Westford USA, April 20, 2023 (GLOBE NEWSWIRE) -- The Health Information Exchange (HIE) market is poised to attain a value of USD 13.09 billion by 2030, with a forecasted CAGR of 8.62% during the period from 2023 to 2030. The driving factors for market growth include government initiatives, increasing demand for coordinated care, rising healthcare costs, the growing volume of healthcare data, and technological advancements. According to research conducted by SkyQuest, HIEs have improved care coordination between providers for 94% of healthcare providers, while 88% believe that HIEs help improve patient safety and reduce medical errors.
Moreover, SkyQuest's recent global research findings suggest that 76% of healthcare organizations consider improving care coordination as a significant driver for HIE adoption, while 65% of respondents reported that HIEs improved the quality of care they were able to provide. A study conducted by the College of Healthcare Information Management Executives (CHIME) also found that 87% of respondents considered the interoperability of health data a major priority. The study revealed that 64% of healthcare providers were able to access patient records from other healthcare organizations through an HIE network.
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- Pages - 242
- Tables - 90
- Figures - 75
In today's time, the Health Information Exchange (HIE) plays a crucial role as it facilitates secure sharing of patient health information among healthcare providers, resulting in enhanced care coordination, better patient outcomes, and decreased healthcare expenses. As the adoption of electronic health records increases, and there is a demand for more efficient and effective healthcare delivery, the HIE market is projected to experience a substantial growth in the future.
Prominent Players in Health Information Exchange (HIE) Market
- Cerner Corporation
- Allscripts Healthcare Solutions, Inc.
- Athenahealth, Inc.
- RelayHealth Corporation
- Optum, Inc.
- NextGen Healthcare Information Systems, LLC
- eClinicalWorks LLC
- Greenway Health, LLC
- Epic Systems Corporation
- Orion Health Ltd.
- Medicity, Inc.
- InterSystems Corporation
- Mirth Corporation
- CareEvolution, Inc.
- Medicomp Systems, Inc.
- GE Healthcare
- McKesson Corporation
- Merge Healthcare Incorporated
- Philips Healthcare
- Siemens Healthineers
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Hospital Application Segment to Drive Higher Growth as Hospitals Have the Highest Volume of Patient Data
The rapid development of the Health Information Exchange (HIE) market in 2021 has been significantly contributed by the Hospital Application segment, according to a recent analysis. This trend is expected to continue from 2022 to 2030, as hospitals have the highest volume of patient data and require efficient sharing of patient information among healthcare providers. A recent study conducted by the Healthcare Information and Management Systems Society (HIMSS) found that hospital participation in HIE increased from 41% in 2010 to 76% in 2019. The survey also revealed that hospitals use HIE to improve care coordination, reduce readmissions, and enhance patient safety.
Research analysis shows that North America is set to become a dominant player in the Health Information Exchange (HIE) market from 2022 to 2030. SkyQuest has projected that the region will grow at a CAGR of 9.82% during the forecast period. The increasing adoption of EHRs, growing government initiatives to support the implementation of HIE, and high investment in healthcare IT infrastructure in the region are driving this expansion. The US Government has implemented several programs to promote the adoption of HIE, including the State Health Information Exchange Program (SHIEP) and the Medicare and Medicaid EHR Incentive Programs by the Office of the National Coordinator for Health Information Technology (ONC). These initiatives have played a significant role in driving the growth of HIE market in North America.
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Directed Information Exchange Market Segment to Exhibit a Strong Growth Due to Increasing Demand for a Secure and Efficient Way of Exchanging Patient Data
In 2021, the Directed Information Exchange segment accounted for a dominant position in the Health Information Exchange (HIE) market and is expected to maintain its position from 2022 to 2030. The increasing demand for a secure and efficient way of exchanging patient data among healthcare providers is driving this trend.
Furthermore, the Asia Pacific region emerged as a significant player in the Health Information Exchange (HIE) market and is expected to retain its leading position by 2030. SkyQuest has projected substantial growth in the Health Information Exchange (HIE) market for the Asia Pacific region, with a CAGR of 11.97% during the forecast period. This growth is attributed to the rising adoption of healthcare IT solutions, increasing government initiatives to promote healthcare information exchange, and growing demand for better healthcare outcomes in the region. The report also cites the National eHealth Authority in India and the Healthcare Information Technology Promotion Act in South Korea as significant government initiatives driving growth in the region.
A comprehensive analysis of the major players in the Health Information Exchange (HIE) market has been recently conducted in the report. The report encompasses various aspects, including collaborations, mergers, innovative business policies, and strategies, providing valuable insights into key trends and breakthroughs in the market. Furthermore, the report scrutinizes the market share of the top segments and presents a detailed geographic analysis. Lastly, the report highlights the major players in the industry and their endeavors to develop innovative solutions to cater to the growing demand.
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Key Developments in Health Information Exchange (HIE) Market
- Population Health Collaborative (PHC) has signed an affiliation agreement with HEALTHeLINK, the health information exchange (HIE) for Western New York, to reduce health disparities and improve wellness in the region. The partnership will leverage HEALTHeLINK's HIE infrastructure to facilitate the electronic exchange of clinical information among healthcare providers. Additionally, HEALTHeLINK will expand its services to include the Live Well Western New York model and Regional Health Improvement Collaborative activities.
- At its annual conference in Arizona, the Strategic Health Information Exchange Collaborative (SHIEC) announced its merger with the Network for Regional Healthcare Improvement (NRHI) to establish a new organization called Civitas Networks for Health. The new organization will function as a platform for local non-profit health collaboratives and health information exchanges to work collectively on policy goals and improvement efforts. It will also provide opportunities for engagement and support action at the local, state, and national levels to achieve policy objectives for healthcare quality, cost, and equity through data-driven and transformative strategies.
Key Questions Answered in Health Information Exchange (HIE) Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence?
- In what ways do regional trends and patterns differ within the global market, and how these differences shape the market's future growth?
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