Health Information Exchange Market

Health Information Exchange Market Size (2022 to 2027)

The size of the global HIE market is estimated to be worth USD 1991.6 million by 2027 from USD 1282.6 million in 2022, growing at a CAGR of 9.2% from 2022 to 2027.

Health Information Exchange Market Share Insights:

• Based on type, the direct exchange segment led the HIE market in 2021.
• Based on setup type, the private HIE segment captured 52.2% of the global market share in 2021.
• Based on the implementation model, the hybrid segment dominated the market and held the leading HIT market share in 2021.
• Based on application, the web development segment had the major share of the HIE market in 2021.
• Based on region, the North American region accounted for the biggest share of 42.3% of the global market in 2021.
• The European region is expected to be valued at USD 508 million by 2027.
• The Asia-Pacific region is anticipated to grow at a CAGR of 10.44% from 2022 to 2027.

The health information exchange (HIE) promotes 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 interested in transferring health information. Several companies in this market are trying to increase their product range to obtain the maximum share of this market. Health 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 share patient information electronically by improving efficiency, quality, safety, and patient care costs.

MARKET DRIVERS:

The growing awareness among people regarding the advanced technologies to exchange information related to health records of patients electronically is primarily driving the health information exchange market growth.

The growing usage of electronic health records (EHR) is one of the key factors propelling the health information exchange market growth. Electronic health records are patients' digital records of medical histories, such as treatments and test results, that can be shared and accessed among healthcare professionals. The adoption of EHR has grown significantly in the recent past, further promoting the need for health information exchange to facilitate the exchange of information between systems. The electronic system improves the storage system of the information by eliminating paper-based information and helps the hospital give quick and improved quality treatment, which also fuels the market's growth rate. Furthermore, the growing adoption of technological advancements in healthcare centers and increasing government funding to enhance healthcare information systems are propelling the growth of the health information exchange market. Factors such as increasing demand for PHR and EHR in economically developing nations and increasing the adoption of mobile health applications and cloud-based systems will likely provide lucrative growth opportunities to the global health information exchange market during the forecast period.

The increasing focus on population health management is anticipated to result in the growing usage of health information exchange and the market’s growth rate.

HIE plays a vital role in population health management by providing healthcare professionals with the required data of a specific group of people, which further helps them to identify the trends and patterns that are useful to improve the overall health of the respective population. For instance, HIE helps evaluate the incidence of chronic diseases such as diabetes or CVDs within a population and identify the factors contributing to the disease burden.

MARKET RESTRAINTS:

However, the necessity of significant infrastructural investments, low return on investment, and data security & privacy concerns are primarily restricting the growth of the health information exchange market. Furthermore, the budget restrictions in developing countries, low adoption of high-end technologies, and interoperability issues inhibit the market’s growth rate.

Impact of COVID-19 on the health information exchange market:

COVID-19 significantly impacted the growth of the health information exchange market. 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 market ensured the provision of 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 health information exchange platforms has been noticed. During the COVID-19 pandemic, the health information exchange has played a vital role by facilitating the exchange of information related to COVID-19 testing, treatment, and vaccination efforts. In addition, the adoption of healthcare technologies such as telehealth has grown significantly, due to which the usage of HIE was further increased to support the exchange of information between providers and patients. Overall, the COVID-19 pandemic has accelerated the HIE market's growth rate. Due to this, the health information exchange market is anticipated to register a much better CAGR in the coming years.

REPORT COVERAGE:

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.

Health Information Exchange Market - By Type:

• Direct Exchange
• Query Based Exchange
• Consumer Mediated Exchange

Based on type, the direct exchange segment had the most substantial share of the global health information exchange market in 2021. The domination of the direct exchange segment in the HIE market is anticipated to continue during the forecast period owing to the growing trend of sharing documents with physicians and point-to-point transaction support. Direct exchange provides an easy and secure way of sending patient information from one organization to another, propelling the segment's growth. In addition, the direct exchange also helps to provide immunization data to the health organization.

Health Information Exchange Market - By Implementation model:

• Centralized/Consolidated Models
• Decentralized/Federated Models
• Hybrid Model

Based on the implementation model, the hybrid model captured the major share of the HIE market in 2021, and the segment is likely to account for the largest share in the coming years. Increasing patient care changes and improving operational efficiency quality are expected to contribute to the segment's growth during the forecast period. The hybrid model system proved flexible and essential to handle extensive data. Therefore, it is boosting the growth of the segment in the market. In addition, the hybrid model increases data analysis capability and provides ample data storage, which helps the market grow tremendously. 

Health Information Exchange Market - By Setup Type:

• Private
• Public

Based on setup type, the private HIE segment dominated the HIE market in 2021.  The growing number of service providers primarily drives the growth of the segment. In addition, the increasing need for quality treatment services, growing interest in decreasing costs, and offering better service to patients in private organizations are propelling the segment’s growth. Furthermore, the growing volume of patient data in the private system and fewer rules than in the public sector are further promoting the segment's growth rate.

On the other hand, the public HIE segment captured a substantial share of the global health information exchange market in 2021 and is anticipated to perform well during the forecast period.

Health Information Exchange Market - By Application:

• Internal Interfacing
• Secure Messaging
• Workflow management
• Web Portal Development
• Patient Safety

Based on application, the web portal development segment accounted for the major share of the health information exchange market in 2021 and is estimated to grow at the highest CAGR during the forecast period. In addition, the increase in accessibility of information through the patient web portal is more, enabling the information of the treatment and providing insight. These factors are propelling the growth in the segment.

The internal interfacing segment holds the second-largest share of the market in 2021. The growth of the internal interfacing segment is primarily driven by the increasing number of patients who are associates using engagement tools in healthcare centers.

Health Information Exchange Market – By Component-based:

• Enterprise Master Person Index (EMPI)
• Healthcare Provider Directory (HPD)
• Record Locator Service (RLS)
• Clinical Data Repository

Based on the component, segments such as RLS and clinical data repository held most of the global market share in 2021. Increasing awareness of the availability of various techniques in healthcare centers is propelling the growth of these segments.

Health Information Exchange Market - By End-User:

• Healthcare provider
• Public Health Agency
• Medical Research Institution
• Medical Professional
• Patient

Based on end-user, the healthcare provider segment accounted for the immense share value in the global health information exchange market in 2021.

Health Information Exchange Market - By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Regionally, the North American HIE market led the market in 2021. Furthermore, the North American region is anticipated to register the lead among all the regions in the global market throughout the forecast period. The increasing adoption of EHR, favorable reimbursement policies, and an increasing number of market participants majorly drive the regional market's growth.

The HIE market in the Asia Pacific is likely to expand at the highest CAGR 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. In addition, 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 market's growth rate in this region.

The HIE market in Europe had prominent growth for a few years and will continue the same in the coming years. A diverse range of national and regional initiatives and a growing number of cross-border initiatives drive European market growth. In addition, the European HIE market is expected to be favored by the growing usage of EHR and increased focus on patient care by the EU governments.

The Latin American HIE market is expected to grow steadily during the forecast period.

The HIE market in MEA is predicted to hold a moderate share of the global market in the coming years.

KEY MARKET PARTICIPANTS:

Companies playing a promising role in the global Health 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 MARKET HAPPENINGS:

• In October 2019, Cerner Corporation completed the acquisition of AbleVets to achieve higher technical expertise and scale in the design and implementation of solutions.
• In November 2019, San Gorgonio Memorial Hospital opted for the EHR suite Sunrise community care built for community hospitals by Allscripts Healthcare solutions.
• The IRM launched a new platform called m- Teresa, which helps collect healthcare information in remote areas globally.