The global Health Information Exchange market in terms of revenue was estimated to be worth $1.1 billion in 2020 and is poised to reach $2.0 billion by 2025, growing at a CAGR of 12.2% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. Growth in this market is driven by factors such as the growing focus on patient-centric care delivery, the growing need to curtail healthcare costs, government initiatives for enhancing patient care and safety, and government funding for healthcare interoperability. On the other hand, factors such as lack of true interoperability solutions, lack of standards, data privacy and security concerns, the need for significant investments in infrastructure development and the use of outdated legacy systems are expected to restrict market growth to a certain extent in the coming years.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=249987292
Key Market Players
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).
Health Information Exchange Market Dynamics
Driver: Growing focus on patient-centric care delivery
The increasing penetration of communication technologies in the healthcare industry results in a gradual shift away from institution-centric frameworks and towards patient-centered care delivery. Patient-centric care is associated with a number of advantages, including reduced hospital admissions, decreased expenditure, and reduced pressure on an already burdened system. Increased engagement of healthcare systems with stakeholders helps decrease overall healthcare expenses. Also, patients who report positive experiences have more trust in their providers and are less likely to switch physicians, allowing for more continuity in care. Owing to these benefits, patients are increasingly opting for more personalised treatments to better integrate their opinions and needs with those of their caregivers. This creates a greater demand among patients for their health data and also for platforms that can enable effective communication with doctors and researchers.
Opportunity: Improving healthcare infrastructure in emerging markets
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. This can be attributed to the increasing healthcare data and the rising adoption of health IT solutions in these countries.
Restraint: Use of outdated legacy systems
Legacy systems (usually electronic medical record systems) with limited interoperability capabilities are those systems implemented prior to the introduction of common national standards. These systems are still in use today. Their data storage, input, and inventory of data items are unique and often proprietary. The problem associated with legacy systems is that they are designed for a particular task or facility. Many of these systems are designed to prevent data exchange with other vendors' solutions to protect market shares and encourage purchases by hospitals or clinic chains. The information in healthcare facilities is also enormously complex because it covers different types of data, such as patient administration, organisational information, clinical data, and laboratory and pathology data.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=249987292
Challenge: Data privacy concerns
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 data breaches or failure to maintain its integrity result in financial and legal penalties. Patient data contains private, personal, or confidential information and requires strict safeguarding to prevent its misuse. These solutions are required to adhere to all the data security protocols implemented by governments and regulatory authorities, since the interoperable solutions used for patient care require access to multiple health data sets.
North America held the largest share of the global health information exchange market
Geographically, the health information exchange market is segmented into North America, the Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America accounted for the largest share of the health information exchange market, primarily due to the significant growth in the hospital expenditure in the region, initiatives by the US government to improve patient care and patient safety, high adoption of healthcare IT technologies, and the need to reduce healthcare costs. However, the Asia Pacific health information exchange market is anticipated to witness the highest growth during the forecast period, owing to factors such as the growing patient volume, growing focus on healthcare digitalization, and the rising need to reduce healthcare costs.
- MEDITECH (US) entered into an agreement with Steward Health Care, wherein the latter implemented MEDITECH’s EHR system in 18 sites located across Arizona, Texas, Utah, Arkansas, and Louisiana. This decision was a part of Steward’s “One Platform” strategy to bring all 35 hospitals under a single HER
- Change Healthcare launched its nationwide Clinical Data Retrieval Solution, a new cloud-based interoperability solution that makes it possible for payers to quickly and easily retrieve patient records from the electronic health record (EHR) systems
- Epic Systems Corporation partnered with Adena Health System to implement Epic’s EHR across Adena’s health system. This partnership will help increase patient data exchange with the Ohio State Wexner Medical Center.
- Health Catalyst (US) entered into a multi-year strategic partnership with Middle East Healthcare Company (MEAHCO) (Saudi Arabia).Under this partnership, six Saudi-German Hospitals in the Kingdom of Saudi Arabia (KSA) will have access to Health Catalyst’s DOS technology.
- Cerner Corporation collaborated with Amazon Web Services, Inc. (AWS).Under this collaboration agreement, Cerner Corporation (US) named AWS its preferred cloud provider. The agreement also focuses on accelerating Artificial Intelligence (AI), Machine Learning (ML), and other cutting-edge innovations in healthcare
Enquiry Before Buying this Report: https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=249987292
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
Mr. Aashish Mehra
630 Dundee Road
Northbrook, IL 60062