Health Information Exchange Market

Health Information Exchange Market Size (2024 to 2032)

In 2023,the global HIE market was valued at USD 1400 million and it is expected to reach USD 3091.23 million by 2032 from USD 1528.80 million in 2024, growing at a CAGR of 9.2 % during the forecast period. 

Current Scenario of the Global Health Information Exchange Market

The health information exchange (HIE) promotes data exchange between providers and health systems through the National Health Information Exchange Network. HIMSS is actively involved in developing the health information exchange and provides a wide range of statistical tools and resources to professionals interested in transferring health information. Several companies in this market are trying to increase their product range to obtain the maximum share of this market. Health information exchange conducts healthcare information by electronic means between healthcare professionals, healthcare information organizations, and government agencies inside a region according to national standards. It permits healthcare providers, patients, and other stakeholders to correctly access and securely share patient information electronically by improving efficiency, quality, safety, and patient care costs.

MARKET DRIVERS

The growing awareness among people regarding the advanced technologies to exchange information related to health records of patients electronically is primarily driving the health information exchange market growth.

The growing usage of electronic health records (EHR) is one of the key factors propelling the health information exchange market growth. Electronic health records are patients' digital records of medical histories, such as treatments and test results, that can be shared and accessed among healthcare professionals. The adoption of EHR has grown significantly in the recent past, further promoting the need for health information exchange to facilitate the exchange of information between systems. The electronic system improves the storage system of the information by eliminating paper-based information. It helps the hospital give quick and improved quality treatment, which also fuels the market's growth rate. Furthermore, the growing adoption of technological advancements in healthcare centers and increasing government funding to enhance healthcare information systems are propelling the growth of the health information exchange market. Factors such as increasing demand for PHR and EHR in economically developing nations and increasing the adoption of mobile health applications and cloud-based systems will likely provide lucrative growth opportunities to the global health information exchange market during the forecast period.The increasing focus on population health management is anticipated to result in the growing usage of health information exchange and the market’s growth rate.

HIE plays a vital role in population health management by providing healthcare professionals with the required data of a specific group of people, which further helps them to identify the trends and patterns that are useful to improve the overall health of the respective population. For instance, HIE helps evaluate the incidence of chronic diseases such as diabetes or CVDs within a population and identify the factors contributing to the disease burden.

MARKET RESTRAINTS

However, the necessity of significant infrastructural investments, low return on investment, and data security & privacy concerns are primarily restricting the growth of the health information exchange market. Furthermore, the budget restrictions in developing countries, low adoption of high-end technologies, and interoperability issues inhibit the market’s growth rate.

REPORT COVERAGE

SEGMENTAL ANALYSIS

Health Information Exchange Market  By Type

Based on type, the direct exchange segment had the most substantial share of the global health information exchange market in 2023. The domination of the direct exchange segment in the HIE market is anticipated to continue during the forecast period owing to the growing trend of sharing documents with physicians and point-to-point transaction support. Direct exchange provides an easy and secure way of sending patient information from one organization to another, propelling the segment's growth. In addition, the direct exchange also helps to provide immunization data to the health organization.

Health Information Exchange Market By Implementation model

Based on the implementation model, the hybrid model captured the major share of the HIE market in 2023, and the segment is likely to account for the largest share in the coming years. Increasing patient care changes and improving operational efficiency quality are expected to contribute to the segment's growth during the forecast period. The hybrid model system proved flexible and essential to handle extensive data. Therefore, it is boosting the growth of the segment in the market. In addition, the hybrid model increases data analysis capability and provides ample data storage, which helps the market grow tremendously. 

Health Information Exchange Market By Setup Type

Based on setup type, the private HIE segment dominated the HIE market in 2023.  The growing number of service providers primarily drives the growth of the segment. In addition, the increasing need for quality treatment services, growing interested in decreasing costs, and offering better service to patients in private organizations are propelling the segment’s growth. Furthermore, the growing volume of patient data in the private system and fewer rules than in the public sector further promote the segment's growth rate.

