Global Health Information Exchange Market Size Revenue Is Forecast to Grow $3.42 Billion by 2028, Rising at 13.6% CAGR

Houston, TX, Feb. 07, 2023 (GLOBE NEWSWIRE) -- According to Zion Market Research has published a new research report titled “Global Health Information Exchange Market Analysis By Setup (Private And Public), By Implementation Model (Centralized, Decentralized And Hybrid), By Solution (Portal-Centric, Platform-Centric, Messaging-Centric And Others), By Application (Web Portal Development, Internal Interfacing, Workflow Management And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” in its research database.

“According to the latest research study, the demand of global Health Information Exchange Market size & share in terms of revenue was valued at USD 1.23 Billion in 2020 and it is expected to surpass around USD 3.42 billion mark by 2028, growing at a compound annual growth rate (CAGR) of approximately 13.6% during the forecast period 2021 to 2028.”

What is Health Information Exchange? How big is the Health Information Exchange Industry?

The term "Global Health Information Exchange" (HIE) refers to the process by which healthcare providers and organizations, such as hospitals, clinics, and other care providers, share electronic versions of their patients' medical records with one another. The primary objective of an HIE is to give medical professionals access to a patient's comprehensive medical history in order to enhance both the quality of patient care and the efficiency with which it is delivered.

Health Information Exchange Report Coverage & Overview:

The Global Health Information Exchange (HIE) market is driven by the need to improve the quality and efficiency of patient care by providing healthcare providers with access to complete medical history. HIE technologies include EHR systems, health information exchange networks, and clinical data exchange platforms for secure and efficient sharing of patient data. The increasing demand for cost-effective healthcare and advancements in technology are driving growth in the HIE market, but privacy and security concerns, lack of standardization, and resistance to change are challenges faced.

HIE can be accomplished through a variety of methods, including health information exchange networks, clinical data sharing platforms, and electronic health record (EHR) systems. These technologies make it possible for healthcare practitioners to share patient information in a way that is both secure and efficient. Examples of such information include medical records, laboratory findings, imaging tests, and medication lists.

The development of new technologies, combined with a rising desire for interoperability and care that is focused on the patient, as well as an increasing demand for cost-effective and efficient healthcare, are all factors that are driving the expansion of the worldwide HIE market. However, there are a number of hurdles that the market must overcome, including opposition to change, concerns about privacy and security, and a lack of standardization.

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Global Health Information Exchange Market: Growth Dynamics

Rising awareness about healthcare information exchange system, reducing the costs that is associated with the maintenance of health records in hard copy are some of the key factors fuelling the growth of the global healthcare information exchange program market. Furthermore, HIE plays a vital role in minimizing medical and medication errors thereby enhancing the safety & quality of patient care, eliminates needless paperwork, provide easy deployment of healthcare services & developing technologies, and enables the caregivers to give treatment & care effectively by providing clinical decision supporting tools.

Owing to all these benefits of HIE, most healthcare providers are adopting the technology of HIE thereby boosting the growth of the global health information exchange market. However, increasing connectivity among the healthcare providers and the rising digitalization may drive the growth of the global healthcare information exchange market during the forecast period.

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Report Scope

Health Information Exchange Market: Segmentation Analysis

The Global Health Information Exchange (HIE) market can be segmented based on the following criteria:

Setup: The market can be segmented into private and public HIE. Private HIE refers to the exchange of information within a single organization, while public HIE refers to the exchange of information between different organizations.

Implementation Model: The market can be segmented into centralized, decentralized, and hybrid HIE. Centralized HIE refers to a system where all data is stored in a single location and can be accessed from any location, while decentralized HIE refers to a system where data is stored in multiple locations and can be accessed only by authorized personnel. Hybrid HIE is a combination of both centralized and decentralized HIE.

Solution: The market can be segmented into portal-centric, platform-centric, messaging-centric, and others. Portal-centric HIE refers to a system where information is accessed through a web portal, while platform-centric HIE refers to a system where information is accessed through a platform that integrates with other healthcare IT systems. Messaging-centric HIE refers to a system where information is exchanged through electronic messages.

Application: The market can be segmented into web portal development, internal interfacing, workflow management, and others. Web portal development refers to the development of a web portal for accessing and exchanging information, while internal interfacing refers to the integration of HIE systems with internal systems such as EHRs. Workflow management refers to the management of clinical workflows through HIE systems.

