The size of the global HIE market is predicted at USD 1174.58 million in 2020 and growing at a CAGR of 9.2%, to reach USD 1823.88 million by 2025 during the forecast period.
The Health Information Exchange (HIE) will promote data exchange between providers and health systems through the National Health Information Exchange network. HIMSS is actively involved in developing the health information exchange and provides a wide range of statistical tools and resources to professionals around the world interested in the transfer of health information.
Several companies in this market are trying to increase their product range to obtain the maximum share of this market. Healthcare Information Exchange conducts healthcare information by electronic means between healthcare professionals, healthcare information organizations, and Government agencies inside a region according to national standards. It permits healthcare providers, patients, and other stakeholders to correctly access and securely shares a patient’s information electronically by improving efficiency, quality, safety, and patient care costs.
Impact of COVID-19 on Healthcare Information Exchange Market:
The COVID-19 has shown a significant impact on the Healthcare information Exchange Market during the pandemic period. The covid-19 was announced as a pandemic by the world health organization in March 2020. During the COVID-19, while all the countries were fighting against the novel coronavirus, the EHR industry ensured to provide quality treatment procedures for the patient by collecting the health history of the individual, and due to that, a spike in the demand levels for the healthcare information exchange platforms has been noticed.
MARKET DRIVERS:
The significant factors contributing to the growth of the healthcare information exchange (HIE) market are increasing awareness among people about the advanced technologies to exchange information related to health, growing applications of EHR devices.
The electronic system improves the storage system of the information by eliminating the paper-based information and helps the hospital to give quick and improved quality treatment, which is additionally fueling the growth rate of the market. Adopting advanced technologies in the healthcare centers and the government throughout the world is investing in the health care information system to improve the health care services in their country, which is expected to drive growth further.
Factors such as increasing demand for PHR and EHR in economically developing nations, increasing the adoption of mobile health applications and cloud-based systems are likely to provide lucrative growth opportunities to the global healthcare information exchange market during the forecast period.
MARKET RESTRAINTS:
The necessity of significant infrastructural investments, with low return on investment and data security & privacy concerns, are primarily restricting the growth of the healthcare information exchange market. Further, the budget restrictions in developing countries, high-end technologies, and interoperability issues are high costs.
REPORT COVERAGE:
|
REPORT METRIC |
DETAILS |
|
Market Size Available |
2020 to 2025 |
|
Base Year |
2019 |
|
Forecast Period |
2020 to 2025 |
|
Segments Covered |
By Type, Implementation Model, Setup Type, Application, Component-Based, End-User, and Region |
|
Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape and Analyst Overview on Investment Opportunities |
|
Regions Covered |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
This market research report on the global HIE market has been segmented and sub-segmented based on type, implementation model, setup type, application, component-based, end-user, and region.
Healthcare Information Exchange Market - By Type:
Based on type, in 2019, the direct exchange segment had the most substantial share market value. The growing trend of passing the documents to the physicians and point-to-point transactions support are the key factors helping this segment to continue the lead.
Direct exchange provides an easy and secure way of sending patient information from one organization to another; this factor propels the market growth. The direct exchange also helps to provide immunization data to the health organization.
Healthcare Information Exchange Market - By Implementation model:
The hybrid model segment is likely to account for the largest share in the coming years. Increasing patient care changes and improving the quality of operational efficiency are critical attributes for this segment in the market to grow eventually.
The hybrid model system proved flexible, which is essential to handle extensive data. It is boosting the growth of the segment in the market. The hybrid model increases data analysis capability and provides ample data storage, which helps the market grow tremendously.
Healthcare Information Exchange Market - By Setup Type:
Based on setup type, the private HIE segment dominates the market growth due to a vast number of service providers. The increasing need for quality treatment services is accelerating the demand of the HIE market. Also, growing interest to decrease the cost and offer better service to the patients in both private and public organizations are leveling up the growth rate of the market.
There is a large pool of data present with the private system, and there are fewer rules compared to the public sector. This factor is boosting the growth in the segment. They have collaboration with private hospitals to collect data.
