Health Information Exchange Market Growing Emphasis on Healthcare Cost Optimization to Fuel Health Information Exchange Market Growth
Health Information Exchange Market: Insight
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.
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.
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Health Information Exchange Market: Competition Landscape & Key Developments
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.
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: Segmental Overview
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.
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