Data Exchange in Healthcare Market: Importance & Future

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Data Exchange in Healthcare Market Importance
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. The growing
patient-centered approach, rising use of
electronic health records (EHRs), and an
increasing focus on cutting down healthcare costs
are some key factors driving this market.
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.
• 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?

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The key segments in the data exchange in
healthcare market include set up, type,
deployment, implementation model, application,
and end-user.