Health Information Exchange (HIE) Market Overview:
The Global Health Information Exchange (HIE) market size was worth USD 316.40 million in 2022 and is estimated to grow to USD 637.05 million by 2030, with a compound annual growth rate (CAGR) of approximately 12.45% over the forecast period.
Health information exchange (HIE) is the flow of medical data between organizations within a country, among community members, or within a hospital system. Health Information Networks (HIN) are groups of people that exchange data.
The need for comprehensive systems with expanded interoperability to access patients' digital medical information among healthcare providers is driving the market's expansion.
Health information exchange (HIE) systems support the digital storage, retrieval, and sharing of patients' vital medical records by physicians, support personnel, and caregivers, thereby enhancing the efficiency, quality, safety, and economy of patient care. Healthcare providers can prevent prescription mistakes, readmissions, and unnecessary testing by using the actionable insights concerning patient data that the health information exchange platforms offer.
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Market Growth Analysis:
In the years to come, it is expected that the healthcare market's expanding public awareness of the necessity of having access to patients' health information and the emergence of several nonprofit organizations that promote the use of HIE for patient data management will be the main forces behind this trend. The market is divided into public and private sectors based on how it is set up. The digitalization of the healthcare system and the growing popularity of healthcare information exchange platforms due to enhanced provider connectivity are driving the market for healthcare information exchange.
The health information exchange industry is driven by the expansion of federal government incentive programs, increasing demand for HIE and EHR innovations, and reduced healthcare costs from the removal of unnecessary testing, among other things. At the moment, market expansion is being propelled by the usage of cloud and mobile health-related data interaction.
Opportunities:
Patients are expected to consent to the apparent benefits of having their health information shared through Health Information Exchange (HIE), disregarding security concerns. The survey indicates that despite their reservations regarding the security and safety of information sharing protocols, patients are open to adopting HIE. Potential HIE advantages like increased safety and quality of healthcare may persuade people to agree to endorsement. Our findings also suggest that HIE is the safest method of information exchange between healthcare providers for a certain group of patients. Patients concur with O'Donnell et al. that HIE will increase the security and privacy of their medical records. People are therefore more willing to provide their medical data if they think HIE would increase the security and privacy of such information.
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Health Information Exchange (HIE) Market – Segmentation
The Health Information Exchange (HIE) Market by set up is categorized into:
- Private
- Public
The Health Information Exchange (HIE) Market by application is classified into:
- Web Portal Development
- Workflow Management
- Secure Messaging
- Internal Interfacing
- Other Applications
The Health Information Exchange (HIE) Market by type is fragmented into:
- Directed Exchange
- Query-based Exchange
- Consumer-mediated Exchange
The Regional Analysis of the Health Information Exchange (HIE) Market
North America presently holds the largest share of the global health information exchange (HIE) market, largely due to the system's increasing popularity. Ongoing government measures to incorporate healthcare information exchange technologies into the healthcare sector in order to build infrastructure are also helping the regional economy. Asia-Pacific will dominate the healthcare information exchange (HIE) solutions market over the projected period. This may be related to rising healthcare expenditures and increasing government programs, which will likely boost demand in the local market.
The major players in the market are:
- General Electric (U.S.)
- Light beam (U.S.)
- Incite (U.S.)
- Data Trans Solutions (U.S.)
- Med portal, LLC. (U.S.)
- Circlet (U.S.)
- AXIOM Systems (U.S.)
- io (U.S.)
- Open Text Corporation (Canada)
- Inform (U.S.)
- Orion Health group of companies (U.S.)
- NXGN Management, LLC. (U.S.)
- UnitedHealth Group (U.S.)
- E Clinical Works (U.S.)
- Cerner Corporation (U.S.)
- All scripts Healthcare, LLC (U.S.)
- Health Catalyst (U.S.)
- Intersystem Corporation (U.S.)
- Epic Systems Corporation (U.S.)
- MEDITECH (U.S.)
