Health Information Exchange Market Outlook By Product, Application, End-User and Forecast to 2026
Pune, Maharashtra, India, January 11 2021 (Wiredrelease) Brandessence Market Research and Consulting Pvt ltd –:Global Health Information Exchange Market is valued at USD 1198.5 Million in 2018 and expected to reach USD 2176.8 Million by 2025 with the CAGR of 8.9% over the forecast period.
Increasing prevalence of chronic diseases, growing demand of EHR and rising investment from government, private institutions and individuals are the major factors driving the growth of the Global Healthcare Information Exchange Market.
Scope of Global Health Information Exchange Market Report–
The health information exchange (HIE) is the enlistment of health care information electronically across organizations within a region, community or hospital system. Hence, the applicant in data exchange is called in the aggregate, health information networks (HIN). The health information exchange (HIE) provides the capability to electronically move clinical information among different health care information systems. The object of health information exchange aids access to retrieval of clinical data to provide safer and more timely, effective and equitable patient-centered care, which may also be useful to public health authorities by assisting in analyses of the health of the population. The principle of health information exchange is to use facilitate in accessing and retrieving clinical data in order to provide efficient, safe, effective, timely, and patient centric care.
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Health information exchange helps in collaborating healthcare stakeholders such as doctors, pharmacists, nurses, and various healthcare providers by reducing tedious administrative tasks and provides transparency in the healthcare industry. It can also be used to improve population health, as well. In addition, the sector of health data have also used it to focus on public health surveillance initiatives that would provide links to care and necessary therapies for the HIV-positive population. With standard practices, uniform data can be integrated into the user’s electronic health record, a process that caters to patients’ personalized health information. By improving interoperability, the health information exchange is playing an important role in the healthcare sector. This is on account of constantly evolving technology and increasing availability of alternatives for exchanging health information. With providers realizing its benefits, the use of health information exchange is increasing across the world.
Global Health Information Exchange Market report is segmented on the basis of set up type, type, implementation model, solution type, application and by regional & country level. Based on set up type, global health information exchange market is classified as the public and private. Based upon type, global health information exchange is classified into directed exchange, query-based exchange and consumer mediated exchange. Based upon implementation model, global health information exchange is classified into centralized, hybrid and decentralized. Based upon solution type, global health information exchange is classified into portal centric, platform centric and clinical data management. Based upon application, global health information exchange is classified into web portal, secure messaging, internal interfacing and others.
The regions covered in this health information exchange market report are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of health information exchange is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Health Information Exchange Companies:
Some major key players for Global Health Information Exchange Market are,
Allscripts Healthcare Solutions Inc. Relay Health Corporation Cerner Corporation Eclinicalworks Nextgen Healthcare Information Systems, LLC Infor Inc Optum Inc Epic Corporation Inc. Orion Health GE Healthcare Siemens AG IBM Corporation Medicity Inc Care Evolution Inc. Others
Global Health Information Exchange Market Dynamics–
The rapidly increasing need to access health information of patients and the establishment of various nonprofit organizations promoting the use of health information exchange ( HIE) for patient data management are expected to foster the growth of this market. According to the World Health Organization (WHO) in 2020, the battling health system cost pressures and global health care expenditures continue to escalate to reduce costs and increase efficiency. Spending is projected to increase at an annual rate of 5.4 percent in 2017–2022, from 7.724 trillion to 10.059 although cost-containment efforts combined with faster economic growth should maintain the share of GDP devoted to health care at around 10.4% of the health information exchange. In addition, implementation of electronic health records and health information exchangers with prescribing increases the efficiency and patient satisfaction. According to the World Health Organization (WHO) in 2001, estimate the burden of health information exchange in chronic diseases is rapidly increasing worldwide, chronic diseases contributed approximately 60% of the about 56.5 million total reported deaths in the world and approximately 46% of the global burden of disease, the proportion of the burden of NCDs is expected to increase to 57% by 2020.
Furthermore, advanced level of exchanging patient’s complete clinical information via faxing or mailing paper files among physicians, organization and other healthcare providers has tremendously decreased the cost of healthcare and point-to-point interfaces. Exchange of clinical information improves the quality care during emergency care setting hence, reduction in repeated testing and hospital admissions/readmissions will decrease the healthcare price. Sharing of patient information on time helps in effective decision making, avoids readmission and medication errors, improves diagnostic rate and, decreases duplicate testing. A supportive initiative from governments across the globe to promote the use of healthcare information technology is also likely to fuel market development in the coming years. Decentralized treatments and increasing incidences of cardiac arrests will also enhance the demand for health information exchange.
However, factors such as high cost, interoperability issues and slugged on investment may hamper the market growth. In spite of that, demand for cloud based systems, mobile health applications, and emerging economies can offer various opportunities for the further growth of the market.
Global Health Information Exchange Market Regional Analysis–
Geographically, North America is dominating the due to the global health information exchange market with highest market share in terms of profits due to the increased adoption of health information exchange in this region. According to the World Health Organization (WHO) 2015 in U.S, the use of electronic health records that can securely transmit patient data among physicians will help coordinate the care of 60 million Americans with multiple chronic conditions. According to the World Health Organization (WHO) in 2014, the national governments are making significant investments to achieve HIE. In the US, the Health Information Technology for Economic and Clinical Health estimated 564 million for establishment of HIE by states or state-designated entities for HIT laid out a 10-year vision and roadmap for the United States to achieve interoperability by 2024.
The Asia Pacific is expected to grow rapidly at a high growth rate during the forecast period owing to increasing disposable income levels, the increased awareness levels amongst healthcare practitioners regarding the befits of using healthcare information exchange systems in this region. In addition, growing number of initiatives undertaken by government in emerging economic countries such as India, China and Japan is also supplementing the market growth in this region over the forecast period.
Global Health Information Exchange Market Segmentation:–
By Set up Type: Public, Private
By Type: Directed Exchange, Query-Based Exchange, Consumer Mediated Exchange
By Implementation Model: Centralized, Hybrid, Decentralized
By Solution Type: Portal Centric, Platform Centric, Clinical data management
By Application: Web Portal, Secure Messaging, Internal interfacing, Others
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