On the other hand, the public HIE segment captured a substantial share of the global health information exchange market in 2023 and is anticipated to perform well during the forecast period.

Health Information Exchange Market  By Application

Based on application, the web portal development segment accounted for the major share of the health information exchange market in 2023 and is estimated to grow at the highest CAGR during the forecast period. In addition, the increase in accessibility of information through the patient web portal is more, enabling the information of the treatment and providing insight. These factors are propelling the growth in the segment.

The internal interfacing segment holds the second-largest share of the market in 2023. The growth of the internal interfacing segment is primarily driven by the increasing number of patients who are associates using engagement tools in healthcare centers.

Health Information Exchange Market  By Component-based

Based on the component, segments such as RLS and clinical data repositories held most of the global market share in 2023. Increasing awareness of the availability of various techniques in healthcare centers is propelling the growth of these segments.

Health Information Exchange Market  By End-User

Based on end-user, the healthcare provider segment accounted for the immense share value in the global health information exchange market in 2023.

REGIONAL ANALYSIS

Regionally, the North American HIE market led the market in 2023. Furthermore, the North American region is anticipated to register the lead among all the regions in the global market throughout the forecast period. The increasing adoption of EHR, favorable reimbursement policies, and an increasing number of market participants majorly drive the regional market's growth.

The HIE market in the Asia Pacific is likely to expand at the highest CAGR during the forecast period due to increasing investments by significant healthcare players, increasing adoption of HIE services due to growing awareness among people, and increasing initiatives by the governments of emerging economies like India, Japan, and China. Increasing awareness about the healthcare information system is anticipated to fuel the market demand in this region. In addition, the entry of new key players, government, and non-government organizations is investing more in developing innovative systems favoring the end-users and accelerating the market's growth rate in this region.

The HIE market in Europe had prominent growth for a few years and will continue the same in the coming years. A diverse range of national and regional initiatives and a growing number of cross-border initiatives drive European market growth. In addition, the European HIE market is expected to be favored by the growing usage of EHR and increased focus on patient care by the EU governments.

The Latin American HIE market is expected to grow steadily during the forecast period.

The HIE market in MEA is predicted to hold a moderate share of the global market in the coming years.

KEY PLAYERS IN THE HEALTH INFORMATION EXCHANGE MARKET

Companies playing a promising role in the global Health Information Exchange Market profiled in the report are Aetna Medcity, eClinical Works, RelayHealth, Medecision, Epic Corporation, Inc., Cerner Corporation, Infor Inc., Intersystems, Optum Inc., Alere Wellogic, NextGen Healthcare Information Systems, LLC, Covisint Corporation, Allscripts Healthcare Solutions, Inc. and Orion Health.

RECENT HAPPENINGS IN THE GLOBAL HEALTH INFORMATION EXCHANGE MARKET

• In October 2019, Cerner Corporation completed the acquisition of AbleVets to achieve higher technical expertise and scale in the design and implementation of solutions.

• In November 2019, San Gorgonio Memorial Hospital opted for the EHR suite Sunrise community care built for community hospitals by Allscripts Healthcare solutions.

• The IRM launched a new platform called m- Teresa, which helps collect healthcare information in remote areas globally.

DETAILED SEGMENTATION OF THE GLOBAL HEALTH INFORMATION EXCHANGE MARKET INCLUDED IN THIS REPORT 

This market research report on the global HIE market has been segmented and sub-segmented based on type, implementation model, setup type, application, component-based, end-user, and region.

By Type

• Direct Exchange
• Query Based Exchange
• Consumer Mediated Exchange

By Implementation model

• Centralized/Consolidated Models
• Decentralized/Federated Models
• Hybrid Model

By Setup Type

• Private
• Public

By Application

• Internal Interfacing
• Secure Messaging
• Workflow management
• Web Portal Development
• Patient Safety

By Component-based

• Enterprise Master Person Index (EMPI)
• Healthcare Provider Directory (HPD)
• Record Locator Service (RLS)
• Clinical Data Repository

By End-User

• Healthcare provider
• Public Health Agency
• Medical Research Institution
• Medical Professional
• Patient

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa