Global Healthcare Information Exchange Market - 2022-2029

Global Healthcare Information Exchange Market - 2022-2029

Market Overview

Healthcare Information Exchange Market Size and Growth Insights

The global healthcare information exchange market size was valued at USD XX million in 2021 and is estimated to reach USD XX million by 2029, growing at a CAGR of 8% during the forecast period 2022-2029. Healthcare information exchange (HIE) is the electronic distribution of healthcare information. HIE is critical for connecting communities and ensuring patient health records are available. It is a critical component of the health information technology (HIT) infrastructure. The growing need to reduce healthcare costs, the focus on patient-centric care delivery, the growing adoption of EHRs and other HCIT solutions, government initiatives to improve patient care and safety, and government funding for healthcare interoperability contribute to the market's growth. To get hold of the maximum share of the global market some companies are trying to surge their product selections. HIE conducts healthcare data by automatic means between healthcare data companies, government activities, and healthcare expertise.

HIE Market Regional Share Outlook Insights

North America Healthcare Information Exchange Market produces a prominent share in the global market owing to rising acceptance of EHR, positive reimbursement schemes, and considerable stakeholders in the global market for healthcare information exchange. In the United States, hospitals are implementing HIE software and technology to hold quick access to the wealth of clinical information. Canada is using the Interoperable electronic health record metrics. It can allow by two or more domains, such as laboratories and the drug information system, and digital imaging. These tools are very expensive. The above dynamics are driving the growth of the North American healthcare information exchange market.

The Europe region is expected to be the largest market share and it remains to continue its dominance of global market share over the coming years. Europe regions contain several countries such as the UK, Germany, France, Austria, and the rest of the European countries. The United Kingdom and France's economies are projected to grow at a decent CAGR during the forecast period. The UK is acquiring the highest share of the market in the European region. And the development of the economy is the major element of the growth of the market in the United Kingdom. France Healthcare Information Exchange Market is producing a decent growth rate, this is the first country to implement the digital healthcare systems. The major factor driving the demand for the market is increasing the occurrences of chronic diseases in France. The development of innovative technologies in hospitals is a key element for the market growth in Austria and Scotland. These countries are growing at a quick growth rate.

Asia Pacific Healthcare Information Exchange market is probably growing over the period of time frame, owing to rising investment by prominent healthcare companies, growing acceptance of HIE services because of increasing consciousness amongst the public, and surging government activities of developing countries such as China, India, and Japan. The country in the Asia Pacific such as China has the highest market share in the region, and it is leading the global market, while Japan's market is projected to rise quickly during the forecast period.

The Middle East and Africa healthcare information exchange market is expected to show the largest growth rate over the forecast period. The Middle East region is accounted to have a prominent growth during the forecast period. Major factors drive the Middle East market our innovative technology advancements, and increasing effectiveness. Middle-East is anticipated to witness the highest growth in the forecast period. Countries like South Africa, UAE, and GCC are probably to acquire the majority of the share of the Middle East and Africa healthcare information exchange market.

HIE Market Scope

Metrics

Details

Market CAGR

8%

Fastest Growing Region

Europe

Largest Market Share

North America

Segments Covered

By Implementation Model, By Setup Type, By Applications, By Component, By Exchange Type, By End User, and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Growing emphasis on healthcare cost optimization will drive the market growth

The notion of electronic health information exchange (HIE) is critical in improving the quality, speed, safety, and cost of patient care by improving access to and exchange of patient health information. The electronic exchange of health data among clinicians and physicians eliminates the need for unnecessary paper and record handling costs. Furthermore, HIE can improve the completeness of patient records by reviewing the patient's history, current medications, and other health information at the same time during visits. Furthermore, timely sharing of patient information allows for better decision-making and avoids readmissions, medication errors, and the costs associated with re-testing.

Many health care professionals have discovered that electronic health records (EHRs) improve medical practice management by increasing practice efficiencies, functionalities, and cost savings. According to recent physician surveys, EHRs reduce the costs of transcription, storage, and documentation. In addition, according to a study published in the American Care of Managed Care in 2020, patients treated in hospitals with advanced EHRs paid 9.66 percent less than patients treated in hospitals without advanced EHRs. Furthermore, implementing certain strategies, such as the use of cloud-based solutions and the elimination of hidden fees, can result in significant cost savings. Such benefits provided by health information exchange are likely to accelerate the market's growth during the forecast period.

Furthermore, the market is expected to expand rapidly due to an increase in demand for health information exchange (HIE) systems, which is due to the growing need for the collection, storage, and secure exchange of large amounts of healthcare data.

Furthermore, one of the key growth drivers of the overall health information exchange market is the increased focus of government organizations on promoting the use of healthcare information technology to improve healthcare quality. Another driving factor of the health information exchange market is the growing need to reduce the costs of maintaining paper-based patient health records. Furthermore, according to an NCBI study, retrieving data from electronic health records is much faster and easier than accessing traditional hard copy records. This is expected to drive demand for health information exchange systems for the remainder of the forecast period. These factors, as mentioned above, have a significant impact on the overall health information exchange industry.

