The global health information exchange (HIE) market size was valued at USD 1.15 Billion in 2022 and is likely to reach USD 3.45 Billion by 2031, expanding at a CAGR of 15.75% during the forecast period, 2023–2031.
The market growth is fueled by the requirement for comprehensive systems with enhanced interoperability to access the digital versions of medical records of patients among healthcare professionals.
Health information exchange (HIE) systems help doctors, support staff, and caretakers in storing, accessing, and sharing patients’ essential information digitally to improve the speed, safety, quality, and cost-efficiency of patient care. The health information exchange solutions assist healthcare professionals by providing actionable insights about patient data to avoid medication errors, readmissions, and duplicate testing.
HIE enables healthcare professionals to access and share clinical information about the patient such as medication history, test results, allergies, and associated health complications. The Health Information Technology for Economic and Clinical Health (HITECH) Act was enacted in the U.S. in 2009 to promote health information exchange in the healthcare sector.
As per the government electronic health information exchange report released in April 2023, the U.S. federal government provided USD 2.4 billion in 2021, to states to facilitate technological advancements in health information exchange systems.
The market report finds that the COVID-19 pandemic has accelerated the growth of the market due to the adoption of HIE services by the medical community to collect and share patient data for improving patient care regimens. Healthcare professionals obtain and share patient data with each other to devise an effective strategy for providing proper medication, therapies, and guidance to patients.
Health Information Exchange (HIE) Market Dynamics
Major Drivers
Rising adoption of electronic health records (EHR) in the healthcare community is expected to drive the market. EHR is gaining popularity as it enables healthcare professionals to access patients’ records for coordinated and efficient care. EHR is an integral aspect of health information exchange solutions that provide up-to-date, accurate, and complete information about the medical status of the patient through connected healthcare systems.
Growing popularity of population health management in the healthcare sector for enhancing operational efficiency and cost-optimization of healthcare operations is anticipated to drive the market. The HIE system aids scientists and clinicians obtain health-related data about a specific group of people to analyze trends and patterns that are essential to improve the overall health of the respective population.
Existing Restraints
The high cost of investments for supportive infrastructural development and rising privacy and data security concerns is likely to hinder the market. The initial investment required for the infrastructure setup for HIE is high due to the requirement of hardware, software systems, and manpower. The patient data is prone to cyberattacks by hackers and phishers. Additional security layers are implemented to enhance the protection of the data.
Emerging Opportunities
The rising adoption of cloud-based HIE systems is expected to create significant opportunities for the market. Healthcare providers are adopting cloud-based HIE solutions and the Internet of Things in healthcare for enhanced cost-efficiency, flexibility, and scalability.
Healthcare professionals can access the healthcare data of patients from anywhere and hardware requirement is low in cloud-based HIE systems as all the processes are administered through centralized servers. These factors provide convenience and flexibility to healthcare professionals in managing patient care and offering personalized services.
The research initiatives adopted by industry players to develop interoperability standards that facilitate the exchange of information through various platforms and environments are likely to create significant opportunities for the market. Different healthcare organizations are adopting various operating systems, sets of hardware, and protocols to exchange information through electronic mediums.
Scope of Health Information Exchange (HIE) Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Health Information Exchange (HIE) Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Setup (Public and Private), Implementation Model (Hybrid, Centralized, and Decentralized), Solution (Platform Centric, Portal Centric, Messaging Centric, and Others), and Application (Internal Interfacing, Web Portal Development, Secure Messaging, Workflow Management, and Others)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast
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Key Players Covered in the Report
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GE HealthCare; Siemens; IBM; Orion Health group of companies; eClinicalWorks; CareEvolution®, LLC.; Oracle; MCKESSON CORPORATION; Epic Systems Corporation; Medical Information Technology, Inc.; Athenahealth, Inc.; Koninklijke Philips N.V.; and NXGN Management, LLC.
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Health Information Exchange (HIE) Market Segment Insights
Setup Segment Analysis
Based on the setup, the health information exchange (HIE) market is bifurcated into public and private. The private segment is expected to expand at a significant growth rate during the projection period owing to the rising adoption of HIE solutions by private healthcare institutions to improve operational efficiency and cost-effectiveness of healthcare modules to exchange information within an organization. Healthcare professionals rely on HIE systems to exchange information with each other to provide customized patient care to individuals.
The public segment is anticipated to hold a key share of the market in the coming years due to the enhanced functionality provided by HIE solutions to exchange information between different organizations. The technological advancements in the HIE systems domain enable healthcare workers to send, receive and retrieve patient information across various platforms and operating systems on a public network.
Implementation Model Segment Analysis
Implementation Model Segment Analysis
On the basis of the implementation model, the global market is segregated into hybrid, centralized, and decentralized. The hybrid segment is projected to register a considerable CAGR during the forecast period due to enhanced data storage capacity and cost-efficiency provided by the hybrid model. The hybrid model comprises decentralized and centralized models of data storage that helps healthcare workers to store and retrieve huge amount of patient data across various environments.
