Health Information Exchange Market Increasing at A Phenomenal Pace to Reach USD 3.42 Billion by 2028

17-Jun-2021 | Zion Market Research

According to analysts at Zion Market Research, the global Health Information Exchange market accounted for USD 1.23 Billion in 2020 and is expected to reach USD 3.42 Billion by 2028, growing at a CAGR of 13.6% from 2020 to 2028.

Some of the key players in 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, and others. These players are set to bolster the development of Health Information Exchange Market.

Rising Awareness About Healthcare Information Exchange System to Spur Market Growth

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.

Presence of Big Players in The Region Support North American Dominance

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.

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

Recent industry development in Global Health Information Exchange (HIE) market

  1. Increased Adoption of Cloud-based HIE: Cloud-based HIE solutions are gaining popularity as they offer increased scalability, flexibility, and cost-effectiveness compared to traditional on-premise solutions. Cloud-based HIE solutions allow healthcare providers to access patient information from anywhere and at any time, improving the efficiency and quality of patient care.

  2. Development of Interoperability Standards: There is a growing need for interoperability between different HIE systems and healthcare IT systems to allow for seamless exchange of information. This has led to the development of standards such as Fast Healthcare Interoperability Resources (FHIR) and Health Level Seven International (HL7) to facilitate interoperability between different systems.

  3. Focus on Patient Engagement: There is a growing focus on patient engagement and empowering patients to manage their own health information. HIE solutions are being developed to allow patients to access their own health information and share it with their healthcare providers.

  4. Emergence of Artificial Intelligence (AI) and Machine Learning (ML): AI and ML are being increasingly used in HIE to analyze patient data and identify trends and patterns, as well as to improve the accuracy of diagnoses and treatment decisions.

The Global Health Information Exchange Market is segmented as follows:

Setup

  • Private
  • Public

Implementation Model

  • Centralized
  • Decentralized
  • Hybrid

Solution

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

Application

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

By Region

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

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