Meaningful use requirements, new payment approaches that stress care coordination, and federal financial incentives are all driving the interest and demand for health information exchange market
Based on current analysis, the global Health Information Exchange market was valued at USD 1227.4 million in 2018 and is expected to reach USD 2552.9 million by 2026, at a CAGR of 9.4%. health information exchange (HIE) is the electronic transformation of healthcare concerned data among medical facilities, health information organizations, companies that require and govern the exchange of this data. Electronic HIE allows healthcare professionals like doctors, nurses, pharmacists and patients to suitably access and securely share a patient’s vital medical information electronically thus, improving the speed, quality, safety and cost of patient care. While HIE typically refers to the act of exchanging information between two or more healthcare organizations or providers, it may also refer to an organization that is responsible for facilitating the exchange. The purpose of HIE is to promote the appropriate and secure access and retrieval of a patient's information to improve the cost, quality, safety and speed of patient care. The demand for electronic HIE among care professionals is growing along worldwide efforts to improve the quality, safety, and efficiency of health care delivery, which is anticipated to boost the growth of the health information exchange market.
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Market Dynamics:
According to the latest market research report by Reports and Data, the global pharma & healthcare market is estimated to reach a market size of USD during the forecast period. Steady revenue growth of the global pharma & healthcare market is primarily driven by factors such as rising prevalence of chronic and acute diseases across the globe, rise in global geriatric population, growing awareness of health & wellness among the population, and growing need for advanced healthcare services. Other key factors providing impetus to the global market revenue growth are increasing availability of next-generation diagnostic solutions and treatment options – especially in developing countries around the world – growing demand for advanced drugs and therapeutics, rise in research & development activities in the pharmaceutical and biotechnology industries, increasing public and private investments in the healthcare sector, and rising healthcare expenditure of consumers.
Market revenue growth is further driven by factors such as rising cases of COVID-19 worldwide, rapidly rising hospital admission rates, growing demand for rapid COVID-19 diagnostic test kits, increased government spending on COVID-19 vaccine development, increasing adoption of telehealth and telemedicine worldwide, and growing need for remote patient monitoring for geriatric patients.
Global Health Information Exchange Market Report: Regional Segmentation
· North America
o U.S.
o Canada
o Mexico
· Europe
o Germany
o U.K.
o Italy
o France
o BENELUX
o Rest of Europe
· Asia Pacific
o China
o India
o Japan
o South Korea
o Rest of Asia Pacific
· Latin America
o Brazil
o Rest of Latin America
· Middle East & Africa
o Saudi Arabia
o U.A.E.
o South Africa
o Rest of Middle East & Africa
Regional Overview of the Global Health Information Exchange Market:
The global Health Information Exchange market report covers the key regional markets including North America, Latin America, Asia Pacific, Europe, and the Middle East & Africa. Under this section, the report highlights the major regions in the global Health Information Exchange market and discusses the regional market share, market size, revenue contribution, distribution channels, sales networks, and other key elements.
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Key findings from the report
· In the implementation model segment of health information exchange, the hybrid model segment is estimated to grow at a profitable rate due to the linked benefits, such as improved patient care delivery and enhanced operational efficiency of the practices
· Based on the applications, the internal interfacing segment is the fastest growing segment with a growing CAGR of 10.1% in the health information exchange market during the forecast period. Internal interfacing is presumed to propel the demand for the health information exchange market
· North America dominated the health information exchange market at a market share of 44.4% owing to the existence of enormous companies, supportive settlement policies, and the increasing implementation of HER
· GE and Microsoft have announced plans to create a joint venture that will enable care teams to improve quality, performance and the patient experience. The new partnership will deliver something truly different: the industry's first solution focused on enabling population health management to alter the economics of health and wellness
· The National Rural Health Resource Center has made available a set of practical HIE resources to assist providers in understanding and implementing Health Information Exchange
· Asia Pacific is expected to grow rapidly at a CAGR of over 10.6% during the forecast period in the health information exchange market due to the rising disposable income levels, the increased awareness levels amongst healthcare practitioners regarding the healthcare information exchange systems
· HIE enables patient engagement, offering patients an electronic copy of their medical information that they can share with their healthcare providers. Research has also found that HIE use can improve patient-provider communication and patient satisfaction
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