Health Information Exchange Market Size, Share, Trends, Growth and Forecast 2028

Market Overview

The Global Health Information Exchange Market accounted for USD 1.23 Billion in 2020 and is expected to reach USD 3.42 Billion by 2028, growing at a CAGR of 13.6% from 2020 to 2028.

Health information exchange technology is being designed to facilitate the dissemination and sharing of data between providers, as well as the sharing of health information records among providers in different geographic regions of the world. The Nationwide Health Information Exchange Network will facilitate data sharing among providers and health systems via health information exchange. HIMSS is deeply involved in the creation of health information exchanges, and it also offers a variety of tools and statistical services for health information exchange practitioners around the world.

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COVID-19 Impact Analysis

The COVID-19 pandemic has a wide range of consequences for the healthcare industry. To avoid the transmission of the epidemic, government-imposed restrictions on travel and a social distancing policy are in place. The epidemic infected a large number of people around the world, resulting in a growing patient pool. The hospital and clinics eventually ran into problems treating such a large number of patients and keeping track of their medical history.

Furthermore, the decline in medical and nursing personnel put a significant strain on physicians, nurses, and other healthcare professionals. During this pandemic, HIE allowed the compilation and standardisation of all public health records, making them readily accessible to physicians. As a result, the COVID-19 pandemic has provided a significant gap for the global health knowledge sharing industry, which is projected to expand rapidly.

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Growth Factors

One of the major growth drivers for the Global Health Information Exchange Market is rising awareness about healthcare information exchange system. Health information exchange facilitates high-speed access to exchange medical clinical records with hospitals and doctors, allowing for fast, reliable, and successful patient recovery. Sharing patient data on a regular basis aids in making informed decisions at the point of treatment, reduces duplicate tests and improves diagnosis rates, and prevents readmissions and prescription errors. Clinical data from a variety of providers, public health data, and expense and activity data from a variety of providers and payers are also used in the health information exchange.

Another factor for the growth of this market is reducing the costs that is associated with the maintenance of health records in hard copy. The technology provides excellent patient care while reducing costs associated with manual processes such as shipping patient notes, copying documents, and the time and effort required to retrieve patient files. Furthermore, according to a study published by the National Center for Biotechnology Information, retrieving data from electronic health records is much quicker and simpler than obtaining traditional hard copy records. Throughout the forthcoming years, this is supposed to boost demand for HIE industry. 

Health Information Exchange Market: Report Scope:

Solution Segment Analysis Preview

The portal-centric portion of the total health information sharing industry had the largest share of the market based on solution form. The growing number of online portal developments allowing improved and easy access to healthcare information can be credited for the high share. During the forecast era, platform-centric is projected to rise at a CAGR of over 6.0 percent. The core drivers that are supposed to provide the growth platform for this segment are government policies such as the Health Information Technology for Economic and Clinical Health Act (HITECH), which focuses on patient participation.

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Application Segment Analysis Preview

The web portal creation segment, which holds the largest share of over 37 % in 2020, is the HIE's most popular application. This is due to the improved visibility of patient health data, which can be accessed through patient portals. For example, Allscripts Healthcare Solutions, Inc.'s FollowMyHealth allows patients to connect with doctors and learn useful information about their health conditions. Internal interfacing is predicted to expand rapidly over the

Region Segment Analysis Preview

The Global Health Information Exchange Market is divided into five regions, North America, Europe, Asia Pacific, Latin America and Middle East Africa . North America has the highest CAGR of the health information sharing industry, accounting for more than 14.0 %. Its leading role in the regional market is due to high visibility of HIE systems, ongoing government initiatives, the involvement of non-profit organisations, and the presence of influential players domiciled in this field, such as Medicity, Inc. and IBM Corporation.

The Asia Pacific region is expected to witness significant growth in the upcoming years. It is due to the increasing number of patients, which requires better information systems for effective data management and the rising expenditure in healthcare sector in the countries like India and China.

Key Market Players and Competitive Landscape

Some of the key players in the Global Health Information Exchange Market include-

• GE Healthcare
• IBM Corporation
• Siemens AG
• Orion Health
• Allscripts Healthcare Solutions
• Medicity
• CareEvolution
• Cerner Corporation
• eClinicalWorks
• RelayHealth Corporation

These key players have adopted various strategies such as product portfolio expansion, mergers & acquisitions, agreements, geographical expansion, and collaborations to enhance their health information exchange system.

The market is fiercely competitive, and players are pursuing long-term plans such as new product releases, corporate alliances, mergers and acquisitions, and technical advancements. For example, in February 2016, Orion Health announced a strategic partnership with Cognizant, allowing the latter to leverage Orion Health's open data platform Amadeus, resulting in a product portfolio expansion.

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The Global Health Information Exchange Market is segmented as follows:-

Setup

• Private
• Public

Implementation Model

• Centralized
• Decentralized
• Hybrid

Solution

• Portal-centric
• Platform-centric
• Messaging-centric
• Others

Application

• Web Portal Development
• Internal Interfacing
• Workflow Management
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa