Health Information Exchange (HIE) Market: Global Industry Analysis and Forecast 2022-2029

Health Information Exchange (HIE) Market size was valued at US$ 29.45 Mn. in 2021 and the revenue is expected to grow at 10.7% through 2021 to 2029, reaching nearly US$ 66.43 Mn.
Health Information Exchange (HIE) Market Overview:
Doctors, nurses, pharmacists, other healthcare professionals, and patients can all access and communicate important a patient's important medical information through an electronic health information exchange (HIE), which enhances the effectiveness, quality, safety, and affordability of patient treatment. Despite the ubiquitous availability of online authentication data transfer, the majority of Americans' medical records are kept on paper—in filing systems at various medical offices or inboxes and folders at individuals' homes. When medical data is disseminated between providers, it is usually done via mail, fax, or—most likely—by patients themselves, who carry their records from sessions, meetings, or consultation. While electronic health information exchange cannot completely replace provider-patient communication, it can significantly improve the completeness of a patient's records (which can have a significant impact on care), as history, current medications, and other information are reviewed together during visits.

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Health Information Exchange (HIE) Market Dynamics:
The growing global population, as well as the rising number of chronic and acute disorders, are driving the growth of the health information exchange market. This is due to rising healthcare and medical costs, as well as increased usage of medical solutions such as EHRs and HCIT. The electronic transfer of healthcare-related information between clinical offices, health information associations (organizations that direct and regulate the interchange of this information), and government offices, as defined by public norms, is known as health information exchange (HIE).

Unindustrialized marketplaces including India, China, Brazil, and Mexico are likely to offer considerable development prospects for companies that provide health information exchange solutions. This is due to the growing amount of healthcare data and the increasing use of health IT solutions in these countries. According to the India Brand Equity Foundation, the country's healthcare sector has seen tremendous growth; by 2021, it is predicted to reach USD 280 billion, rising at a CAGR of 17%, with hospitals accounting for 71% of sales. The lack of suitable standards and government restrictions in emerging economies is predicted to present enormous potential for healthcare interoperability solution suppliers that are unable to match the norms of the United States and developed European countries like Germany and France. Further, due to a major lack of awareness, limited availability of interoperable solutions, a lack of IT infrastructure, and financial and social restraints, interoperability solutions in the healthcare market are still in the early stages in most of these growing countries. The rising population in these countries is likely to increase the volume of healthcare data in their healthcare systems. For market participants, this represents a significant growth opportunity.

Increased usage of automated technologies such as EHRs and medical claims processing, as well as a shift toward healthcare integration and health information exchanges (HIEs), have all contributed to the expansion of the healthcare privacy and security landscape. Because of this larger access, electronic patient data interchange offers greater reach and efficiency in healthcare delivery, but it also comes with greater data risk and liability. Large-scale patient data exchanges pose privacy and security problems, as well as an increased possibility of data breaches. Medical identity theft accounts for about one-third of all data breaches in healthcare, owing to a lack of internal control over patient information, outdated rules and procedures or non-adherence to existing ones, and insufficient personnel training.

Collaboration, Acquisitions, Product launches and Partnerships -

• E clinical works announced a collaboration with Humana Inc., a leading health and well-being company, Guide Well, the parent company of a family of forward-thinking healthcare companies, and Trusted Health Plan, a Medicaid and Alliance Benefits provider, in November 2019 to provide advanced reciprocal interconnectivity.

• Practice Fusion, a San Francisco-based electronic health records startup, was acquired by Allscripts in 2018. Allscripts' business with independent physicians was to be expanded as a result of the acquisition.

• In 2021, MEDITECH (US) and Steward Health Care signed an agreement under which the latter would adopt MEDITECH's EHR system in 18 locations across Arizona, Texas, Utah, Arkansas, and Louisiana. Steward's "One Platform" initiative, which aims to unite all 35 hospitals under a single HER, led to this decision.

• Change Healthcare launched its countrywide Clinical Data Retrieval Solution in 2021, a new cloud-based interoperability solution that allows payers to retrieve patient records from electronic health record (EHR) systems swiftly and conveniently.

• Epic Systems Corporation and Adena Health System joined in 2021 to integrate Epic's EHR across Adena's health system. With this collaboration, the Ohio State Wexner Medical Center will be able to exchange more patient data.
Health Information Exchange (HIE) Market Segment Analysis:
The Private Segment is dominating the Health Information Exchange (HIE) Market:

The private setup category accounted for a greater part of the market in 2021 and is predicted to grow at a faster rate over the forecast period. Private health information exchanges (HIEs) have emerged as a viable alternative to public model exchanges in recent years. Due to private healthcare information providers and a high level of physician engagement, private models have seen tremendous development in the marketplace. This segment's market expansion is expected to be driven by such benefits.

