DUBLIN–(BUSINESS WIRE)–The “Health Information Exchange Market Forecast to 2028 – COVID-19 Impact and Global Analysis by Set Up, Type, Implementation Model, Application, End User, and Deployment, and Geography” report has been added to ResearchAndMarkets.com’s offering.
The health information exchange market was valued at US$ 1,411.56 million in 2020 and is projected to reach US$ 3,326.98 million by 2028; it is expected to grow at a CAGR of 11.31% during 2020-2028.
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.
In 2009, the federal government of the US announced allocation of US$ 27.0 billion as an incentive program for hospitals and healthcare providers to encourage the adoption of EHR/EMR as a part of the Health Information Technology for Economic and Clinical Health (HITECH) Act. Moreover, additional fund allocations were announced to train and educate health information technology workers to implement EHRs to streamline the healthcare information exchange and record keeping activities.
In 2001, the government of Canada launched a strategic initiative to modernize its ICT infrastructure in healthcare and promote the adoption of EHRs. 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. Also, as per estimates published by the Canada Health Infoway in 2020, EHR data is available for around 93.8% Canadians.
In 2002, England announced a launch of the National Plan for IT, a new initiative to enhance the functionalities of existing healthcare system. Moreover, in 2012, the government passed the Health and Social Care Act to use patient’s information for research purpose. Such initiatives in the UK are anticipated to drive the adoption of EHR systems in the country. In Germany, an estimated 90% of physicians in private practice are using EHR systems as of 2020. Further, according to a data published on NCBI in 2020, the EHR adoption rate in New Zealand has reached around 97%. Also, the government of India has launched the Transforming India Mission to generate digital health records of all the Indian citizens by 2022. 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.
The health information exchange market is witnessing substantial growth amid the COVID-19 pandemic. A few factors such as higher emphasis on the utilization of healthcare IT infrastructure for data transfer, ease of use, and cost optimization are propelling the adoption of health information exchange during the pandemic. For instance, during the pandemic, in March 2020, HealtHIE Nevada (US), increased its patient data exchange by 36% since the beginning of the COVID-19 pandemic. Due to the growing patient volumes, the demand for EMR and EHR platforms to manage complex patient data has increased, which ultimately accelerated the market growth during the pandemic.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the health information exchange market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the global health information exchange market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.
- Government Support for Adoption of EMR/EHR Systems
- Growing Emphasis on Healthcare Cost Optimization
- Data Security and Privacy Concerns
- Increasing Potential in Emerging Economies
- Next Generation HIE with the Help of Artificial Intelligence and Voice Recognition
- Allscripts Healthcare, LLC
- General Electric Company
- Cerner Corporation
- Orion Health group of companies
- Health Catalyst, Inc.
- Nextgen Healthcare Information System, LLC
- McKesson Corporation
- Optum, Inc.
- Oracle Corporation
For more information about this report visit https://www.researchandmarkets.com/r/w4qv5b