Health Information Exchange Market to Grow at a CAGR of 11.4% to reach US$ 3,326.98 Million from 2020 to 2028

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	Get Free Sample PDF

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

• On-Premise
• Cloud-Based

Health Information Exchange Market – by Geography

• North America
  • US
  • Canada
  • Mexico
• Europe
  • France
  • Germany
  • Italy
  • UK
  • Spain
  • Rest of Europe
• Asia Pacific (APAC)
  • China
  • India
  • South Korea
  • Japan
  • Australia
  • Rest of APAC
• Middle East and Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of MEA
• South America and Central America (SCAM)
  • Brazil
  • Argentina
  • Rest of SCAM

Company Profiles

• 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