The web portal development segment is considered to supplement the growth of the Health Information Exchange (HIE) Market:

In 2021, the web portal development category held a sizable market share. A portal is a web-based platform that collects data from a variety of sources into a single user interface and presents it to users in the most appropriate way possible for their circumstance. Simple web portals have grown into portal platforms that serve digital customer experience objectives as time has passed.

During the projection period, internal interfacing is expected to increase at a CAGR of 7.81 %. This is due to the growing desire to streamline operations and cut healthcare expenses by preventing drug errors. Secure messaging aids in the adoption of Stage 2 (electronic transactions), which is referred to as the critical transit method for clinical data sharing.

The healthcare provider segment is gaining more attention in the Health Information Exchange (HIE) Market:

A health care provider is a registered individual or a health facility company that provides health care diagnosis and treatment services such as medication, surgery, and medical gadgets. Health care providers are frequently compensated for their services by health insurance companies. Moreover, benefits provided by healthcare providers such as reduced emergency dept visits, reduce hospitalization, reduced inappropriate healthcare interventions, reduced duplication of services, and increase affordability. Hence, these benefits are likely to drive the growth of the market in the forecast period.
Health Information Exchange (HIE) Market Regional Insights:
Due to the expanding numbers of accountable care companies in the United States and Canada, and Mexico, North America accounts for 47.3 % of the Health Information Exchange market share in 2019. Supportive settlement policies and the growing use of Health Information Exchange are only a few of the reasons behind North America's dominant position. however, Asia-Pacific is expected to be the fastest-growing region. The rising population base increased awareness among healthcare practitioners about healthcare information exchange systems, and numerous government efforts are factors propelling the growth of the Electronic Health Record market in this region. Also growing industrialization in developing countries is likely to fuel the growth of regional market.

The objective of the report is to present a comprehensive analysis of the Health Information Exchange (HIE) Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Health Information Exchange (HIE) Market dynamics, structure by analyzing the market segments and projecting the Health Information Exchange (HIE) Market size. Clear representation of competitive analysis of key players by Technology, price, financial position, Technology portfolio, growth strategies, and regional presence in the Health Information Exchange (HIE) Market make the report investor’s guide
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Global Health Information Exchange(HIE)Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 29.45 Mn.


Forecast Period 2022 to 2029 CAGR:
10.7%
Market Size in 2029:
US $ 66.47 Mn.


 Segments Covered:
by Set-up
• Private
• Public


by Type
• Query Based
•Direct
• Consumer Mediated


by Application
• Hybrid
• Centralized
• Decentralized


by End-User
• Web Portal Development
• Internal Interfacing
•Workflow Management
•Other Applications


by Vertical
• Healthcare Providers
• Healthcare Payers
• Pharmacies



Health Information Exchange (HIE) Market, by Region
• North America
o US
o Canada
o Mexico
• Europe
o U.K
o France
o Germany
o Italy
o Spain
o Sweden
o CIS Countries
o Rest of Europe
• Asia Pacific
o China
o India
o Japan
o South Korea
o Australia
o ASEAN
o Rest of Asia Pacific
• Middle East and Africa
o South Africa
o GCC Countries
o Egypt
o Nigeria
o Rest of ME&A
• South America
o Brazil
o Argentina
o Rest of South America
Health Information Exchange (HIE) Market Key Players
• eClinicalWorks
• Allscripts Healthcare, LLC
• General Electric Company
• Cerner Corporation
• Orion Health group of companies
• Health Catalyst, Inc.
• Nextgen Healthcare Information System, LLC
• McKesson Corporation
• Optum, Inc.
• Oracle Corporation
• Epic Systems Corporation (US)
• Cerner Corporation (US)
• Health Catalyst (US)
• Intersystems Corporation (US)
• MEDITECH (US)

FAQs:

1. What is the Health Information Exchange (HIE) Market value in 2021?
Ans: The Health Information Exchange (HIE) Market value in 2021, was 29.45 Million USD.

2. Which Implementation segment is dominating the Health Information Exchange (HIE) Market?
Ans: In 2021, the hybrid segment held the substantial market share. Moreover, the same segment is anticipated to register the highest CAGR during the forecast period.

3. Which regional segment is expected to dominate the market during the forecast period?
Ans: Due to the expanding numbers of accountable care companies in the United States and Canada, North America accounts for 47.3 % of the Health Information Exchange market share in 2019.

4. What are the factors driving the Health Information Exchange (HIE) market?
Ans: Growth in this 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.

5. What are the key players of the Health Information Exchange (HIE) market?
Ans: Epic Systems Corporation (US), Cerner Corporation (US), Health Catalyst (US), Intersystems Corporation (US), MEDITECH (US). are some of the leading players of the health information exchange market.