Global Health information exchange (HIE) Market strategic research study offers company accounts, industry investors, and industry members with consequential insights to enable them to make reliable strategic decisions regarding the opportunities in the global market.
In this report, we thoroughly examine and analyse the Global market for Health information exchange (HIE) so that market participants can improve their business strategy and ensure long-term success. This report provides players with useful information and suggests result-based ideas to give them a competitive advantage in the global Health information exchange (HIE) industry. It will show how other players compete in the global Health information exchange (HIE) Market and explain the strategies you use to differentiate yourself from other participants.
Health Information Exchange (HIE) Market
This Research Report Answers the Following Questions:
- How Health information exchange (HIE) market will grow in the coming year?
- Will the COVID-19 pandemic surge the demand for such platforms?
- How are key companies planning to promote benefits of Health information exchange (HIE)?
- What are the industry growth drivers, obstacles, and dynamics?
- Which segment is expected to lead in the coming years?
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Global health information exchange (HIE) market is expected to witness lucrative growth over the forecast period. Need for greater access to patient health information, enhanced stakeholder’s collaboration and rising awareness of HIE technology are the key drivers leading to the market growth. Furthermore, increasing incentives by the federal government, growing investments, increasing geriatric population and raising demand for reduction in healthcare cost are the factors anticipating the demand for health information exchange.
HIE refers to the electronic mobilization of healthcare information within defined geographical area to bring stakeholders together. The stakeholders include doctors, patient, pharmacists, nurses and labs. HIE enables speedy access and sharing of patient’s clinical data to the healthcare providers for providing effective, timely and efficient delivery of care to the patient. Sharing of patient information on time helps in effective decision making, avoids readmission and medication errors, improves diagnostic rate and, decreases duplicate testing. The technology provides high standard of patient care coupled with reduction in expenses associated with physical mailing of patient records, manual printing of document and, efforts involved in recovering patients’ reports.
On the basis of set up type, HIE market is segmented into implementation model and vendors model and, also in public and private HIE. Implementation is further classified into hybrid model, centralized model and decentralized model. Among these implementation models, hybrid model is projected to be the potential market segment as it is a combination of both decentralized and centralized model. Hence, it consists of advantages of both the models.
In set up type, private HIE is expected to dominate the market owing to the benefits associated with it such as deep commitment to a shared vision among shareholders. Shared vision include reduction in cost associated with unnecessary duplicate tests. Other benefits are steady flow of funds for development obtained from stakeholders in the private sector and physician engagement at every level of the HIE. Private HIE are growing at a rapid pace in comparison to public HIE.
The vendors’ type is further segmented into messaging centric, platform centric, portal centric, clinical data management and personal health records. Portal centric segment is considered to hold the largest market share of health information exchange and is anticipated to witness robust growth over the coming six years due to the increasing use of electronic health records in the developed countries.
Based on pattern of data exchange, the market is segregated into consumer mediated exchange for patient control, directed exchange for coordinate care and query based exchange for unplanned care. By application, it is used in the fields such as web portal development, secure messaging, workflow management, interfacing internal application and, patient safety. Among these application, HIE is majorly used in web portal development owing to the increasing number of documents choosing for electronic medical records driven by the accessibility of portals to retrieve information on patients. The end users of the market include public health agency, ED provider, medical research, care manager, primary care provider and specialists.
Geographically, the global health information exchange market is categorized into North America, Europe, Asia Pacific, Latin America and MEA. North America is estimated to hold the largest market share owing to presence of established companies, high adoption rate of technology and well established healthcare facilities.
Asia-Pacific is expected to grow at a significant rate owing to increasing demand for patient care, rising population base and growing healthcare investments. In addition, increasing awareness level among people about HIE, various initiatives undertaken by government in emerging economic countries such as India, China and Japan are the factors driving the market growth over the decade. The demand for mobile health applications and, cloud based systems are offering opportunities for the healthcare IT providers.The major operating companies in the market are GE Healthcare, Care Evolution, At & T Inc., Cerner Corporation, IBM Corp., Medicity, Philips, Epic Systems, InterSystems, Oracle, Kindred Healthcare, Siemens Healthcare and Orion Health.
Kindred Healthcare is using health information exchange technology to coordinate healthcare and achieve improved outcomes. The company is investing in technology that helps them to connect with their clinical applications so that when patients are discharged from Kindred facility, their patient record can follow them and when they enter one of their facilities, the caregivers will be able to view patient care record from previous admission. This helps in eliminating unnecessary test and treatment and, maintaining patient privacy and consent requirements.
