Health information exchange solutions have several useful applications in healthcare. However, the adoption of these solutions is restricted to an extent owing to data security and privacy concerns. 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.
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.
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Patient data contains personal, private, or confidential information and requires strict safeguarding to prevent its misuse. Since the interoperable solutions used for patient care require access to multiple health data sets, it is essential for these solutions to adhere to all the data security protocols implemented by governments and regulatory authorities. This is a difficult task as most interoperability platforms are consolidated and require extensive computing power, owing to which patient data, or parts of it, can be required to reside in a vendor’s data center.
Based on application, the HIE market is categorized into internal interfacing, workflow management, secure messaging, web portal development, patient safety, and others (personal health records and chronic disease management). The web portal development application segment is expected to is expected to account for the largest share of the market in 2020 The large share of this segment can primarily be attributed to the increasing number of physicians opting for electronic medical records which will lead to the increased demand for web-based portals for retrieving patient information.
Based on the type, the health information exchange market is segmented into directed(push HIE), query-based (pull-HIE), consumer-mediated exchange solutions. The directed (push HIE) exchange segment is expected to account for the largest share of the market in 2020. The large share of this segment can primarily be attributed to advantages like directed exchange prevents redundant collection of information from the patient, wasted visits, medication errors, and duplication of tests.
Based on end users, the market is divided into healthcare providers, healthcare payers, and pharmacies .Healthcare providers segment is expected to account for the largest share of the global health information exchange market in 2020. The large market share of this segment can be attributed to the growing focus of providers on patient satisfaction and quality of care delivered, government initiatives and incentives programs, and growing need to improve the affordability and accessibility of healthcare services.
Some of the prominent players operating in the health information exchange market include Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Health Catalyst (US), Intersystems Corporation (US),Epic Systems Corporation (US), MEDITECH (US).
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Epic Systems (US) held the leading position in the health information exchange market. The company is also one of the dominant players in the hospital EMR systems market, accounting for an estimated share of 28-30% of the acute care hospitals in 2019 in US. Every month around 100 million records are share between Epic users and with providers using other systems. Pic is a leading player promoting Carequality, a network connecting EHRs around the US. The company focuses on innovating and improving its geographic presence to maintain its position as a leading player globally
North America regional segment to account for the largest market share of the health information exchange market
North America is the largest regional market for health information exchange systems, followed by Europe. The largest share of the North American market can be attributed to the significant growth in hospital expenditure, government initiatives to improve patient care and patient safety, the high adoption of HCIT technologies, and the need to reduce healthcare costs.
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