Report : North America 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 “North America Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Regional Analysis by Product Type, Indication, Service and Country.” 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 report highlights trends prevailing in the North America health information exchange market and the factors driving market along with those that act as hindrances.
The North America 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.
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.
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.
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.
Health Catalyst, Inc., Nextgen Healthcare Information System, LLC, McKesson Corporation, Optum, Inc., Oracle Corporation, eClinicalWorks, Allscripts Healthcare, LLC, General Electric Company, Cerner Corporation, and Orion Health group of companies are among the leading companies operating in the North America health information exchange market.
The report segments in North America 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
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