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The Growth in this HIE Market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability.However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.According to the new market research report “Health Information Exchange (HIE) Market by Set Up Type (Public, Private), Implementation Model (Federated, Hybrid), Type (Pull, Push), Application (Web Portal, Secure Messaging), Solution (Portal, Platform Centric), End User – Global Forecast to 2025″, published by MarketsandMarkets™, the global Health Information Exchange Market is expected to reach 2.0 billion by 2025 from an estimated USD 1.1 billion in 2020 at a CAGR of 12.2% during the forecast period.COVID-19 Impact on the Health information exchange MarketThe COVID-19 pandemic has created technological shifts crucial to providing better care.
It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records.
These solutions allow a seamless exchange and interpretation of health-related data among healthcare organizations and patients for clinical decision-making and other applications.Browse in-depth TOC on “Health Information Exchange (HIE) Market”141 – Tables36 – Figures199 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249987292The health information exchange market includes Tier I and II vendors Epic Systems Corporation (US), Cerner Coporation (US), MEDITECH(US), and Intersystems Corporation (US) among others.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.The private HIE segment is expected to account for the largest share during the forecast periodBased on the setup type, the health information exchange market is segmented into public and private HIE.
The large share and high growth can be attributed to the various advantages it offers as compared to public HIEs, such as additional functionalities and strong technical support.The hybrid model is expected to grow at the highest rate during the forecast periodBased on the implementation model, the health information exchange market is segmented into centralized/consolidated model, federated/decentralized, hybrid models.
The large share and high growth can be attributed to the various advantages it offers as such as controlled flow of data and support to diverse communities, cost-effective database solution and is often the only choice for cost-constrained organizations.The directed exchange segment to account for the largest share during the forecast periodBased on the type, the health information exchange market is segmented into directed (push HIE), query-based (pull-HIE), consumer-mediated exchange solutions.
Industry Analysis of Health Information Exchange MarketThe research report on the global Health Information Exchange market provides a comprehensive outlook of the equipment and technological devices employed in the manufacturing of the Health Information Exchange market products.
From industry chain analysis to cost structure analysis, the report examines various factors of the industry, including production and end-use segments of the Health Information Exchange market.
Results of the latest scientific undertakings for the development of new Health Information Exchange products have also been considered.
Factors that can potentially influence the leading industry players to implement synthetic sourcing of market products have also been studied in this investigative report.
The inferences drawn in this study are valuable for any company operating in the industry.
This study assesses the current landscape of the ever-evolving business sector and the present and future effects of COVID-19 on the market.To look at the PDF Sample Report and get 30 minutes of a free consultation: @https://www.reportsanddata.com/sample-enquiry-form/1795In market segmentation by manufacturers, the report covers the following companies-GE, eClinicalWorks, Siemens AG, Orion Health, Medicity, IBM Corporation, CareEvolution, Cerner Corporation, RelayHealth Corporation, and Allscripts Healthcare Solutions, IncIn market segmentation by types, application, the report has analyzed the following - Application outlook (Revenue in USD Million; 2016–2026)Web Portal DevelopmentInternal InterfacingWorkflow ManagementOthersImplementation model outlook (Revenue in USD Million; 2016–2026)CentralizedDecentralizedHybridSolution type (Revenue in USD Million; 2016–2026)Portal-CentricPlatform-CentricMessaging-CentricExchange set up (Revenue in USD Million; 2016–2026)Private HIEPublic HIE Regional Health Information Exchange Market (Regional Output, Demand & Forecast by Countries): -North America (United States, Canada, Mexico)South America (Brazil, Argentina, Ecuador, Chile)Asia Pacific (China, Japan, India, Korea)Europe (Germany, UK, France, Italy)Middle East Africa (Egypt, Turkey, Saudi Arabia, Iran) and More.The varying scenarios across the global market have been examined in this study, providing an overview of how the Health Information Exchange products have established their place in this rapidly-evolving sector.
