Health Information Exchange Market size is forecast to reach $ 2.72 billion by 2025, growing at a CAGR of 9.67% during the forecast period 2020-2025. Health information exchange is the electronic transformation of healthcare concerned data among medical facilities, health information organizations, companies that require and govern the exchange of this data. Electronic Health information exchange allows healthcare professionals like doctors, nurses, pharmacists, and patients to suitably access and securely share a patient’s vital medical information electronically thus, improving the speed, quality, safety, and cost of patient care. While Health information exchange refers to the act of exchanging information between two or more healthcare organizations or providers, it also refers to an organization that is responsible for facilitating the exchange.
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Implementation Model- Segment Analysis
Based on the Implementation Model, the Health Information Exchange market is segmented into Hybrid Models, Centralized/ Consolidated Models and Decentralized/ Federated Model. the hybrid model segment is estimated to grow at a profitable rate owing to the linked benefits, such as improved patient care delivery and enhanced operational efficiency of the practices. The hybrid model is a combination of centralized and decentralized models and offers benefits, such as enormous data storage capacity and lower cost thereby facilitating the increased usage rate. Moreover, the incorporation of the hybrid model offers improved operational efficiency and patient care delivery is poised to propel the demand for the segment throughout the forecast period 2020-2025.
Application – Segment Analysis
Based on the Application, Health Information Exchange is segmented into Workflow Management, Secure Messaging, Internal Interfacing, Web portal development and others. Internal interfacing is estimated to grow at CAGR of 7.81% during the forecast period 2020-2025. This is owing to rising need of streamlining workflow and reduce in healthcare costs by eliminating medication errors. Secure messaging helps in achieving Stage 2 (electronic transactions) use, which is described as the crucial transport mechanism for clinical information sharing.
Geography – Segment Analysis
North America accounts for 44.3% of the Health Information Exchange market share in 2019 owing to the rising figures of accountable care organizations in US and Canada led to maximum share of the healthcare facilities. Also, supportive settlement policies, and the increasing implementation of Health Information Exchange are few of the reasons for the major share of North America. However, Asia-Pacific is projected to be the fastest-growing during the forecast period 2020-2025. The increasing awareness amongst healthcare practitioners regarding the healthcare information exchange systems, rising population base and various initiatives being undertaken by the government are factors driving the growth of the Health Information Exchange market in this region.
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Drivers – Health Information Exchange Market
Health Information Exchange refers to mobilization of healthcare information within defined geographical area to bring stakeholders together. These Stakeholders includes doctors, patients, pharmacists, nurses, and labs. With the presence of government and non-profit organization there is need of awareness among different stakeholders for accessing the information. Also, with the rapid technology development the access of health information becomes easy which is one of the reasons driving the growth of market
Challenges – Health Information Exchange Market
Data breaches is set to be the one of challenges for Health Information Exchange Market. Data breaches in the health information exchange can be dangerous as the data can be obtained by anybody and can be mis-utilized. Proper security is still a challenge for Health Information Exchange Market
Health Information Exchange Industry Outlook
Product launches, Merger & Acquisitions, Joint Ventures, and R&D activities are key strategies adopted by players in the Health Information Exchange market. Health Information Exchange top 10 companies are Allscripts Healthcare Solutions Inc, Infor Inc, Cerner Corporation, NextGen Healthcare Information Systems, Covisint Corporation, Relay Health Corporation, Optum Inc., Epic Corporation Inc., Orion Health and eClinicalWorks
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