The size of the Health Information Exchange Market in North America is estimated to grow to USD 630.63 million by 2027 from USD 420.36 million in 2022, showcasing a CAGR of 8.45% during the forecast period. The North American health information exchange market has matured, and several vendors are beginning to stand out. North America had the most significant global market share among all regions in 2021. Governments of North American countries are supporting the facilities by giving funds. These services ratify the reduced usage of paper and continuing electronic devices to store the data or records of the patient's history. The software is available in every aspect. It permits data to be replaced between clinicians, pharmacies, hospitals, lab technicians, and patients. The rise in income across North American countries is a major driving factor for the market's growth. Health information exchange (HIE) involves sharing health-related information electronically among healthcare stakeholders. The information must be shared between non-owned facilities, meaning the organizations are part of separate organizations.
The increased awareness of medical information exchange technology and the need for cooperation among stakeholders are the key growth drivers for the North American health information exchange market. Also, the increase in U.S. government incentive programs and the high costs associated with current medical information exchange systems are other predictable factors driving the development of the medical information exchange industry. Notably, 80% of providers report that electronic data exchange improves patient efficiency. Also, support from government and non-government institutions through investments is fuelling the growth of the Health Information Exchange Market. Increased investment in government data exchange infrastructures is also leveling up market demand.
The ability to integrate with various hospital, laboratory and clinic operating systems bolsters the market's growth rate. The health information exchange system can be integrated with revenue cycle management and core management. Advanced technologies can threaten the health information exchange market; the adoption of the HIE system is expected to increase soon, which will present growth opportunities for the market. Increasing demand for large volumes of medical data collection, storage, and secure exchange is also lavish the market's growth rate.
Privacy concerns and huge initial infrastructure investments hinder North American health information exchange market growth. In addition, improving technology at optimum cost and the low return on investment (ROI) are significant challenges in the North American health information exchange market.
This research report has been segmented and sub-segmented into the following categories:
By Implementation model:
By Setup Type:
Regionally, the USA dominates the healthcare information exchange, followed by Canada. In the U.S, hospitals are using this software and technology to keep fast access to the wealth of clinical data. They have found these techniques very cost-saving. There are many possible things, like the options available for the providers in the software also the mechanism. But sometimes, the technological issues in the system create challenges for the users, which lack the explicit goal of the market. This may be a threat to the Health Information Exchange Market. These help the physicians to keep the medical data of patients.
The Canadian market is anticipated to showcase a healthy CAGR during the forecast period. Canada is using interoperable electronic health record metrics. It can access by two or more domains, e.g., digital imaging, laboratories, and the drug information system. These tools are valuable; they can keep nearly 2300 clinicians' and patients' records and profiles. The physicians say that the software benefits them, and they can have all the necessary data about their patients to be available. These factors are boosting the health information exchange market growth in Canada.
KEY MARKET PLAYERS:
A few of the notable players in the North American health information exchange market are Aetna Medcity, eClinical Works, RelayHealth, Medecision, Epic Corporation Inc., Cerner Corporation, RelayHealth Corporation, Infor Inc., Intersystems, Optum Inc., Alere Wellogic, NextGen Healthcare Information Systems, LLC, Covisint Corporation, Allscripts Healthcare Solutions Inc., and Orion Health.
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