Read Related Report @ Hospital Acquired Infections Therapeutic Market

The global Health Information Exchange market is segmented as follows:

By Setup

• Private
• Public

By Implementation Model

• Centralized
• Decentralized
• Hybrid

By Solution

• Portal-centric
• Platform-centric
• Messaging-centric
• Others

By Application

• Web Portal Development
• Internal Interfacing
• Workflow Management
• Others

Browse the full “Global Health Information Exchange Market Analysis By Setup (Private And Public), By Implementation Model (Centralized, Decentralized And Hybrid), By Solution (Portal-Centric, Platform-Centric, Messaging-Centric And Others), By Application (Web Portal Development, Internal Interfacing, Workflow Management And Others): Global Industry Perspective, Comprehensive Analysis, And Forecast, 2020 – 2028” Report at https://www.zionmarketresearch.com/report/healthcare-information-exchange-market

Competitive Landscape

Some of the main competitors dominating the global Health Information Exchange market include - 

• GE Healthcare
• IBM Corporation
• Siemens AG
• Orion Health Inc
• Medicity Inc
• CareEvolution Inc
• eClinicalWorks
• RelayHealth Corporation
• Cerner Corporation
• Epic Systems Corporation
• McKesson Corporation
• Allscripts Healthcare Solutions Inc
• Meditech
• Philips Healthcare
• Athenahealth Inc
• eClinicalWorks
• NextGen Healthcare

Key Insights from Primary Research:

• According to the analysis shared by our research forecaster, the Health Information Exchange market is likely to expand at a CAGR of around 13.6% during the forecast period (2021-2028).
• In terms of revenue, the Health Information Exchange market size was valued at around US$ 1.23 Billion in 2020 and is projected to reach US$ 3.42 billion by 2028.
• Based on Solution, Portal-centric HIE uses a web portal to access information, while platform-centric HIE connects with other healthcare IT systems.
• Web portal development involves creating a web gateway for accessing and exchanging information, whereas internal interfacing involves integrating HIE systems with internal systems like EHRs.
• The Health Information Exchange Market is anticipated to be led by North America.

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Key questions answered in this report:

• What is the market size and growth rate forecast for Health Information Exchange industry?
• What are the main driving factors propelling the Health Information Exchange Market forward?
• What are the leading companies in the Health Information Exchange Industry?
• What segments does the Health Information Exchange Market cover?
• How can I receive a free copy of the Health Information Exchange Market sample report and company profiles?

Key Offerings:

• Market Size & Forecast by Revenue | 2021−2028
• Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
• Market Segmentation – A detailed analysis By Setup, By Implementation Model, By Solution, By Application, And By Region
• Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Regional Analysis:

North America is expected to dominate the Global Health Information Exchange Market. Factors such as well-established healthcare infrastructure and the high adoption rate of digital healthcare contributing to the growth of the market in this region. Asia Pacific is expected to register a high CAGR over the forecast period. The factors affecting the growth of the health information exchange market in this region include growing initiatives for adopting EHR in Japan, along with increasing investments in the healthcare industry in China & India. Europe is expected to hold a significant share in the global health information exchange market.

By Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • France
  • UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America

Recent Developments

Global Health Information Exchange Market (HIE Market) industry developments include:

Increased Adoption of Cloud-based HIE: Cloud-based HIE solutions are popular because they are more scalable, flexible, and cost-effective than on-premise solutions. Healthcare practitioners can access patient data anytime, anyplace using cloud-based HIE solutions.

Development of Interoperability Standards: Interoperability between the various HIE systems and healthcare IT systems is becoming increasingly necessary in order to facilitate the sharing of information in a manner that is unhindered. This has led to the creation of standards that make it possible for different systems to work together. These standards include the Fast Healthcare Interoperability Resources (FHIR) and the Health Level Seven International (HL7) standards.

Focus on Patient Engagement: The emphasis on patient participation and empowering people to control their own health information is expanding. With the help of HIE technologies, patients can get to their personal health information and share it with their doctors. 

Emergence of Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are being used more and more in HIE to look at patient data, find trends and patterns, and make diagnoses and treatment decisions that are more accurate.

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