02-Aug-2022 | Facts and Factors
According to Facts and Factors, the global Healthcare Information Exchange (HIE) Solutions market was worth USD 318.50 million in 2021 and is estimated to grow to USD 632.03 million by 2028, with a compound annual growth rate (CAGR) of approximately 12.10% over the forecast period. The report analyzes the Healthcare Information Exchange (HIE) Solutions market drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the Healthcare Information Exchange (HIE) Solutions market.
The electronic transformation of healthcare-related data between medical institutions, health information organizations, and businesses that demand and regulate the exchange of this data is known as health information exchange. The timeliness, quality, safety, and cost of patient care can all be improved by the appropriate access and secure sharing of a patient's critical medical information electronically between healthcare providers such as doctors, nurses, pharmacists, and patients. The act of transferring data between two or more healthcare organizations or providers and the body in charge of facilitating the communication is referred to as "health information exchange. The need to reduce healthcare costs, the emphasis on patient-centered care delivery, the growing adoption of EHRs and other HCIT solutions, government initiatives to improve patient care and safety, and government funding for healthcare interoperability are some of the factors driving this market's growth.
Browse the full “ Healthcare Information Exchange (HIE) Solutions Market Size, Share, Growth Analysis Report By Type (Directed Exchange, Consumer-Mediated Exchange, and Query-Based Exchange), By Implementation Model (Centralized, Decentralized, and Hybrid), and By Solution Type (Platform-Centric, Portal-Centric, and Messaging-Centric), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/healthcare-information-exchange-hie-solutions-market
Another force behind the growth of the health information exchange business is the growing demand to reduce the costs related to maintaining paper-based patient health records. Additionally, research cited by NCBI found that obtaining information from electronic health records is much quicker and simpler than doing so with traditional physical copies of records. Through the course of the projection period, this is anticipated to increase demand for HIE systems. Hospitals must invest significantly in infrastructure development, such as increasing their data storage and processing capacity, to integrate EHR solutions properly. The already limited financial resources of healthcare providers make it difficult to invest in developing such infrastructure.
Segmental Overview
The Healthcare Information Exchange (HIE) Solutions market is segregated based on type, Implementation model, and solution type.
The type of market is segmented into Directed Exchange, Consumer-Mediated Exchange, and Query-Based Exchange. The Directed exchange has the most substantial market share in this segment owing to the trend of passing the documents to the physicians and point-to-point transaction support.
Based on Implementation Model, the market is divided into Centralized, Decentralized, and Hybrid. The implementation model segment's hybrid model segment, which currently has the greatest market share, is anticipated to expand at the highest CAGR throughout the projection period. The hybrid model combines centralized and decentralized models and has advantages like a huge data storage capacity and cheaper cost, which makes it easier for the utilization rate to expand.
Based on Solution Type, the market is classified into Platform-Centric, Portal-Centric, and Messaging-Centric. According to solution type, the market for health information exchange was dominated by the portal-centric category. A significant proportion can be ascribed to the increase in online portal improvements that make it easier and more convenient to get medical information.
Regional Overview
Due to the increasing numbers of accountable care organizations in the US and Canada, which led to the largest share of healthcare facilities, North America accounts for the highest percentage of the global market for health information exchange. A few more factors for North America's dominant market share include favorable settlement policies and the growing use of the Health Information Exchange. On the other hand, Asia-Pacific is anticipated to experience the fastest growth between 2020 and 2025. The expansion of the health information exchange market in this area is being fueled by factors including rising population levels, increased awareness among healthcare professionals of healthcare information exchange systems, and various government initiatives.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 318.50 Million |
Projected Market Size in 2028 |
USD 632.03 Million |
CAGR Growth Rate |
12.10% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
Epic Systems Corporation (U.S.), Cerner Corporation (U.S.), Health Catalyst (U.S.), Intersystems Corporation (U.S.), MEDITECH (U.S.), and Others |
Key Segment |
By Type, Implementation Model, Solution Type, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
Purchase Options |
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Competitive Landscape
The report contains qualitative and quantitative research on the global Healthcare Information Exchange (HIE) Solutions market, as well as detailed insights and development strategies employed by the leading competitors. The report also provides an in-depth analysis of the market's main competitors, as well as information on their competitiveness. The research also identifies and analyses important business strategies used by these main market players, such as mergers and acquisitions (M&A), affiliations, collaborations, and contracts.
Key players functioning in the global Healthcare Information Exchange (HIE) Solutions market include Epic Systems Corporation (US), Cerner Corporation (US), Health Catalyst (US), Intersystems Corporation (US), MEDITECH (US).
Recent developments:
- In order to provide advanced bidirectional interoperability, E Clinical Works announced a collaboration with Humana Inc., a top health and wellness company, Guide Well, the parent company of a family of innovative businesses focused on transforming healthcare, and Trusted Health Plan, a provider of Medicaid and Alliance Benefits in the year 2019.
- Practice Fusion, a provider of electronic medical records based in San Francisco, was purchased by Allscripts in 2018. The goal of the acquisition was to increase Allscripts' business with independent doctors.
The global Healthcare Information Exchange (HIE) Solutions market is segmented as follows:
By Type
- Directed Exchange
- Consumer-Mediated Exchange
- Query-Based Exchange
By Implementation Model
- Centralized
- Decentralized
- Hybrid
By Solution Type
- Platform-Centric
- Portal-Centric
- Messaging-Centric
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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