The global “Healthcare Information Exchange Market” is basically a deep study of the present and future market of the healthcare industry. It gives individuals a detailed overview of driving factors, market growth, consumer reactions, and client opportunities.
If you are new to the healthcare industry and looking to start somewhere, you’ve come to the right place! This article is crucial, especially for those individuals trying to search for opportunities to grow their market.
After reading this, you’ll better understand the peculiar parameters and boundaries of healthcare markets. Let’s get started with a brief introduction to the healthcare exchange market.
What is Healthcare Information Exchange (HIE) Market?
Healthcare Information Exchange (HIE) gathers information related to healthcare specifically. It is all done electronically within a particular city, community, or hospital. HIE is an effective tool that provides all the relevant details securely and digitally.
According to a global report, this market is anticipated to reach USD 2 billion in 2025. As the latest news suggests, it was only USD 1.1 billion in 2020.
Multiple factors can help the healthcare information exchange market grow considerably, such as increasing the adoption rate of EHRs, government initiatives and funding for healthcare, and much more.
Simultaneously, a few factors can slow down its growth, such as lack of cyber security and data privacy, etc. Let’s begin with looking at the impact that the COVID-19 pandemic had on the healthcare market.
Impact of COVID-19 on Healthcare Information Exchange (HIE) Market
It’s no doubt that the COVID pandemic has completely changed our society, whether that includes education, politics, or healthcare. The technological advancement in the healthcare system is beyond spectacular!
Before the pandemic, roughly 43% of healthcare centres held the ability to provide telemedicine. Fast forward to 2022, there’s almost 95% of them providing it worldwide. However, this development is not limited to telemedicine only.
Many healthcare companies took this opportunity to start their own business, and so can you. How? Here are is a driving factor for this development.
Support from the Government for Electronic Health Record (EHR)
The electronic health record is an essential part of the healthcare system nowadays. It was complicated to convey health records to all the hospital owners back in the day. However, now with the advancement in technology, it can be shared easily with everyone. That helps better communication between doctors, leading to better solutions and output overall.
In some countries worldwide, governments are taking a stance to support the use of electronic health records. The cost of implementing EHR is very high, and it can lead to slow growth in the healthcare market. But with the help of the government and their incentives for adopting this solution, the HIE market can grow rapidly.
Opportunities to Avail from Growth of HIE Market in 2022
There are a lot of opportunities that economies and companies can benefit from the rapid growth of the HIE market in 2022. Let’s take a look at some of them!
Also read: How to Get Started With an HIE and the Future of HIEs
Healthcare Access Improvement Across Developing Markets
From a historical perspective, the world has prospered considerably compared to 50 or even 100 years ago. There is an awareness about poverty and equal opportunities, which was non-existent back then.
However, to date, some people in countries are denied their right to basic needs such as healthcare. Even if it is available, it’s so expensive that it’s perceived as a luxury for poor people. Sometimes, it’s easily accessible, but there’s a shortage.
Developing markets need better access to healthcare. That is an urgent need for all countries, and it can open your doors to many opportunities. By 2050, the market is expected to consist of 80% of the elderly. You can use technology to get rid of this healthcare bridge in emerging countries and whatnot.
The image to implement in 2022 is a digitalized world where patients can access their healthcare records, receive appointments, get their medicine, and much more within seconds. It would no doubt enhance the current condition of different country’s economies.
Eliminating Data Security Breaches
Digitalizing healthcare information is no doubt one step towards eliminating global health issues. However, there are many problems associated with this solution. The top concern of a patient is usually their personal data information. Some are reluctant to enter it due to privacy concerns.
Their concerns are usually valid. As technology advances, so does cybercrime. It makes it easier for patients’ private data to be accessible by random strangers. Developing a strong and secure app/platform for healthcare systems is proving to be a challenge for all markets.
Many companies are willing to hire a developer for a considerable amount, just for this particular task. You can avail this sought-out opportunity to learn how to create secure software specifically for healthcare systems. It is a trendy skill, especially in 2022. The demand for software developers is higher than ever!
Final Words
As you may have noticed, there are many opportunities that you can get from developing the healthcare systems. As we come out of the COVID-19 pandemic phase, we’re left to deal with many consequences as well as opportunities, especially in the healthcare industry.
There is still a lot of work to be done for this electronic system to be fully implemented globally. 2022 holds many chances for any individuals or companies looking to benefit from it.