The need for significant investments in infrastructure development and the high cost of deployment is likely to hamper the market growth

To successfully implement electronic health records solutions, hospitals must make significant investments in infrastructure development, such as increasing data storage and processing capabilities. Investments in developing such infrastructure become difficult for healthcare providers, whose financial resources are already stretched. In addition to infrastructure investments, additional costs are incurred for acquiring electronic medical report solutions, maintenance, training, and converting paper records to electronic records. Indirect costs, such as revenue losses due to the temporary loss of patient data, are also incurred. These are the major barriers to EMR solution adoption, primarily in small and medium-sized hospitals, limiting the growth of the health information exchange market.

COVID-19 Impact Analysis

During the COVID-19 pandemic, the health information exchange market has expanded significantly. Several factors drive the adoption of health information exchange during the pandemic, including a greater emphasis on the use of healthcare IT infrastructure for data transfer, ease of use, and cost reduction. For example, since the commencement of the COVID-19 pandemic in March 2020, HealtHIE Nevada (US) has boosted patient data exchange by 36 percent. The requirement for EMR and EHR platforms to manage complex patient data has increased as patient loads have increased, driving the market growth during the pandemic. The demand for electronic medical reports and health report solutions to manage sophisticated patient data has increased as patient volumes have increased. Hospitals increasingly focus on enhancing their capabilities by integrating multiple hospital systems with electronic health records (EHRs). To successfully help healthcare professionals manage COVID-19 patients, the healthcare information exchange market has connected their EHR platforms with telehealth solutions and improved their software solutions. Cerner Corporation, Epic Systems, Allscripts, and MEDITECH, among others, have connected their EHR platforms with telehealth technologies to give healthcare providers the option of virtual patient visits. Such activities will help to grow the industry for health data exchange.

Segment Analysis

The hybrid model segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The hybrid approach incorporates elements of both centralized and decentralized models. The SDE (Software Development Engineer) in this paradigm does not operate as an HIO (Health Information Organization); hence clinical data is not supported. Each company handles its data individually in a hybrid architecture, with some data physically kept and controlled in a central place for analytics and population health management. Hybrid models have several advantages, including the potential to leverage current HIEs, accommodate diverse populations, and reduce privacy and liability concerns. As a result of the benefits provided by the hybrid model, the market is likely to grow at a healthy rate over the forecast period.

According to BrightFocus Foundation, 2020, 11 million people in the United States have some form of age-related macular degeneration which is expected to double to nearly 22 million by 2050. An increasing number of populations facing these eye problems is a major factor contributing to the significant growth of the segment in the forecast period.

Geographical Analysis

The North American region holds the largest market share of the global healthcare information exchange market

The North American healthcare information exchange market is expected to have a considerable market share because of its well-established healthcare infrastructure, high adoption of healthcare information systems, and the growing number of organized healthcare systems. In addition, organic and inorganic strategies such as mergers and acquisitions and partnerships within key market players will strengthen their product portfolio in the studied market which will drive the market. Also, several product launches in the market will lead to lucrative growth of the market.

On Feb 18, 2020, Allscripts and Manorama Infosolutions have formed a partnership to provide a Health Information Exchange and population health management services in India and other emerging markets. Furthermore, advancements in various healthcare information exchange market from established key players, in the United States, are likely to drive the market growth in North America.

Competitive Landscape

The global market for healthcare information exchange is moderately competitive, with several major players. Allscripts Healthcare Solutions, Inc., Cerner Corporation, Covisint Corporation (Open Text Corporation), Epic Corporation Inc., Infor, Inc., Medicity, Inc., NextGen Healthcare Information Systems, LLC, Optum, Inc., and Orion Healthcare, Epic Systems Corporation, Cerner Corporation, MEDITECH, Intersystems Corporation, Change Healthcare are among the market's major players. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the healthcare information exchange market globally. For instance, On October 18 2019, Cerner Corporation acquired AbleVets to gain greater technical expertise and scale in solution design and implementation.

Allscripts Healthcare Solutions Inc

Overview:

Allscripts Healthcare Solutions provides information technology (IT) solutions and services to healthcare organizations worldwide to help them achieve optimal clinical, financial, and operational outcomes. The company offers electronic health records (EHR), population health management, precision medicine, and consumer solutions. Furthermore, it is built on an open, integrated platform, which allows it to streamline workflows, leverage functionality from other software vendors, and exchange data.

Product Portfolio:

Db Motion: With dbMotion, an industry leader in EHR interoperability solutions, to get an organized, comprehensive, and actionable record with real-time patient data across disparate electronic health record (EHR) systems and the broader care community.

The global healthcare information exchange market report would provide access to an approximately 40+ market data table, 45+ figures, and in the range of 180-200 (approximate) pages.

Target Audience

Service Providers/ Buyers

Industry Investors/Investment Bankers

Education & Research Institutes

Research Professionals

Emerging Companies

Manufacturers