Dublin, Aug. 12, 2024 (GLOBE NEWSWIRE) -- The "Healthcare Information Exchange Market Size, Share & Trends by Type (Direct, Query, Consumer), Implementation (Hybrid, Centralised, Federated), Setup (Private, Public), Solution (Portal, Platform), Application (Workflow, Messaging), End User, & Region - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Health Information Exchange market is projected to reach USD 2.8 billion by 2029 from USD 1.7 billion in 2024, at a CAGR of 10.2% from 2024 to 2029.
This report studies the Health Information Exchange market based on type, set up type, implementation model, solution, component, application, end user, and region. The report also analyses factors (such as drivers, opportunities and challenges) affecting market growth. It evaluates the opportunities and challenges in the market for stakeholders and provides details of the competitive landscape for market leaders.
The report also studies micro markets with respect to their growth trends, prospects, and contributions to the total Health Information Exchange market. The report forecasts the revenue of the market segments with respect to five major regions.
Market Drivers and Challenges
The growth of the market is fuelled due to seamless and secure exchange of patient health information across the healthcare ecosystem. As healthcare delivery becomes increasingly fragmented, with patients receiving care from multiple providers and across various settings, there is a growing need to ensure care coordination and continuity.
Moreover, regulatory mandates and government initiatives aimed at promoting interoperability and data exchange have fueled the adoption of HIE solutions. Programs such as the Medicare Access and CHIP Reauthorization Act (MACRA) and the Promoting Interoperability Program (formerly known as Meaningful Use) incentivize healthcare organizations to adopt certified electronic health record (EHR) systems with HIE capabilities. However lack of standardized data formats, incompatible systems, and varying regulatory requirements across different jurisdictions poses a significant challenge within this market.
Health Information Exchange, portal-centric HIE solution segment to witness the highest growth during the forecast period
Based on solution, the Health Information Exchange market is segmented into portal-centric solutions, messaging-centric solutions, and platform-centric solutions. The portal-centric solution segment held the largest market share in 2023. The portal-centric solutions segment to witness the highest growth during forecast period. One major factor contributing to the growth of this segment is due to its user-friendly approach and ability to facilitate seamless access to patient health information.
For instance, in September 2023, Epic Systems Corporation, a leading electronic health record (EHR) vendor, unveiled its new MyChart Bedside portal, which enables patients to access their health records and communicate with care teams directly from their hospital bedside. This innovative portal-centric solution not only empowers patients to take a more active role in their healthcare but also streamlines communication and information sharing between patients and providers, ultimately improving care coordination and patient satisfaction. Furthermore, the portal-centric segment of the HIE market has witnessed significant growth due to the increasing adoption of telehealth and remote patient monitoring technologies, particularly in response to the COVID-19 pandemic. Healthcare organizations have leveraged portal-centric HIE solutions to facilitate virtual visits, share diagnostic test results, and monitor patient progress remotely.
Web portal development segment held the largest market share in the Health Information Exchange Market
Based on application, the Health Information Exchange market is segmented into web-portal development, workflow management, secure messaging, internal interfacing, and other application. Web portal development segment held the largest market share in 2023 due to its crucial role in facilitating seamless access to patient health information for both healthcare providers and patients.
Web portals serve as centralized platforms where users can securely view, exchange, and manage their health records, diagnostic reports, medication histories, and other relevant clinical data. One key reason for the dominance of the web portal development segment is its widespread adoption across healthcare organizations of all sizes and specialties. Providers rely on web portals to access patient information from multiple sources, including electronic health record (EHR) systems, laboratory databases, and imaging repositories, thereby streamlining workflows and enhancing care coordination.
Healthcare Provider segment to register the highest growth in the Health Information Exchange market during the forecast period
Based on end user, the Health Information Exchange solution market is segmented into healthcare provider, healthcare payers, and pharmacies. In 2023, the healthcare provider segment held the largest share among the end user due to their pivotal role in care delivery and management of patient health data. Recent instances highlight the increasing focus of US healthcare providers on the adoption of HIE solutions to enhance care coordination, improve patient outcomes, and comply with regulatory requirements. For example, in June 2023, Mayo Clinic, a renowned healthcare provider, announced its partnership with Microsoft to deploy the Azure Health Data Services platform, leveraging HIE capabilities to streamline data sharing across its network of hospitals and clinics. This initiative highlights the growing recognition among healthcare providers of the value of HIE in facilitating seamless information exchange and interoperability between disparate systems.
APAC is estimated to register the highest CAGR during the forecast period
In this report, the Health Information Exchange market is segmented segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East and Africa. The Health Information Exchange market in APAC is projected to register the highest CAGR rate during the forecast period. The growth of this region is due to rapidly evolving healthcare landscape in APAC, characterized by increasing digitization, urbanization, and healthcare expenditure. As healthcare systems modernize and expand to meet the needs of growing populations, there is a growing recognition of the importance of interoperability and data exchange in improving care coordination, enhancing patient outcomes, and driving healthcare efficiency.
Moreover, government initiatives and regulatory reforms aimed at promoting healthcare IT adoption and interoperability are driving the growth of the HIE market in APAC. Countries such as China, Japan, South Korea, and Australia have launched national health IT initiatives and interoperability frameworks to facilitate the exchange of electronic health records (EHRs) and health information among healthcare providers. For instance, China's Healthy China 2030 initiative and Australia's My Health Record program are driving investments in HIE infrastructure and technology to support integrated care delivery and population health management.
List of Companies Profiled in the Report
- Epic Systems Corporation. (US)
- Oracle (US)
- InterSystems Corporation (US)
- Veradigm LLC (US)
- Medical Information Technology, Inc. (US)
- HEALTH CATALYST, INC. (US)
- Chetu Inc. (US)
- Meditab (US)
- Siemens Healthineers (Germany)
- Deloitte (UK)
- Dreamsoft4u (US)
- NCrypted Technologies. (India)
- Glorium Technologies. (US)
- Daffodil Unthinkable Software Corporation (US)
- eClinicalWorks (US)
- NXGN Management, LLC. (US)
- Orion Health (New Zealand)
- Kellton (India)
- Telstra Health (Australia)
- CGI Inc. (Canada)
- Excelicare (US)
- Octal IT Solution. (US)
- Andersen (Poland)
- SISGAIN (India)
- Cleverdev Software (US)
- OSP Labs (US)
Key Attributes
| Report Attribute | Details |
| No. of Pages | 414 |
| Forecast Period | 2024-2029 |
| Estimated Market Value (USD) in 2024 | $1.7 Billion |
| Forecasted Market Value (USD) by 2029 | $2.8 Billion |
| Compound Annual Growth Rate | 10.2% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/c3305y
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