Meaningful use requirements, new payment approaches that stress care coordination, and federal financial incentives are all driving the interest and demand for health information exchange market

Based on current analysis, the global Health Information Exchange market was valued at USD 1227.4 million in 2018 and is expected to reach USD 2552.9 million by 2026, at a CAGR of 9.4%. health information exchange (HIE) 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 HIE 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 HIE typically refers to the act of exchanging information between two or more healthcare organizations or providers, it may also refer to an organization that is responsible for facilitating the exchange. The purpose of HIE is to promote the appropriate and secure access and retrieval of a patient's information to improve the cost, quality, safety and speed of patient care. The demand for electronic HIE among care professionals is growing along worldwide efforts to improve the quality, safety, and efficiency of health care delivery, which is anticipated to boost the growth of the health information exchange market.

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Market Overview:

The World Health Organization (WHO) declared the severe acute respiratory syndrome novel coronavirus 2 (SARS-CoV-2) outbreak in Wuhan, China, as a worldwide pandemic in December 2019. SARS-CoV-2 infection is classified as a novel coronavirus disease by the WHO. COVID-19 has infected more than 150 million people worldwide, resulting in more than 3 million deaths. COVID-19 has had a big influence on the healthcare business, causing major disruptions throughout the supply chain, from raw materials to manufacture and delivery. The global demand for medical ventilators has prompted manufacturers to increase demand by up to 40% to 50%. Producers have also collaborated in order to meet rising demand. Governments and a variety of organisations, as well as other industry personnel, are all working hard to address the global problem. Leading personnel are active in research and development operations, strategic alliances and collaborations, and creative product releases in order to meet consumer demands for pharmaceuticals, vaccines, diagnostics, and medical equipment such as ventilators. Without a doubt, this is the first time in contemporary history that the diagnostics industry has been given such prominence. Participants in the healthcare business have abruptly shifted from under the carpet to above the carpet's demand. The world has acknowledged the necessity for early warning systems in the healthcare sector, currently for COVID-19, but this pattern will continue in the future for other sorts of diagnostics.

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Application outlook (Revenue in USD Million; 2016–2026)

• Web Portal Development
• Internal Interfacing
• Workflow Management
• Others

Implementation model outlook (Revenue in USD Million; 2016–2026)

• Centralized
• Decentralized
• Hybrid

Solution type (Revenue in USD Million; 2016–2026)

• Portal-Centric
• Platform-Centric
• Messaging-Centric

Exchange set up (Revenue in USD Million; 2016–2026)

• Private HIE
• Public HIE

Based on Region market is segmented into:

• North America
• Europe
• Asia-Pacific
• South America
• Middle East Africa

Key findings from the report

• In the implementation model segment of health information exchange, the hybrid model segment is estimated to grow at a profitable rate due to the linked benefits, such as improved patient care delivery and enhanced operational efficiency of the practices
• Based on the applications, the internal interfacing segment is the fastest growing segment with a growing CAGR of 10.1% in the health information exchange market during the forecast period. Internal interfacing is presumed to propel the demand for the health information exchange market
• North America dominated the health information exchange market at a market share of 44.4% owing to the existence of enormous companies, supportive settlement policies, and the increasing implementation of HER
• GE and Microsoft have announced plans to create a joint venture that will enable care teams to improve quality, performance and the patient experience. The new partnership will deliver something truly different: the industry's first solution focused on enabling population health management to alter the economics of health and wellness
• The National Rural Health Resource Center has made available a set of practical HIE resources to assist providers in understanding and implementing Health Information Exchange
• Asia Pacific is expected to grow rapidly at a CAGR of over 10.6% during the forecast period in the health information exchange market due to the rising disposable income levels, the increased awareness levels amongst healthcare practitioners regarding the healthcare information exchange systems
• HIE enables patient engagement, offering patients an electronic copy of their medical information that they can share with their healthcare providers. Research has also found that HIE use can improve patient-provider communication and patient satisfaction

We can also provide the customized data for separate regions like North America, United States, Canada, Mexico, Asia-Pacific, China, India, Japan, South Korea, Australia, Indonesia, Singapore, Rest of Asia-Pacific, Europe, Germany, France, UK, Italy, Spain, Russia, Rest of Europe, Central South America, Brazil, Argentina, Rest of South America, Middle East Africa, Saudi Arabia, Turkey, Rest of Middle East Africa

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