Data Exchange in Healthcare Market: Modern Tech Solutions

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Data Exchange in Healthcare Market Modern Tech
Solutions By Sukanya Mukherjee The importance of
data exchange standards in healthcare cannot be
undervalued. Data exchange facilitates proper
data communication standards within and among
medical organizations, which is essential for
optimum patient care. The adoption of universal
data exchange standards for integrating and
connecting various data systems helps achieve the
same. Although a comparatively new market,
variables are at play while exchanging patient
data between institutions or departments with
necessary additional rules and descriptions. Data
exchange can prevent ambiguity while transferring
and interpreting information about the patients
conditions or the required materials, procedures,
and medications. Inkwood Research analyzed that
the global data exchange in healthcare market
will propel with a 26.14 CAGR during the
forecast period, 2022-2030. The growing
requirement stimulates the market growth to
cut-down healthcare costs, the rising focus on
patient-centric care delivery, and the surging
adoption of Electronic Health Record (EHR)
solutions.
Data Exchange in Healthcare Innovative Tech
Solutions Overview Several advanced technological
solutions are provided across the type,
deployment, implementation model, and set-up
segments of the global data exchange in
healthcare market. As per our analysis, in
2021, the majority of the market share was
captured by biotech in the type segment and will
continue
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to dominate the overall market during the
forecast period. The segment growth is primarily
attributed to the growing adoption of advanced
technology like Big Data, blockchain, and
electronic health records (EHRs). Electronic
Health Records (EHR) Future of Patient-Care
System An Electronic Health Record (EHR) is an
electronic version of a patients medical history
that the provider maintains over time and may
include all of the key administrative and
clinical data relevant to that persons care
under a particular provider. The EHR automates
access to information and has the potential to
streamline the clinicians workflow. In addition,
the EHR can support care-related activities
indirectly or directly through outcomes
reporting, quality management, and evidence-based
decision support. EHRs form a central component
of the healthcare IT industry as they enable the
easy exchange of healthcare information and
communication among all hospital stakeholders.
Adopting EHR solutions also helps deliver better
health outcomes regarding healthcare
affordability, quality, access, and lowering the
disease burden. Owing to the benefits of using
EHR, governments across several countries are
undertaking initiatives to promote adopting EHR
solutions.

• Big Data
• Big Data in healthcare describes massive volumes
  of information created by adopting digital
  technologies. This technology helps manage
  hospital performance by collecting patient
  records that are too vast and complex for
  traditional technologies. Big Data analytics in
  healthcare include hospital records, medical
  records of patients, results of medical
  examinations, and devices that are a part of the
  Internet of Things (IoT). Biomedical research
  also generates significant big data relevant to
  public healthcare. This data requires analysis to
  derive meaningful information and proper
  management, which can otherwise become equivalent
  to finding a needle in the haystack.
• On the other hand, numerous challenges are
  associated with handling big data, which can only
  be surpassed by high-end computing solutions for
  big data analysis. However, advantages like
  reducing treatment costs, predicting outbreaks,
  avoiding preventable diseases, and improving the
  general quality of life weigh in for using big
  data in the healthcare data exchange industry.
  With these advantages and various technological
  advancements in the field, Inkwood Research
  predicts that the global Big Data analytics in
  healthcare market is set to propel with a 19.39
  CAGR by 2027.
• Blockchain
• Blockchain is an emerging technology that
  provides innovative solutions in various sectors,
  including healthcare. An essential aspect of
  navigating data in the healthcare industry is its
  secure and seamless movement across intercepting
  nodes. Also, ensuring direct links between
  healthcare providers and patients and effectively
  eliminating third-party entities can result in
  the transmission of unduplicated and errorless
  data. Due to their ability to securely share
  information from the access point across networks
  and nodes, blockchain produces opportunities to
  fulfill the requirements to secure

transactions.
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• Currently, sharing medical data is
  provider-centric, incomplete, slow, and insecure.
  These prevent data interoperability and result
  from a lack of structural, foundational, and
  semantic inoperability. The safety of patient
  data can be ensured during data transmission by
  deploying blockchain technologies with
  appropriate markers. As a result, blockchain has
  become a legitimate disruptor in healthcare.
  According to Inkwood Research, the global
  blockchain in healthcare market is anticipated to
  surge with a 47.23 CAGR by 2027 and generate
  around 3.74 billion during the forecast period.
• Companies like SoluLab, BurstIQ, Medicalchain SA,
  etc., employ blockchain for enhanced healthcare
  cybersecurity and improve how medical data is
  shared and used. These healthcare companies
  safely and securely manage massive patient data
  through blockchain. They give access to prompt,
  easy, and secure connectivity between patients
  and healthcare providers. Their blockchain
  technology enables secure data sharing, sale,
  safekeeping, or license management while
  maintaining strict compliance with government
  rules and regulations.
• All in All
• Digital technologies enable need-oriented
  solutions and the provision of clinical,
  preventative, and rehabilitative services. In
  these areas, the impact of Big Data, digital
  health, and 3D printing technology on the care
  concepts, patients roles, and forms of treatment
  have become evident. Similarly, considering IT
  strategy, these areas introduce lucrative
  opportunities for formulating hospital processes.
  As a result, the upcoming futuristic diagnostic
  and therapeutic approaches how about futuristic
  diagnostic and therapeutic approaches and modern
  tech solutions drive the global data exchange in
  healthcare market.
• Frequently Asked Questions (FAQs)
• Which country has the majority revenue share in
  the global data exchange in healthcare market?
• A The United States captured the majority
  revenue share in the global data exchange in
  healthcare market, with a total value of 456.55
  million in 2021.
• Which is the leading implementation model in the
  global data exchange in healthcare market?
• A Hybrid is expected to be the leading
  implementation model in the global data exchange
  in healthcare market.
• What are some of the leading companies in the
  global data exchange in healthcare market?
• A Medicalchain SA, BurstIQ, etc., are some of
  the leading companies in the global data exchange
  in healthcare market.