampering the growth of the market.
The rapid growth of health information technology has led to the increase in exchange of patient medical information through electronic health records (EHRs). The systems can collect patient information as well as share the information with other healthcare professionals involved in the patient’s care. The governments, healthcare authorities, and market players are actively supporting the adoption of EHR systems to streamline the process of healthcare activities. Moreover, the systems enable efficient data gathering and exchange, allowing healthcare professionals to enhance the quality of the treatment. According to a data published on NCBI, in 2015, around 91.0% of the Canadians had their data registered on EHRs, and an estimated 91,000 physicians were using EHR systems for day-to-day work. Moreover, according to a survey conducted by Canadian Medical Association in 2017, around 85.0% of the physicians in the country were using EMR systems. Such government initiatives are expected to drive the adoption of EHR systems, which will eventually propel the growth of the health information exchange market by 2028. Also, growing emphasis of healthcare cost optimization by the implementation of certain strategies, such as adoption of cloud-based solutions and cutting of hidden fees can provide substantial cost benefits. Such advantages offered by health information exchange are likely to accelerate the growth of health information exchange market during the forecast period.
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The North America is adversely affected due to the exponential increase of COVID-19 cases in the region. Due to the increasing patient volumes, the demand for EMR and EHR platforms to handle complex patient data has grown. As a result, hospitals are progressively focusing on building their capabilities by integrating various hospital systems with EHRs. Players operating in this market have also integrated their EHR platforms with telehealth solutions and upgraded their software solutions to help healthcare providers manage COVID-19 patients effectively. Similarly, in Canada, several government agencies are working towards the management of COVID using HIE and EHR platforms with telehealth solutions and upgraded their software solutions. Hence it has positively impacted the market growth.
Market Introduction
The Health Information Exchanges (HIEs) are crucial for connecting communities and ensuring patient health records are always available. Healthcare information exchange is an integral and significant element of health information technology (HIT) infrastructure. Healthcare information exchange refers to the deployment of healthcare information electronically.
North America Health Information Exchange Strategic Insights
Strategic insights for the North America Health Information Exchange provides data-driven analysis of the industry landscape, including current trends, key players, and regional nuances. These insights offer actionable recommendations, enabling readers to differentiate themselves from competitors by identifying untapped segments or developing unique value propositions. Leveraging data analytics, these insights help industry players anticipate the market shifts, whether investors, manufacturers, or other stakeholders. A future-oriented perspective is essential, helping stakeholders anticipate market shifts and position themselves for long-term success in this dynamic region. Ultimately, effective strategic insights empower readers to make informed decisions that drive profitability and achieve their business objectives within the market.
key company profiles
Health Catalyst, Inc.
Nextgen Healthcare Information System, LLC
McKesson Corporation
Optum, Inc.
Oracle Corporation
eClinicalWorks
Allscripts Healthcare, LLC
General Electric Company
Cerner Corporation
Orion Health group of companies
North America Health Information Exchange Regional Insights
The geographic scope of the North America Health Information Exchange refers to the specific areas in which a business operates and competes. Understanding local distinctions, such as diverse consumer preferences (e.g., demand for specific plug types or battery backup durations), varying economic conditions, and regulatory environments, is crucial for tailoring strategies to specific markets. Businesses can expand their reach by identifying underserved areas or adapting their offerings to meet local demands. A clear market focus allows for more effective resource allocation, targeted marketing campaigns, and better positioning against local competitors, ultimately driving growth in those targeted areas.
Key Market Segments
Based on the set up, the North America health information exchange market was segmented into public and private. In 2020, the private segment held the largest share of the market and is expected to grow at the fastest rate during the coming years.
The North America health information exchange market, by type, is segmented into query-based, direct mediated, and consumer mediated. The direct mediated segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
The North America health information exchange market, by implementation model, is segmented into hybrid, centralized, and decentralized. The hybrid segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
The North America health information exchange market, by application, is segmented into internal interfacing, web portal development, workflow management and other applications. The web portal development segment held the largest share of the market in 2020, whereas the internal interfacing segment is anticipated to register the highest CAGR in the market during the forecast period.
Major Sources and Companies Listed
A few of the primary and secondary sources associated with this report on the North America health information exchange market are the Centers for Medicare & Medicaid Services (CMS), United Services Automobile Association (USAA) and Pharmaceutical Research and Manufacturers of America (PhRMA).
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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights
Author: Akshay patil
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