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
Publication Month: May 2021 |
Report Code: TIPHE100001105
| No. of Pages: 232
| Category: Healthcare IT
| Status: Published
The health information exchange market was valued at US$ 1,411.56 million in 2020 and is projected to reach US$ 3,326.98 million by 2028; it is expected to grow at a CAGR of 11.4% from 2021 to 2028.
Healthcare information exchange (HIE) refers to the deployment of healthcare information electronically. HIE is crucial for connecting communities and ensuring the availability of patient health records. It is an integral and significant element of health information technology (HIT) infrastructure. The health information exchange 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 growth of the market.
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.
Lucrative Regions for Health Information Exchange Market
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Market Insights
Growing Emphasis on Healthcare Cost Optimization to Fuel Health Information Exchange Market Growth
The concept of electronic health information exchange (HIE) plays a vital role in efficient access and exchange of patient’s health information by improving the quality, speed, safety, and cost of patient care. The electronic sharing of health data among clinicians and physicians avoids unnecessary paper and record handling cost. Moreover, HIE can improve the completeness of patient’s records, as the history, ongoing medications, and other health information of patient is simultaneously reviewed during visits. Further, timely sharing of patient’s information allows better decision making and avoid readmissions, medication errors, and cost of re-testing. Many health care professionals have found that EHRs help improve medical practice management by enhancing practice efficiencies, functionalities, and cost savings. According to the recent surveys of physicians, EHRs reduces the cost of transcription, storage, and documentation. Also, according to a study published in the American Care of Managed Care in 2020, the patients treated in hospitals with advanced EHR paid around 9.66% lesser compared to the amount paid for the treatment without advanced EHRs. Further, 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.
Health Information Exchange Market, by Set Up – 2020 and 2028
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Set Up-Based Insights
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.
Type-Based Insights
Based on type, the health information exchange market is segmented into query based, direct, and consumer medicated. In 2020, the direct mediated segment held a substantial market share. Moreover, the segment is anticipated to register the highest CAGR during the forecast period.
Implementation Model-Based Insights
By implementation model, the health information exchange market is segmented into centralized, decentralized, and hybrid. In 2020, the hybrid segment held the substantial market share. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period.
Application-Based Insights
In terms of application, the health information exchange market is segmented into workflow management, internal interfacing, web portal development, and other applications. In 2020, the web portal development segment held the substantial market share. However, the internal interfacing segment is anticipated to register the highest CAGR during the forecast period.
End User-Based Insights
Based on end user, the health information exchange market is segmented into pharmacies, healthcare payers, and healthcare providers. In 2020, the healthcare provider segment held the substantial market share. Also, the same segment is expected to register the highest CAGR during the forecast period.
Deployment-Based Insights
By deployment, the health information exchange market is bifurcated into on-premise and cloud based. In 2020, the on-premise segment held a substantial market share. However, the cloud-based segment is expected to register a higher CAGR during the forecast period.
Strategic Insights
Report Coverage - Health Information Exchange Market
Report Coverage
Details
Market Size Value in
US$ 1,411.56 Million in 2020
Market Size Value by
US$ 3,326.98 Million by 2028
Growth rate
CAGR of 11.4% from 2021-2028
Forecast Period
2021-2028
Base Year
2021
No. of Pages
232
No. of Tables
165
No. of Charts & Figures
83
Historical data available
Yes
Segments covered
Set Up , Type , Implementation Model , Application , End User , and Deployment , and Geography
Regional scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
Report coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Free Sample Copy Available
The health information exchange market players are adopting the product launch and expansion strategies to meet changing customer demands, which further allows them to maintain their brand name globally.
Health Information Exchange Market – by Set Up
Private
Public
Health Information Exchange Market – by Type
Query-Based
Direct
Consumer Mediated
Health Information Exchange Market – by Implementation
Hybrid
Centralized
Decentralized
Health Information Exchange Market – by Application
Web Portal Development
Internal Interfacing
Workflow Management
Other Applications
Health Information Exchange Market – by End User
Healthcare Providers
Healthcare Payers
Pharmacies
Health Information Exchange Market – by Deployment
HIEs are crucial for connecting communities and ensuring patient health records are always available. Healthcare information exchange is an integral and significant element of health information technology (HIT) infrastructure. Healthcare information exchange refers to the deployment of healthcare information electronically.
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.
The health information exchange market majorly consists of the players such as 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. amongst others.
The List of Companies - Health Information Exchange Market
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.
Oracle Corporation
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