North America Health Information Exchange Market Trends, Size, Segment and Growth by Forecast to 2030

Market Overview and Dynamics

The North American health information exchange (HIE) market is projected to grow from US$ 665.03 million in 2021 to US$ 1,439.25 million by 2028, reflecting a compound annual growth rate (CAGR) of 11.7% over the forecast period. This growth is driven by several key factors, including strong government support for the adoption of Electronic Medical Record (EMR) and Electronic Health Record (EHR) systems, as well as a growing focus on optimizing healthcare costs across the region. However, concerns regarding data security and privacy pose challenges to the market’s expansion.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐏𝐃𝐅 𝐁𝐫𝐨𝐜𝐡𝐮𝐫𝐞 – https://www.businessmarketinsights.com/sample/TIPRE00023514

The rapid development of health information technology has facilitated the widespread exchange of patient data through EHR systems. These systems allow for the collection and sharing of patient information among various healthcare providers involved in a patient’s care, ensuring better coordination and improved treatment outcomes. Governments, healthcare authorities, and industry players are all actively encouraging the adoption of EHR systems to streamline healthcare operations. Additionally, these systems improve data collection and sharing, ultimately helping healthcare professionals deliver higher-quality care.

In Canada, for example, approximately 91% of the population had their data recorded in EHRs by 2015, with about 91,000 physicians actively using these systems in their daily practice. A 2017 survey by the Canadian Medical Association revealed that 85% of physicians in the country were utilizing EMR systems. Such initiatives, supported by government efforts, are expected to drive the widespread adoption of EHR systems, boosting the growth of the HIE market by 2028. Furthermore, the growing emphasis on reducing healthcare costs through strategies like adopting cloud-based solutions and eliminating hidden fees offers significant cost-saving opportunities. These benefits are likely to accelerate the expansion of the HIE market in North America.

The region has also been significantly impacted by the COVID-19 pandemic, which has increased the demand for EMR and EHR platforms due to the surge in patient numbers. As a result, healthcare facilities have been focusing on enhancing their systems by integrating EHRs with various hospital management systems. In addition, many market players have integrated their EHR platforms with telehealth solutions and upgraded their software to better manage COVID-19 patients. In Canada, government agencies have also leveraged HIE and EHR platforms, incorporating telehealth solutions to manage the pandemic effectively, further driving market growth.

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.

North America Health Information Exchange Report Scope

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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NORTH AMERICA HEALTH INFORMATION EXCHANGE MARKET SEGMENTATION

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Author’s Bio
Akshay
Senior Market Research Expert at Business Market Insights