Data Exchange in Healthcare Market: Importance and Future

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Data Exchange in Healthcare Market Importance
and Future The global healthcare industry is
focusing on improving efficiency and service
quality delivered to patients. And the
integration of technology in this field has been
instrumental in inching closer towards these
goals. This also includes healthcare
data exchange, which helps medical
professionals and organizations to seamlessly
share vital patient information electronically,
with better security, quality, speed, and
cost. According to our experts, the global data
exchange in healthcare market is expected to
advance at a CAGR of 24.90 in the forecast
period from 2022 to 2028. \
Role of Telemedicine Driver to the
Market Telemedicine provides access to healthcare
services, supporting care providers and patients
across distances. It is estimated that the
COVID-19 pandemic sparked ten years worth of
innovations in telemedicine in less than a year,
with demand from areas like psychiatry reaching
an all-time high. The use of healthcare data
exchange systems for this purpose ensures that
patient data is shared securely among end-users,
such as pharmacies, healthcare providers, and
healthcare payers. Also, teleconsultations often
require patients to share their data from
different EHRs, and thus, a consolidated record
is essential to improve process efficiency and
receive appropriate care.
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• Why is Data Exchange In Healthcare Crucial?
• Data sharing in healthcare is crucial because it
  has numerous benefits, such as
• It equips care providers with clinical tools to
  help make informed decisions
• Offers better reporting and monitoring of public
  health data
• Improves patient safety by minimizing the
  likelihood of medical errors
• Offers enhanced efficiency due to the elimination
  of unnecessary paperwork and handling
• Reduces hospital visits required, and thereby,
  the associated costs
• Also, it is important to note that the
  willingness of several healthcare
  organizations to share information across
  international borders was one of the key
  supporting factors in the fight against the
  pandemic. For instance, Dawex Systems, a
  France-based international online data exchange
  provider, launched the COVID-19 Data Exchange
  platform. It provided access to all stakeholders
  to share any beneficial information with
  the community to help tackle COVID-19 and
  its consequences with a globally connected
  information exchange system.
• With developments such as these, Europe has
  emerged as a key region for innovation in this
  field. In fact, the Europe data exchange in
  healthcare market is expected to progress with
  the fastest growth rate globally, over the
  forecasted period. The growth of this market is
  aided by supportive government policies, the
  availability of highly developed healthcare
  systems, the presence of a skilled workforce, and
  major investments from market players.
• Data-driven Social Partnerships The Next Big
  Thing
• Data is growing exponentially, and accessing and
  aggregating it from different sources, especially
  those outside the public domain, can
  present several challenges. However, this
  enables the formation of new partnerships among
  public, private, and governmental entities. These
  are termed data-driven social partnerships, and
  are aimed at leveraging data for positive
  societal impact and public good.
• Care providing organizations and
  professionals realize the importance of
  social factors in determining patients health
  outcomes, and are thus exploring avenues to
  contribute to addressing societal issues by means
  of health information exchange.
• For instance, the Community of Practice is a
  health information exchange platform, developed
  as a result of a collaborative effort between
  Michigan-based healthcare and social
  organizations. It is focused on ensuring the
  interoperability of social care data across
  platforms, and is rooted in improving the health
  and well-being of all individuals and
  communities. The emergence of such initiatives is
  expected to lead the data exchange in healthcare
  market on a pathway towards growth.

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FAQs Q 1) Which region leads the global market
for data exchange in healthcare? North America
leads the global market, and accounted for the
highest revenue share in 2021. Q 2) Which are the
key segments covered in the market report? The
key segments in the data exchange in healthcare
market include set up, type, deployment,
implementation model, application, and end-user.