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AT 11.4% CAGR Health Information Exchange Market Hits US$ 3,326.98 million by 2028 COVID-19 Impact and Global Analysis Says , The Insight partners

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AT 11.4% CAGR Health Information Exchange Market Hits US$ 3,326.98 million by 2028 COVID-19 Impact and Global Analysis Says , The Insight partners

June 02
19:10 2021
The health information exchange market was valued at US$ 1,411.56 million in 2020 and is projected to reach US$ 3,326.98 million by 2028; it is expected to grow at a CAGR of 11.4% from 2021 to 2028.

According to our new research study on “Health Information Exchange Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Set Up, Type, Implementation Model, Application, End User, and Deployment,” the market is expected to reach US$ 3,326.98 million by 2028 from US$ 1,411.56 million in 2020; it is estimated to grow at a CAGR of 11.4% from 2021 to 2028. The report highlights trends prevailing in the market, and the factors driving and hindering the market growth. The market growth is primarily attributed to the rising government support for the adoption of EMR/EHR systems and growing emphasis on healthcare cost optimization. However, the data security and privacy concerns hamper the market growth.

Based on set up, the health information exchange market is bifurcated into private and public. In 2020, the private set up segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. Over the last several years, private health information exchanges (HIEs) have become a viable alternative to public model exchanges. The private models have witnessed significant growth in the marketplace due to private healthcare information providers and the high level of physician engagement. Such benefits are estimated drive the market growth for this segment.

Get sample Pages on Health Information Exchange Market at: https://www.theinsightpartners.com/sample/TIPHE100001105/

 

Health Information Exchange Market: Competative Landscape 

eClinicalWorks, Allscripts Healthcare, LLC, General Electric Company, Cerner Corporation, Orion Health group of companies, Health Catalyst, Inc., Nextgen Healthcare Information System, LLC, McKesson Corporation, Optum, Inc., and Oracle Corporation are among the leading companies operating in the health information exchange market.

The health information exchange market is witnessing substantial growth amid the COVID-19 pandemic. A few factors such as higher emphasis on the utilization of healthcare IT infrastructure for data transfer, ease of use, and cost optimization are propelling the adoption of health information exchange during the pandemic. For instance, during the pandemic, in March 2020, HealtHIE Nevada (US), increased its patient data exchange by 36% since the beginning of the COVID-19 pandemic. Due to the growing patient volumes, the demand for EMR and EHR platforms to manage complex patient data has increased, which ultimately accelerated the market growth during the pandemic.

Healthcare information exchange (HIE) refers to the deployment of healthcare information electronically. HIE is crucial for connecting communities and ensuring the availability of patient health records. It is an integral and significant element of health information technology (HIT) infrastructure. The health information exchange market growth is primarily attributed to the rising government support for the adoption of EMR/EHR systems and growing emphasis on healthcare cost optimization. However, the data security and privacy concerns hamper the growth of the market.

Growing Emphasis on Healthcare Cost Optimization to Fuel Health Information Exchange Market Growth

The concept of electronic health information exchange (HIE) plays a vital role in efficient access and exchange of patient’s health information by improving the quality, speed, safety, and cost of patient care. The electronic sharing of health data among clinicians and physicians avoids unnecessary paper and record handling cost. Moreover, HIE can improve the completeness of patient’s records, as the history, ongoing medications, and other health information of patient is simultaneously reviewed during visits. Further, timely sharing of patient’s information allows better decision making and avoid readmissions, medication errors, and cost of re-testing.

Many health care professionals have found that EHRs help improve medical practice management by enhancing practice efficiencies, functionalities, and cost savings. According to the recent surveys of physicians, EHRs reduces the cost of transcription, storage, and documentation. Also, according to a study published in the American Care of Managed Care in 2020, the patients treated in hospitals with advanced EHR paid around 9.66% lesser compared to the amount paid for the treatment without advanced EHRs. Further, the implementation of certain strategies, such as adoption of cloud-based solutions and cutting of hidden fees can provide substantial cost benefits. Such advantages offered by health information exchange are likely to accelerate the growth of health information exchange market during the forecast period.

Health Information Exchange Market Segmenation Review

Based on set up, the health information exchange market is bifurcated into private and public. In 2020, the private set up segment held a larger share of the market and is expected to register a higher CAGR during the forecast period. Over the last several years, private health information exchanges (HIEs) have become a viable alternative to public model exchanges. The private models have witnessed significant growth in the marketplace due to private healthcare information providers and the high level of physician engagement. Such benefits are estimated drive the market growth for this segment.

Based on type, the health information exchange market is segmented into query based, direct, and consumer medicated. In 2020, the direct mediated segment held a substantial market share. Moreover, the segment is anticipated to register the highest CAGR during the forecast period.

In terms of application, the health information exchange market is segmented into workflow management, internal interfacing, web portal development, and other applications. In 2020, the web portal development segment held the substantial market share. However, the internal interfacing segment is anticipated to register the highest CAGR during the forecast period.

Based on end user, the health information exchange market is segmented into pharmacies, healthcare payers, and healthcare providers. In 2020, the healthcare provider segment held the substantial market share. Also, the same segment is expected to register the highest CAGR during the forecast period.

Health Information Exchange Market – by Set Up

  • Private
  • Public

Health Information Exchange Market – by Type

  • Query-Based
  • Direct
  • Consumer Mediated

Health Information Exchange Market – by Implementation

  • Hybrid
  • Centralized
  • Decentralized

Health Information Exchange Market – by Application

  • Web Portal Development
  • Internal Interfacing
  • Workflow Management
  • Other Applications

Health Information Exchange Market – by End User

  • Healthcare Providers
  • Healthcare Payers
  • Pharmacies

Health Information Exchange Market – by Deployment

  • On-Premise
  • Cloud-Based

Health Information Exchange Market – by Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of APAC
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of MEA
  • South America and Central America (SCAM)
    • Brazil
    • Argentina
    • Rest of SCAM

Buy Complete report of Health Information Exchange Market at: https://www.theinsightpartners.com/buy/TIPHE100001105/

Media Contact
Company Name: The Insight Partners
Contact Person: Sameer Joshi
Email: Send Email
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State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/


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