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[199 Pages Report] The global health information exchange market is expected to reach USD 2.0 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 12.2%.
Growth in this market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability.
However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.Health information exchange solutions have several useful applications in healthcare.
Patient health data is protected under federal laws in many countries, and any breaches or failure to maintain its integrity can result in legal and financial penalties.
It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records.
In this regard, health information exchange is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.The healthcare industry in emerging countries such as India, China, Brazil, and Mexico is expected to offer significant growth opportunities for companies offering health information exchange solutions.
The Growth in this HIE Market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability.However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.According to the new market research report “Health Information Exchange (HIE) Market by Set Up Type (Public, Private), Implementation Model (Federated, Hybrid), Type (Pull, Push), Application (Web Portal, Secure Messaging), Solution (Portal, Platform Centric), End User – Global Forecast to 2025″, published by MarketsandMarkets™, the global Health Information Exchange Market is expected to reach 2.0 billion by 2025 from an estimated USD 1.1 billion in 2020 at a CAGR of 12.2% during the forecast period.COVID-19 Impact on the Health information exchange MarketThe COVID-19 pandemic has created technological shifts crucial to providing better care.
It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records.
These solutions allow a seamless exchange and interpretation of health-related data among healthcare organizations and patients for clinical decision-making and other applications.Browse in-depth TOC on “Health Information Exchange (HIE) Market”141 – Tables36 – Figures199 – PagesDownload PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249987292The health information exchange market includes Tier I and II vendors Epic Systems Corporation (US), Cerner Coporation (US), MEDITECH(US), and Intersystems Corporation (US) among others.
The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.The private HIE segment is expected to account for the largest share during the forecast periodBased on the setup type, the health information exchange market is segmented into public and private HIE.
The large share and high growth can be attributed to the various advantages it offers as compared to public HIEs, such as additional functionalities and strong technical support.The hybrid model is expected to grow at the highest rate during the forecast periodBased on the implementation model, the health information exchange market is segmented into centralized/consolidated model, federated/decentralized, hybrid models.
The large share and high growth can be attributed to the various advantages it offers as such as controlled flow of data and support to diverse communities, cost-effective database solution and is often the only choice for cost-constrained organizations.The directed exchange segment to account for the largest share during the forecast periodBased on the type, the health information exchange market is segmented into directed (push HIE), query-based (pull-HIE), consumer-mediated exchange solutions.
Industry InsightsThe Global Health Information Exchange market was $ 988.6 million in 2015.
Apart from this, the increased focus of government agencies on the use of health service information technology to improve the quality of health services is the major health care drivers in the entire health information exchange market.According to the growing need for reducing the cost related to the maintenance of the health records of patients based on paper, health information exchange is another driver of the market.
In addition, the benefits associated with high workflow efficiency and low administrative issues are expected to increase the subsidized rate over the next period of time.Implementation InsightsHybrid model is the largest part of the Segment Implementation Model Segment and The CAGR is expected to grow at an alarming rate of more than 6.8% in the forecast period.
Hybrid model is a mix of centralized and decentralized models and facilitates increased usage rates for large data storage capacity and low rates.
For example, Allscripts Healthcare Solutions, Inc.
Since more and more patients are able to collect information, internal interfacing is expected to increase rapidly during the intensity of growth.Regional InsightsIn 2015, North America contributed the highest percentage of health information exchange market to 45.0%.
Furthermore, increasing incentives by the federal government, growing investments, increasing geriatric population and raising demand for reduction in healthcare cost are the factors anticipating the demand for health information exchange.
Request a Sample PDF Copy of This Report @ https://www.millioninsights.com/industry-reports/health-information-exchange-hie-market/request-sample Market Synopsis of Health Information Exchange Market: HIE refers to the electronic mobilization of healthcare information within defined geographical area to bring stakeholders together.
Implementation is further classified into hybrid model, centralized model and decentralized model.
Hence, it consists of advantages of both the models.
Other benefits are steady flow of funds for development obtained from stakeholders in the private sector and physician engagement at every level of the HIE.
Portal centric segment is considered to hold the largest market share of health information exchange and is anticipated to witness robust growth over the coming six years due to the increasing use of electronic health records in the developed countries.
We are seeing an increasing dependency on HIEs across the country to support data and analytics needs of several value based programs.
As with anything in healthcare, The role of HIEs is constantly evolving.
So MYTECHMAG brings to you best HIE Tech Companies with latest innovative technology and services.
