New York, NY, Nov. 28, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a recent study report titled "Health Information Exchange Market Share, Size, Trends, Industry Analysis Report, By Type (Private, Public); By Solution; By Implementation Model; By Application; By Region; Segment Forecast, 2023- 2032" in its research database.
As per the recent [115+ Pages] analysis by Polaris Market Research, the global health information exchange market share was valued at 1,316.86 million in 2022 and is predicted to reach USD 4,255.38 million by 2032. Also, the study states that the market reveals a robust 12.5% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2023-2032.
What is Health Information Exchange? How Big is Health Information Exchange (HIE) Market Share?
- Overview
Health information exchange or HIE refers to the electronic sharing of medical records between healthcare facilities and health information organizations, which are organizations that supervise and regulate this data exchange in conjunction with governmental bodies while abiding by nationally recognized standards. HIE's main objective is to make patient health records easier to access securely and appropriately. This will improve healthcare delivery's effectiveness, caliber, safety, and timeliness in the long run.
Moreover, by providing an electronic version of their medical records that they can easily share with their healthcare providers, Health Information Exchange (HIE) empowers people. Also, studies have indicated that implementing health information exchanges (HIEs) can enhance communication between patients and clinicians, leading to increased levels of patient satisfaction, which is expanding the growth of the health information exchange market.
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What are the Key Findings of the Report?
- The increased emphasis on healthcare cost optimization and the increasing government backing for the implementation of EMR/EHR systems are the main factors driving the market expansion.
- It is anticipated that a greater emphasis on digital transformation will boost demand for products.
- The health information exchange market segmentation is primarily based on solution, type, application, implementation model, and region.
- North America dominated the market with the largest share in 2022.
Who are the Major Players in the HIE Market?
- Allscripts Healthcare Solutions
- Cerner Corporation
- Change Healthcare
- Epic Systems Corporation
- GE Healthcare
- Health Catalyst
- IBM Corporation
- InterSystems Corporation
- McKesson Corporation
- Medicity (A Cerner Company)
- NextGen Healthcare
- Optum (A UnitedHealth Group Company)
- Orion Health
- Philips Healthcare
- Siemens Healthineers
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Market Dynamics
- Which Factors are Driving the Market Growth?
With the increasing variety of alternatives for exchanging health data and the constantly changing nature of technology, Health information exchange (HIE) is becoming increasingly important in healthcare systems and improving interoperability. Globally, the use of HIE is increasing as more providers become aware of its benefits for patient care.
Moreover, it reduces pharmaceutical and medical errors, protecting patient safety. This is accomplished by using digital channels for information sharing and safe data storage in a centralized database. By storing data digitally, health information exchange does away with the need for paper records and human labor. The risk of information loss is greatly reduced because all data is safely saved in digital format. As a result, the health information exchange market demand is growing.
- What are the Latest Market Trends and Opportunities?
The primary drivers of the healthcare information exchange industry are the digitization of healthcare systems and the increased adoption of HIE solutions as a result of increased provider connectivity. The health information exchange market size is also growing as a result of growing public and private sector investments as well as government support for the establishment of an advanced data exchange infrastructure.
Additionally, promising developments such as cross-facility utilization, the creation of care management platforms, and the application of advanced clinical and financial analytics can be facilitated by having access to a strong health information exchange.
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Health Information Exchange (HIE) Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 4,255.38 Million |
| Market size value in 2023 | USD 1,477.78 Million |
| Expected CAGR Growth | 12.5% from 2023 – 2032 |
| Forecast Year | 2023 – 2032 |
| Segments Covered | By Type, By Solution, By Implementation Model, By Application, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Overview of the Top Segments
- Private Sector is Expected to Witness Highest Growth
Over the forecast period, the private sector is expected to rise at a compound annual growth rate primarily because of the growing demand for safe and specialized health data-sharing solutions inside closed networks. This is especially important for businesses that value data protection and customized information sharing across their network of stakeholders, such as private hospitals, clinics, and specialty healthcare providers.
Furthermore, public health information exchange systems are frequently required to be implemented as a result of government efforts and legislation that aim to improve healthcare outcomes and accessibility. In order to improve general public health, this portion discusses the larger healthcare ecosystem with a particular emphasis on information sharing between different public and private healthcare companies, governmental entities, and community resources.
- Portal-Centric Sector Accounts for the Largest Share
With the biggest health information exchange market share in 2022, the portal-centric sector is expected to continue to hold this position for the duration of the forecast. This is a result of the growing demand for systems for healthcare information management that are simple to use and accessible. These portals give people, patients, and healthcare professionals an easy way to see, manage, and share health-related information in one place.
Also, the emphasis on patient empowerment and involvement further fuels the adoption of portal-centric solutions. The popularity of this category is also attributed to technological improvements and the growing desire for digital communication in the healthcare industry.
- Web Portal Development Sector Accounts for the Largest Share
With the biggest market share in 2022, the web portal development sector is expected to hold this position for the duration of the forecast. The increased availability of patient health information through patient portals may be the cause of this increase. Due to its ability to collect extensive patient data, the internal interfacing industry is expected to grow rapidly over the projection period.
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Regional Landscape
North America: There have been cooperative efforts in North America to create uniform procedures for easily transferring patient data between various healthcare settings and systems. Furthermore, the adoption of health information exchange (HIE) has been aided by legislative initiatives, including the Affordable Care Act (ACA) and the Health Information Technology for Economic and Clinical Health (HITECH) Act. Also, the health information exchange market in North America is gaining more traction due to the significant presence of a well-developed healthcare IT infrastructure and a sizable number of healthcare providers.
Asia Pacific: Throughout the projection period, the Asia-Pacific region is anticipated to increase at the fastest rate. This is attributed to the growing number of patients, which necessitates the development of improved information systems for effective data management. Furthermore, rising healthcare costs in developing nations like China and India are expected to be a major factor in this development.
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Current Progresses
- Sync.MD and Clemson Rural Health established a partnership in October 2023 with the goal of improving the safe sharing of medical records. By means of this partnership, Sync.MD will provide a safe online environment that will facilitate the easy exchange of medical records between patients in rural South Carolina and Clemson Rural Health clinics.
Report Answers to the Following Questions
- What is the estimated market revenue value?
- Which segments are accounting for the largest share of the market?
- What is the anticipated health information exchange market growth rate during the forecast period?
- Which is the largest region of the market?
- What is the health information exchange market study period?
Polaris Market Research has segmented the health information exchange market report based on type, solution, implementation model, application, and region:
By Type Outlook
- Public
- Private
By Solution Outlook
- Platform-centric
- Portal-centric
- Messaging-centric
By Implementation Model Outlook
- Hybrid
- Centralized
- Decentralized
By Application Outlook
- Workflow Management
- Internal Interfacing
- Web Portal Development
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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