Report : Asia Pacific Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Set Up (Public, and Private), Type (Query Based, Direct Mediated and Consumer Mediated), Implementation Model (Centralized, Decentralized, and Hybrid), Application (Workflow Management, Internal Interfacing, Web Portal Development, and Other Applications), End User (Pharmacies, Healthcare Payers, and Healthcare Providers) and Deployment (On-Premise, and Cloud Based)
The private segment by set up is estimated to lead the market growth during the forecast period.
According to a new market research study of “Asia Pacific Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Indication, Service and Country.” The Asia Pacific health information exchange market is expected to reach US$ 609.17 million in 2028 from US$ 277.70 million in 2021; it is estimated to grow at a CAGR of 11.9% from 2021 to 2028. The report highlights trends prevailing in the Asia Pacific health information exchange market and the factors driving market along with those that act as hindrances.
The Asia Pacific health information exchange market based on the set up was segmented into public and private. In 2020, the private segment held the largest share of the market, and same segment is expected to grow at the fastest rate during the coming years.
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. With the fast advancements of healthcare and information technologies, firms from emerging markets have started adopting advanced applications to enhance their productivity and functionalities. Developing nations such as China and India are witnessing an upward trend in health information and exchange applications. The rapid growth of machine learning and deep learning has produced considerable strides in cognitive computing and natural language processing, which are further laying foundations for healthcare information technology adoption. Governments in the emerging countries are actively promoting telemedicine and offering lucrative opportunities for the health information exchange market. According to a study published in NCBI in 2020, the EHR adoption rate in Korea was increased by an estimated 47.0% during the past decade. Such strategic initiatives are likely to offer growth opportunities to market players to attain a significant position and grow in the market.
The Asia Pacific economy 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. Digital health aided the restriction of the COVID-19 pandemic and supported controlling its worst consequences. Hence, such outbreaks continue the need for new technologically advanced products across Asia Pacific region, positively impacting the market.
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 Europe. However, the data security and privacy concerns are hampering the growth of the market.
Health Catalyst, Inc., Nextgen Healthcare Information System, LLC, McKesson Corporation, Oracle Corporation, Allscripts Healthcare, LLC, General Electric Company, Cerner Corporation, and Orion Health group of companies are among the leading companies operating in the Asia Pacific health information exchange market.
The report segments in Asia Pacific Health Information Exchange Market as follows:
By Set Up
- Direct Mediated
- Consumer Mediated
By Implementation Model
- Web Portal Development
- Internal Interfacing
- Workflow Management
- Other Applications
By End User
- Healthcare Providers
- Healthcare Payers
- Cloud Based
- South Korea
- Rest of Asia Pacific
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