Report : Health Information Exchange Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Set Up (Public and Private), Type (Query Based, Direct, and Consumer Medicated), Implementation Model (Centralized, Decentralized, and Hybrid), Application (Workflow Management, Internal Interfacing, Web Portal Development, and Other Applications), End User (Pharmacies, Healthcare Payers, and Healthcare Providers), and Deployment (On-Premise and Cloud-Based), and Geography
Private Set Up Segment to Register Higher CAGR During 2021–2028
According to our new research study on "Health Information Exchange Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Set Up, Type, Implementation Model, Application, End User, and Deployment," the market is expected to reach US$ 3,326.98 million by 2028 from US$ 1,411.56 million in 2020; it is estimated to grow at a CAGR of 11.4% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to the rising government support for the adoption of EMR/EHR systems and growing emphasis on healthcare cost optimization. However, the data security and privacy concerns hamper the market growth.
Based on set up, the health information exchange market is bifurcated into private and public. In 2020, the private set up segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. Over the last several years, private health information exchanges (HIEs) have become a viable alternative to public model exchanges. The private models have witnessed significant growth in the marketplace due to private healthcare information providers and the high level of physician engagement. Such benefits are estimated drive the market growth for this segment.
The health information exchange market is witnessing substantial growth amid the COVID-19 pandemic. A few factors such as higher emphasis on the utilization of healthcare IT infrastructure for data transfer, ease of use, and cost optimization are propelling the adoption of health information exchange during the pandemic. For instance, during the pandemic, in March 2020, HealtHIE Nevada (US), increased its patient data exchange by 36% since the beginning of the COVID-19 pandemic. Due to the growing patient volumes, the demand for EMR and EHR platforms to manage complex patient data has increased, which ultimately accelerated the market growth during the pandemic.
eClinicalWorks, Allscripts Healthcare, LLC, General Electric Company, Cerner Corporation, Orion Health group of companies, Health Catalyst, Inc., Nextgen Healthcare Information System, LLC, McKesson Corporation, Optum, Inc., and Oracle Corporation are among the leading companies operating in the health information exchange market.
The report segments health information exchange market as follows:
By Set Up
By End User