Healthcare Information Exchange Market: Overview
The market intelligence study titled “Healthcare Information Exchange Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023” delves into the prospect of growth of the world market for healthcare information exchange. It also assesses the sequential growth of the said market over the timeframe of forecast that extends from the year 2017 to the year 2025. The said market research study also comprises various non-pervasive and pervasive inclinations and they have also been included in the said report. A detailed snapshot of the said market with the analysis of Porter’s five forces has been provided in a bid to present a concise and clear landscape of the market vendors to the readers. The market intelligence study also points at mergers, important conglomerates, numerous research and development activities, acquisitions, and corroborations. The companies that have been profiled in the study come with thorough examination based on their market shares, prime products, and marketing strategies.
Healthcare information exchange is considered to be an integral and significant element of health information technology (HIT) infrastructure. Healthcare information exchange refers to the deployment of healthcare information electronically within a well defined regional area so as to bring healthcare stakeholders all together. These stakeholders comprise labs, nurses, patients, pharmacists, doctors, and numerous health care providers
Healthcare Information Exchange Market: Trends and Opportunities
There is a greater need for more access to health information patients, rising awareness about healthcare information exchange technology, increasing collaborations between the stakeholders are a few of the primary growth promoting elements that are driving the market for health information exchange. In addition to that, increasing incentives programmes by the U.S. government and high cost that is associated with the current system of health information exchange are other factors that are prognosticated to steer the growth of healthcare information exchange industry. However, there is a flip side of the said market too. Factors such as complicated technology together with initial high investment, and less return on investment (ROI) are major restraints of the said market.
In accordance with a study that has been conducted at Sushoo Health Information Exchange, the method of exchanging patient information comes with a cost of around USD 17,160 every year for one time clinician practice. As such, it creates a demand for exchange of patient information system and efficient electronic storage. Health information exchange assists in the high speed access and sharing of clinical data of patients with the healthcare providers so as to provide timely, efficient and effective delivery of patient care. Sharing of patient information on a time to time basis helps in taking effective decision at the time of point of care, diminishing duplicate testing and improve diagnosis rate, avoiding readmissions and medication errors. Health information exchange comprises clinical data from numerous providers, public health data and cost and activity data from various providers and payers. The technology offers a very high quality patient care together with diminished expenditures that are associated with manual tasks such as mailing of patient records, printing of document, and also time and efforts that are involved with recovering of patient reports. Structure and geographical scope of health information exchange, however, may vary across different geographies.
Healthcare Information exchange Market: Geography
Taking regional segmentations into consideration, the world market for healthcare information exchange has been categorized into geographies of Europe, North America, Latin America, the Middle East and Africa, and Asia Pacific. In terms of geography, the region of North America accounted for a very large share of the said market. Such prominence was owing to the existence of most of U.S. companies in the said region. The region of Asia Pacific, however, is anticipated to expand at a higher rate owing to the growing awareness about healthcare information exchange, expanding base of population and numerous initiatives are being taken by the governments of countries like South Korea, India, Japan, and China.
Healthcare Information Exchange Market: Company Profiling
Some eminent names that adorn the world market for healthcare information exchange comprise Orion Health, Medicity, InterSystems Corporation, IBM Corporation, AT&T, Inc., CareEvolution Inc., GE Healthcare, Cerner Corporation, and Siemens AG.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.