Market Trends of United States Healthcare Information Exchange Industry
The Decentralized/Federated Model is Expected to Hold a Notable Market Share Over the Forecast Period
The decentralized/federated model segment is expected to hold the largest market share during the forecast period. In this federated model, each healthcare provider is responsible for maintaining the records of their patients. The main function of the HIE is to facilitate the providers in exchanging patient records among themselves when the need arises. The salient distinction of a federated model is that there is no central database in which a previously compiled, comprehensive medical record is stored and can be downloaded. The biggest advantage of this model is a low chance of conflict based on ownership and compartmentalization of data. This credits the model with being less vulnerable to theft. It also boasts lower implementation costs when compared to other models, leading to high adoption rates.
The market is projected to flourish further due to the higher adoption of digital healthcare, such as electronic health records in the country, and the rising investments by companies. For instance, as per the data published by the Department of Health and Human Services in 2021, nearly 78% of office-based physicians and nearly 96% of non-federal acute care hospitals adopted certified electronic health records.
Moreover, increasing investments by market players' activities for the development of decentralized healthcare information exchange systems are expected to drive the growth of the studied segment. For instance, in November 2021, Medicon Technologies Inc., creator of the decentralized health information network, raised funding of over USD 21.8 in a Series B financing round. The company used this investment to expand operations in its healthcare platform.
Workflow Management is Expected to Hold Notable Share in the Market Over the Forecast Period
Workflow management systems are expected to help healthcare businesses with their daily tasks and processes while lowering human errors and simultaneously augmenting revenues. Other advantages of workflow management systems are real-time tracking, integrated processes, less consumption of energy, and consolidated data centers. The factors expected to contribute to the growth of the studied segment are the rising number of healthcare centers, the increasing adoption of advanced workflow management systems in the United States, and the presence of key market players.
For instance, American Hospital Association (AHA) statistics published in 2022 showed that there were 6,093 active hospitals in the United States in 2022.
Also, rising market players' activities, such as collaborations, partnerships, and others for the development of advanced workflow management, are expected to boost the growth of the market over the forecast period. For instance, in October 2022, Indiana-based Methodist Hospitals partnered with cloud solution company Infor to create a cloud-based healthcare application that will allow the healthcare system to standardize key processes in various areas, such as finance, human resources, supply chain, and operations.
