Publication Month: May 2021 | Report Code: TIPHE100001105 | No. of Pages: 232 | Category: Healthcare IT | Status: Published
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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.
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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.
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.
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.
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.
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.
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.
|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|
|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|
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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.
The List of Companies - Health Information Exchange Market