- For instance, Change Healthcare, a healthcare technology company introduced its nationwide Clinical Data Retrieval Solution that allows users to retrieve patient information from electronic health records (EHR) systems available across various platforms easily.
The centralized segment is expected to hold a key share of the market during the forecast period due to the enhanced accessibility of data provided by the centralized HIE systems. The patient data is stored on the centralized servers and healthcare staff retrieves the data whenever required.
For instance, Steward Health Care collaborated with MEDITECH (U.S.) to connect EHR systems at 18 locations across Texas, Utah, Arizona, Arkansas, and Louisiana. This “One Platform” initiative is aimed at uniting 35 hospitals under a single EHR system.
Solution Segment Analysis
Based on the solution, the health information exchange (HIE) market is segmented into platform centric, portal centric, messaging centric, and others. The portal centric segment is expected to register a robust growth rate during the forecast period owing to the enhanced accessibility to the patient data provided by portal-centric platforms through web portals.
The portal centric HIE platforms facilitate the exchange of patient information through dedicated patient portals with better connectivity and functionality through web-based services.
- The digital health initiatives implemented by various players are helping patients to access the digital services offered by healthcare providers as the number of internet users is increasing worldwide. As of April 2023, 64.6% of the global population had access to the Internet which signifies the fact that more patients can access portal-centric platforms.
The messaging centric segment is expected to expand at a considerable CAGR in the market during the forecast period due to the minimal requirement of hardware and cost-effectivity of the messaging-centric systems. In messaging-centric HIE systems, healthcare professionals access patient information through electronic messaging.
Application Segment Analysis
On the basis of application, the health information exchange (HIE) market is segmented into internal interfacing, web portal development, secure messaging, workflow management, and others. The web portal development segment is expected to register a robust growth rate during the forecast period owing to improved accessibility to the health records of the patients and feature-rich applications provided on the web portals.
Web portals offer patients access to health history, medication records, and real-time communication with the doctors and paramedical staff through remote patient monitoring systems.
- According to a recent survey, 60-67% of patient care delivery and remote patient monitoring services are likely to be delivered through digital modes by the year 2033. Most of these services will be accessed through web portals as the number of internet users is growing globally. These factors drive the growth of the web portal segment significantly.
Workflow management is a rapidly growing segment during the forecast period due to streamlined value delivery, patient care, and efficiency provided by workflow management services. The healthcare sector across the world is under an immense burden due to a shortage of healthcare staff and a rising population. The HIE system helps healthcare professionals to organize healthcare operations in such a way that they can reach out to a maximum number of patients.
Regional Analysis
In terms of region, the global health information exchange (HIE) market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to dominate the market during the projection period owing to the rising adaption of digital technologies in the healthcare sector.
The healthcare organizations in the region offer virtual patient care programs to patients through HIE systems. Healthcare professionals streamline clinical workflow by organizing the resources as per the requirement of the patients by accessing the data provided by HIE systems. The market size of health information exchange in North America is likely to reach USD 1,048 Million by the year 2024.
The market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period owing to supportive government policies and budgetary provisions for promoting HIE systems in the healthcare ecosystem. The governments in emerging economies such as China, India, and Japan are taking initiatives to allocate funds and devise policies that are instrumental in building a modern and efficient healthcare infrastructure in the region.
The compliance and regulatory hindrances related to the manufacturing and implementation of HIE systems are reduced to a significant level to provide convenience for healthcare professionals.
Segments
The health information exchange (HIE) market has been segmented on the basis of
Setup
Implementation Model
- Hybrid
- Centralized
- Decentralized
Solution
- Platform Centric
- Portal Centric
- Messaging Centric
- Others
Application
- Internal Interfacing
- Web Portal Development
- Secure Messaging
- Workflow Management
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- GE HealthCare
- Siemens
- IBM
- Orion Health group of companies
- eClinicalWorks
- CareEvolution®, LLC.
- Oracle
- MCKESSON CORPORATION
- Epic Systems Corporation
- Medical Information Technology, Inc.
- Athenahealth, Inc.
- Koninklijke Philips N.V.
- NXGN Management, LLC.
Competitive Landscape
Key players competing in the global health information exchange (HIE) market are GE HealthCare; Siemens; IBM; Orion Health group of companies; eClinicalWorks; CareEvolution®, LLC.; Oracle; MCKESSON CORPORATION; Epic Systems Corporation; Medical Information Technology, Inc.; Athenahealth, Inc.; Koninklijke Philips N.V.; and NXGN Management, LLC.These companies adopted several development strategies including providing upgradation of systems, features, and accessories while introducing new product ranges to fulfill the demands of the healthcare community in building high-end healthcare information exchange systems.Additionally, these market players are engaged in mergers, acquisitions, partnerships, collaboration, product launches, and product diversification to lead the market position. For instance,
- On April 19, 2023, eClinicalWorks, a cloud-based software vendor announced the integration of ChatGPT and Artificial Intelligence (AI) models into its practice management solutions and EMR systems. The alliance is likely to facilitate enhanced safety, security, and utility for electronic health records and health information exchange operations.
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