Market Research Report
Health Information Exchange Market with COVID-19 Impact Analysis, By Setup Type, By Implementation Model, By Exchange Type, By Application, and By Region - Size, Share, & Forecast from 2021-2027
|Health Information Exchange Market with COVID-19 Impact Analysis, By Setup Type, By Implementation Model, By Exchange Type, By Application, and By Region - Size, Share, & Forecast from 2021-2027|
Published: February 1, 2022
AnalystView Market Insights
Content info: 286 Pages
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The global Health Information Exchange market was valued at USD 1,500.6 million in 2020, growing with 10.3% CAGR during the forecast period, 2021-2027.
Health information exchange (HIE) is the system of using and mobilizing health care information digitally throughout a community, organizations, the health care sector, and public health.
The increasing emphasis on healthcare cost optimization is expected to propel the growth of the market during the forecast period. The concept of electronic health information exchange (HIE) performs an essential function of efficient access and exchange of patients' health information through enhancing the quality, speed, safety, and cost of patient care. The electronic sharing of health data amongst clinicians and physicians avoids unnecessary paper and reports dealing with cost. Moreover, HIE can enhance the completeness of the patient's records, because the history, ongoing medications, and other health information of a patient are concurrently reviewed throughout visits. Further, timely sharing of patient information permits better decision-making and avoids readmissions, medication errors, and the cost of re-testing.
The speedy growth of health information technology has caused the increase in the exchange of patient medical information via Electronic Health Records (EHRs). The systems can gather patient information in addition to the share the information with other healthcare experts involved in the patient's care. The governments, healthcare authorities, and market players are actively helping the adoption of EHR systems to streamline the procedure of healthcare activities. Moreover, the systems allow proper data gathering and exchange, allowing healthcare professionals to enhance the quality of the treatment.
Based on region, the global Health Information Exchange market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to dominate the Health Information Exchange market during the forecast period. The growth in the region is attributed to the well-established healthcare infrastructure, high adoption of healthcare information systems, and the rising number of organized healthcare systems. Besides, The Asia-Pacific region is projected to grow at the highest CAGR during the forecast period. The countries like India, China, Japan, and Australia are driving this region to economic prosperity. The important area of concern for this region is the proper healthcare for the growing population. With more modern hospitals and pharmacies established in this region, there might be plenty of data approximately a patient in the market. This is where the correct evaluation of all that information will be crucial. Thus, driving the growth of the market in the region.
Based on setup type, the Health Information Exchange market is segmented into public and private. The private segment accounted for the largest market share in 2020 and is expected to hold the major market share 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 promising growth in the marketplace owing to the private healthcare information providers and the high level of physician engagement. Such benefits are estimated to drive the market growth for this segment.
Based on application, the Health Information Exchange market is segmented into Web Portal Development, Workflow Management, Secure Messaging, Internal Interfacing, and Others. Internal interfacing is expected to grow at the highest CAGR during the forecast period. The growth in the segment is attributed to the increasing need of streamlining workflow and reduce healthcare costs by eliminating medication errors.
The key player adopted various strategies to sustain in the market such as merger & acquisition, consolidation, investment, partnership, product launch, and divestment. Recently, In October 2020, Health Catalyst (US) entered into a multi-year strategic partnership with the Middle East Healthcare Company (MEAHCO) (Saudi Arabia). Under this partnership, six Saudi-German Hospitals in the Kingdom of Saudi Arabia (KSA) will have access to Health Catalyst's DOS technology. Moreover, MEDITECH (US) collaborate with Steward Health Care in October 2021. Under this agreement, Steward Health implemented MEDITECH's EHR system in 18 sites located across Texas, Arizona, Arkansas, Utah, and Louisiana. The aim was to implement Steward's "One Platform" strategy to bring all 35 hospitals under a single HER.
Key features of the study:
This proposed research study on the Health Information Exchange market provides market size (US$ million), compound annual growth rate (CAGR %) and forecast estimation (2021-2027), considering 2020 as the base year
The research report elucidates potential growth opportunities across different segments/countries and explains an attractive investment proposition matrix for the Health Information Exchange market
The overall report identifies new investment opportunities, challenges faced by established players, and growth factors to sustain in the Health Information Exchange market
The impact of COVID-19 on Health Information Exchange market size, forecast, CAGR, and market dynamics are discussed in detail under the research scope. Detailed insight on the Health Information Exchange market post-COVID will also be covered.
In order to give the users of this report a comprehensive view of the Health Information Exchange market, we have also included a competitive landscape and key innovator analysis for the Health Information Exchange market.
The study encompasses a growth prospect mapping analysis, wherein all the industry segments are benchmarked based on their market size, growth rate and attractiveness.
The report offers detailed company profiling featuring major market participants which will help users to understand their financial information and strategic initiatives of players operating in the Health Information Exchange market.
In addition, the report also unveils the important acquisitions & mergers, collaborations & joint ventures, new launches, research & development, regional expansion of major participants involved in the market on a global as well as regional level.
The global Health Information Exchange market report primarily caters to various stakeholders in this industry including suppliers, investors, new entrants, distributors, and financial analysts
SCOPE OF THE REPORT
The scope of this report covers the market by its major segments, which include as follows:
GLOBAL HEALTH INFORMATION EXCHANGE MARKET KEY PLAYERS
Allscripts Healthcare, LLC
Open Text Corporation
Conifer Health Solutions, LLC
Epic Systems Corporation
NXGN Management, LLC
Medical Information Technology, Inc.
GLOBAL HEALTH INFORMATION EXCHANGE MARKET, BY SETUP TYPE
GLOBAL HEALTH INFORMATION EXCHANGE MARKET, BY IMPLEMENTATION MODEL
GLOBAL HEALTH INFORMATION EXCHANGE MARKET, BY EXCHANGE TYPE
GLOBAL HEALTH INFORMATION EXCHANGE MARKET, BY APPLICATION
Web Portal Development
GLOBAL HEALTH INFORMATION EXCHANGE MARKET, BY REGION
Rest of Europe
Rest of APAC
Rest of LATAM
The Middle East and Africa
United Arab Emirates
Rest of MEA