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 patient’s 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 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 patient’s medical history that the provider maintains over time and may include all of the key administrative and clinical data relevant to that person’s care under a particular provider. The EHR automates access to information and has the potential to streamline the clinician’s 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.
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.
FAQs:
Which country has the majority revenue share in the global data exchange in healthcare market?
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?
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?
Medicalchain SA, BurstIQ, etc., are some of the leading companies in the global data exchange in healthcare market.