Healthcare Information Exchange Market - By Application:
Based on application, the internal interfacing segment leads the market growth due to the increasing number of patients who are associates through the use of engagement tools in healthcare centers.
The web portal development segment is estimated to grow at the highest CAGR. The increase in the accessibility of the information through the patient web portal is more, and it enables the information of the treatment and provides insight. These factors are boosting the market growth in the segment. Internal interfacing holds the second largest market share in this segment.
Healthcare Information Exchange Market – By Component-based:
Based on the component, the RLS and Clinical Data Repository segment held the largest market share in 2019. Increasing awareness over the availability of various techniques in healthcare centers is propelling the growth of these segments.
Healthcare Information Exchange Market - By End-User:
The healthcare provider segment accounts for the immense share value in the healthcare information exchange market based on end-user.
Healthcare Information Exchange Market - By Region:
Regionally, North America contributes a significant share in the global HIE market due to the increasing adoption of EHR, favorable reimbursement policies, and substantial stakeholders of the worldwide healthcare information exchange market.
Asia Pacific is likely to expand during the forecast period due to increasing investments by significant healthcare players, increasing adoption of HIE services due to growing awareness among people, and increasing initiatives by the governments of emerging economies like India, Japan, and China. Increasing awareness about the healthcare information system is anticipated to fuel the market demand in this region. The entry of new key players, government and non-government organizations, is investing more in developing innovative systems favoring the end-users and accelerating the growth rate of the market in this region.
Europe had prominent growth for a few years and is to continue the same in the coming years.
KEY MARKET PARTICIPANTS:
Companies playing a promising role in the global healthcare information exchange market profiled in the report are Aetna Medcity, eClinical Works, RelayHealth, Medecision, Epic Corporation, Inc., Cerner Corporation, Infor Inc., Intersystems, Optum Inc., Alere Wellogic, NextGen Healthcare Information Systems, LLC, Covisint Corporation, Allscripts Healthcare Solutions, Inc. and Orion Health.
RECENT MAJOR HAPPENINGS IN THIS MARKET:
1.Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 Type
5.1.1 Introduction
5.1.2 Direct Exchange
5.1.3 Query Based Exchange
5.1.4 Consumer Mediated Exchange
5.2 Implementation Model
5.2.1 Introduction
5.2.2 Centralized/consolidated models
5.2.3 Decentralized/Federated models
5.2.4 Hybrid Model
5.3 Setup Type
5.3.1 Introduction
5.3.2 Private
5.3.3 Public
5.4 Application
5.4.1 Introduction
5.4.2 Internal Interfacing
5.4.3 Secure messaging
5.4.4 Work flow management
5.4.5 Web portal Development
5.4.6 Patient safety
5.5 Component
5.5.1 Introduction
5.5.2 Enterprise Master Person Index (EMPI)
5.5.3 Healthcare Provider Directory (HPD)
5.5.4 Record Locator Service (RLS)
5.5.5 Clinical Data Repository
5.6 End User
5.6.1 Introduction
5.6.2 Healthcare provider
5.6.3 Public Health Agency
5.6.4 Medical Research Institution
5.6.5 Medical Professional
5.6.6 Patient
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Implementation Model
6.1.3.4 By Setup Type
6.1.3.5 By Application
6.1.3.6 By Component
6.1.3.7 By End User
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Implementation Model
6.1.4.4 By Setup Type
6.1.4.5 By Application
6.1.4.6 By Component
6.1.4.7 By End User
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Implementation Model
6.1.5.4 By Setup Type
6.1.5.5 By Application
6.1.5.6 By Component
6.1.5.7 By End User
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7.Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8.Market Leaders' Analysis
8.1 Aetna Medcity
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Intersystems
8.3 RelayHealth
8.4 Medecision
8.5 Alere Wellogic
8.6 Allscripts Healthcare Solutions Inc.
8.7 RelayHealth Corporation
8.8 Infor Inc.
8.9 Cerner Corporation
9.Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10.Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
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