Health Information Exchange Market by Set up type (Public and Private), by type (Directed Exchange, Query-Based Exchange, and Consumer Mediated Exchange), by Implementation model (Centralized, Hybrid and Decentralized), by solution type (Portal Centric, Platform centric, Clinical data management), by Application (Web Portal, Secure Messaging, Internal Interfacing and others) and by region (North America, Europe, Asia Pacific, Middle East & Africa and Latin America) is expected to reach US$ 2.4 Bn by 2026, at a CAGR of 10.24 % during a forecast period.
The increasing need for greater access to patient health information is a potent driver of the health information exchange market. Additionally, the increasing awareness pertaining to the health information exchange owing to the presence of government and non-profit organizations, such as Healthcare Information and Management Systems Society (HIMSS), is the major factor expected to drive the growth of the aforementioned industry over the forecast period. HIE refers to the electronic mobilization of healthcare information within defined geographical area to bring stakeholders together. The stakeholders include doctors, patient, pharmacists, nurses and labs. HIE enables speedy access and sharing of patient’s clinical data to the healthcare providers for providing effective, timely and efficient delivery of care to the patient.
Private HIE accounted for the largest share of the health information exchange market, by setup type, in 2017. Rising mandates for incentive programs for providers, government initiatives to improve the quality of care delivered to patients and restrict the rising cost of healthcare among providers, and growing need to improve the affordability and accessibility of healthcare services are some of the factors propelling the use of health information exchange solutions across the globe.
Based on type, Directed exchange gives health care providers the ability to electronically send and receive secure information such as such as laboratory orders and results, patient referrals, or discharge summaries to other health care providers involved in a patient’s care over the Internet via encrypted, secure, and reliable messaging.
The hybrid model segment accounted for the largest share of the global health information exchange market, by implementation model, in 2017. Among these implementation models, hybrid model is projected to be the potential market segment as it is a combination of both decentralized and centralized model. Hence, it consists of advantages of both the models.
By application, it is used in the fields such as web Portal Centric development, secure messaging, workflow management, interfacing internal application and, patient safety. Among these application, HIE is majorly used in web Portal Centric development owing to the increasing number of documents choosing for electronic medical records driven by the accessibility of portals to retrieve information on patients.
Geographically, the global health information exchange market is categorized into North America, Europe, Asia Pacific, Latin America and MEA. North America is estimated to hold the largest market share owing to presence of established companies, high adoption rate of technology and well established healthcare facilities. The Asia-Pacific region is anticipated to witness high growth in the healthcare information exchange market, due to the growing patient population, which demands improved information systems for the effective data management, as well as the increasing healthcare expenditure in Asia-Pacific countries, such as China and India.
Key players operating in the global health information exchange market are Allscripts Healthcare Solutions Inc., Relay Health Corporation, Cerner Corporation, EClinical Work, NextGen Healthcare Information Systems, LLC, Infor Inc., Optum Inc., Epic Corporation Inc., Orion Health, GE Healthcare, Siemens AG, IBM Corporation, Medicity Inc., Care Evolution Inc. Key players and manufactures are focusing on entering the new market by producing and launching technically advance and cost-effective Products in the market. Production capacity expansion, brand portfolio expansion, mergers, collaborations, joint ventures and acquisitions of innovative businesses is the key trend to foot hold and penetrate market.
Maximize market research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about global health information exchange market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for taking in materials strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the global health information exchange market. The driving forces, as well as considerable restraints, have been explained in depth. in addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain global health information exchange market positioning of competitors.
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