Market Research Report
Health Information Exchange (HIE) Market Forecasts to 2028 - Global Analysis By Type (Directed, Query-Based), Product (Electronic, Non-Electronic), Application (Internal Interfacing, Secure), End User (Pharmacies) and By Geography
|Health Information Exchange (HIE) Market Forecasts to 2028 - Global Analysis By Type (Directed, Query-Based), Product (Electronic, Non-Electronic), Application (Internal Interfacing, Secure), End User (Pharmacies) and By Geography|
Published: January 1, 2022
Stratistics Market Research Consulting
Content info: 200+ Pages
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According to Stratistics MRC, the Global Health Information Exchange (HIE) Market is accounted for $1.24 billion in 2021 and is expected to reach $3.24 billion by 2028 growing at a CAGR of 14.7% during the forecast period. 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.
Government support for the adoption of EMR solutions
EHRs form a central component of healthcare IT as they enable the easy exchange of healthcare information and communication among all stakeholders in hospitals. The adoption of EMR solutions also helps deliver better health outcomes in terms of healthcare access, quality, affordability, and lowering the disease burden. Owing to the benefits of using EMR, governments across several countries are undertaking initiatives to promote the adoption of EMR solutions.
Need for significant investments in infrastructure development
Hospitals need to make significant investments in infrastructure development, such as increasing their data storage and processing capabilities, to successfully implement EHR solutions. Investments in the development of such infrastructure become difficult for the already strained financial resources of healthcare providers. In addition to investments in infrastructure, additional charges are incurred for the procurement of EMR solutions, maintenance, training, and conversion of paper records to electronic records.
Data privacy concerns
Health information exchange solutions have several useful applications in healthcare. However, the adoption of these solutions is restricted to an extent owing to data security and privacy concerns. Patient health data is protected under federal laws in many countries, and any breaches or failure to maintain its integrity can result in legal and financial penalties. Patient data contains personal, private, or confidential information and requires strict safeguarding to prevent its misuse. Since the interoperable solutions used for patient care require access to multiple health data sets, these solutions need to adhere to all the data security protocols implemented by governments and regulatory authorities.
High cost of deployment
Indirect costs are also incurred, such as revenue losses due to the temporary loss of patient data. These are the major barriers to the adoption of EMR solutions, mainly in small and medium-sized hospitals, which could potentially restrict the growth of the health information exchange market.
The hybrid models segment is expected to be the largest during the forecast period
The hybrid model segment is expected to have the largest share during the forecast period due to the increasing patient care changes and improving the quality of operational efficiency. The hybrid model system proved flexible, which is essential to handle extensive data. The hybrid model increases data analysis capability and provides ample data storage, which helps the market grow tremendously.
The web portal development segment is expected to have the highest CAGR during the forecast period
The radar sensors segment is growing at the highest CAGR in the market during the forecast period due to factors such as the increase in the accessibility of the information through the patient web portal is more, and it enables the information of the treatment and provides insight.
Region with highest share:
North America is projected to hold the largest market share due to the increasing adoption of EHR, favorable reimbursement policies, and substantial stakeholders of the worldwide healthcare information exchange market.
Region with highest CAGR:
The Asia Pacific is projected to have the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the increasing prevalence of chronic diseases, government initiatives to support healthcare interoperability, improving healthcare infrastructure, and the growing demand from key markets such as Japan, China, and India.
Key players in the market:
Some of the key players profiled in the Health Information Exchange (HIE) Market include Allscripts Healthcare, LLC, Cerner Corporation, eClinicalWorks, Epic Systems Corporation, General Electric Company, Great Lakes Health Connect, Health Catalyst, CORHIO, Health Level Seven (HL7) International, Integrated Health Information Systems (IHiS), Intersystems Corporation, McKesson Corporation, Meditech, Nextgen Healthcare Information System, LLC, Optum, Inc., Oracle Corporation, Orion Health Group Limited, San Diego Health Connect, The Health Collaborative, and ZorgNetOost.
In October 2021: MEDITECH entered into an agreement with Steward Health Care, wherein the latter implemented MEDITECH's EHR system in 18 sites located across Arizona, Texas, Utah, Arkansas, and Louisiana. This decision was a part of Steward's "One Platform" strategy to bring all 35 hospitals under a single HER.
In October 2020: Health Catalyst entered into a multi-year strategic partnership with Middle East Healthcare Company. Under this partnership; six Saudi-German Hospitals in the Kingdom of Saudi Arabia (KSA) will have access to Health Catalyst's DOS technology.
In July 2019: Cerner Corporation collaborated with Amazon Web Services, Inc. Under this collaboration agreement; Cerner Corporation named AWS its preferred cloud provider. The agreement also focuses on accelerating Artificial Intelligence (AI), Machine Learning (ML), and other cutting-edge innovations in healthcare.
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Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.