New York, NY -- (SBWIRE) -- 12/21/2020 -- Health Information Exchange Market To Reach USD 2792.87 Million By 2027
Health Information Exchange Market to grow at a CAGR of 9.4% during the forecast period
Health Information Exchange Market Synopsis

Based on current analysis, the Global Health Information Exchange Market was valued at USD 1342.77 million in 2019 and is expected to reach USD 2792.87 million by 2027, at a CAGR of 9.4%. Health information exchange (HIE) is the electronic transfer of healthcare data among health information organizations, medical facilities, and companies that need the smooth and seamless exchange of medical data rapidly. Electronic health information exchange enables healthcare professionals such as doctors, nurses, lab technicians, pharmacists, and patients to access and share vital medical information with utmost security thus, improving the speed, quality, and cost of patient care. While health information exchange or HIE typically involves the exchange of information between healthcare organizations or providers, it may also be used as a term to refer to an organization that is responsible for facilitating the exchange. The demand for electronic HIE among care professionals is growing worldwide along with efforts to enhance the quality, safety, and efficiency of health care delivery. Such factors are anticipated to boost the growth of the health information exchange market.

Services of the health information exchange are aimed at helping care providers to eliminate unnecessary paperwork, reduce medication, medical errors, provide decision support tools for more efficient treatment, and enhance public health monitoring.

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Drivers and Restraints
The health information exchange market is expected to grow rapidly, especially as a consequence of the COVID-19 pandemic, which has caused a surge in demand for health information exchange systems. The current global situation has necessitated the collection, storage, and secured exchange of large amounts of healthcare data. Moreover, the increased focus of government organizations on promoting the use of healthcare information technology to enhance the quality of healthcare is a key growth driver for the health information exchange market.

The rising need to reduce the costs of paper-based patient health records maintenance is another factor driving the health information exchange market. According to a study by NCBI, retrieval of data through electronic health records is much faster and easier, which also helps in cutting healthcare costs. This is expected to fuel the demand for HIE systems over the forecast period.

The high cost of implementation of a comprehensive health information exchange system along with the complexities of the same is a major factor for the slow growth of the market. It is also a reason that these systems are available in the most economically developed countries.

Key Players
Some of the prominent players in the health information exchange market include Siemens AG, GE, eClinicalWorks, IBM Corporation, Orion Health, Medicity, CareEvolution, Cerner Corporation, RelayHealth Corporation, and Allscripts Healthcare Solutions, Inc

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Industry News
In November 2020, SYNCRONYS, the Health Information Exchange of New Mexico, announced that it has partnered with eHealth Technologies. This will give care providers in SYNCRONYS' community "one-click" access to medical images of patients from across the state. Care providers from hospitals, laboratories, physician groups, home health, imaging centers, emergency, and other participating healthcare services in New Mexico can use the eHealth Connect® Image Exchange to view, compare, collaborate and transfer diagnostic quality medical images with ease.

In November 2020 Oklahoma government announced its statewide health information exchange, which is set to launch in 2021. The state is also collaborating with the Oklahoma Health Care Authority to realize its goal of launching an HIE, which has been in the works for a couple of years. It is aimed at helping healthcare providers reduce mistakes and boost public health reporting. It will also allow providers to exchange patient information both safely and securely.

In November 2020, Connecticut also is scheduled its HIE launch after 4 failed attempts in the last decade. Connecticut state government is focusing on the launch of the HIE as soon as possible because the state has come to realize that an operational HIE system could have been much helpful during the first wave of the pandemic.

Health Information Exchange Market Segmentation
On the basis of application, the health information exchange market has been segmented as Web Portal Development, Internal Interfacing, Workflow Management, and Others

On the basis of implementation model, the health information exchange market has been segmented as Centralized, Decentralized, and Hybrid

On the basis of solution type, the health information exchange market has been segmented as Portal-Centric, Platform-Centric, and Messaging-Centric

On the basis of exchange set up, the health information exchange market has been segmented as Private HIE and Public HIE

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Health Information Exchange Market Regional Outlook
North America dominated the health information exchange market with a revenue share of 44.4% in 2019 due to the existence of enormous healthcare companies, supportive settlement policies, and the increasing penetration of Health Information Exchange in the region. In the U.S., the National Rural Health Resource Center provided a set of practical HIE resources to assist providers in understanding and implementing Health Information Exchange.

Asia Pacific health information exchange market is expected to grow rapidly at a CAGR of over 10.6% during the forecast period due to the rising disposable income levels and increased awareness amongst healthcare practitioners regarding the need for healthcare information exchange systems.