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Market Research Report
Product code
1026167
South and Central America Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Set Up, Type, Implementation Model, Application, End User and Deployment |
South and Central America Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Set Up, Type, Implementation Model, Application, End User and Deployment |
Published: July 8, 2021
The Insight Partners
Content info: 134 Pages
Delivery time: 1-2 business days
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The South and Central America health information exchange market is expected to reach US$ 200.62 million in 2028 from US$ 98.86 million in 2021; it is estimated to grow at a CAGR of 10.6% from 2021 to 2028. The growth of the market is attributed to some key driving factors such as government support for adoption of EMR/EHR systems and growing emphasis on healthcare cost optimization across South and Central America. However, the data security and privacy concerns are hampering the growth of the market.
The rapid growth of health information technology has led to the increase in exchange of patient medical information through electronic health records (EHRs). The systems can collect patient information as well as share the information with other healthcare professionals involved in the patient's care. The governments, healthcare authorities, and market players are actively supporting the adoption of EHR systems to streamline the process of healthcare activities. Moreover, the systems enable efficient data gathering and exchange, allowing healthcare professionals to enhance the quality of the treatment. In 2019, the Brazilian government declared about building a network of eight research facilities focused on healthcare AI applications. Such government initiatives are expected to drive the adoption of EHR systems, which will eventually propel the growth of the health information exchange market by 2028. Also, growing emphasis of healthcare cost optimization by the implementation of certain strategies, such as adoption of cloud-based solutions and cutting of hidden fees can provide substantial cost benefits. Such advantages offered by health information exchange are likely to accelerate the growth of health information exchange market during the forecast period.
The South and Central America is adversely affected due to the exponential increase of COVID-19 cases in the region. The coronavirus pandemic has become an enormous challenge to this region, as they are low-cost regions. Due to the increasing patient volumes, the demand for EMR and EHR platforms to handle complex patient data has grown. As a result, hospitals are progressively focusing on building their capabilities by integrating various hospital systems with EHRs. Players operating in this market have also integrated their EHR platforms with telehealth solutions and upgraded their software solutions to help healthcare providers manage COVID-19 patients effectively. Hence, constant research on COVID-19 using health information exchange is anticipated to fuel the market's growth.
Based on the set up, the South and Central America health information exchange market was segmented into public and private. In 2020, the private segment held the largest share of the market and is expected to grow at the fastest rate during the coming years.
The South and Central America health information exchange market, by type, is segmented into query-based, direct mediated, and consumer mediated. The direct mediated segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
The South and Central America health information exchange market, by implementation model, is segmented into hybrid, centralized, and decentralized. The hybrid segment held the largest share of the market in 2020 and is anticipated to register the highest CAGR in the market during the forecast period.
The South and Central America health information exchange market, by application, is segmented into internal interfacing, web portal development, workflow management and other applications. The web portal development segment held the largest share of the market in 2020, whereas the internal interfacing segment is anticipated to register the highest CAGR in the market during the forecast period.
Based on end user, the South and Central America health information exchange is segmented into healthcare providers, healthcare payers, and pharmacies. The healthcare providers segment held the largest share of the market in 2020 and is estimated to register the highest CAGR in the market during the forecast period.
The South and Central America health information exchange market, by deployment, is segmented into on-premises and cloud based. The on-premise segment held a larger share of the market in 2020 and is anticipated to register a higher CAGR in the market during the forecast period.
A few of the primary and secondary sources associated with this report on the South and Central America health information exchange market are the Centers for Medicare & Medicaid Services (CMS), Organization for Economic Co-operation and Development (OECD) and Pharmaceutical Research and Manufacturers of America (PhRMA).