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In this work, inefficient spectrum usage problem which will lead to spectrum scarcity in future communications has been addressed. According to Federal Communications Commission, spectrum sharing is a technique to efficiently utilize the spectrum. We analyse dynamic spectrum access concepts such as overlay spectrum sharing and underlay spectrum sharing. Our overlay and underlay analysis have been made with the use of five and eight state continuous time Markov chains respectively. We derive the steady state probability for these states and also calculate the throughput of the aforementioned spectrum sharing schemes with the use of Shannons channel capacity. In addition to that, specifically, we propose a hybrid spectrum access scheme which combines overlay and underlay spectrum sharing schemes and employ them to improve the system throughput by efficiently using the spectrum. Our approach, by using continuous time Markov chain, reduces the complexity in modelling the dynamics of primary and secondary user. We have also shown numerical results to validate the performance of the proposed scheme. Our scheme lays foundation for further works in the field, and our scheme could be enhanced in future works.