Market Analysis and Size
Healthcare information exchange is specifically developed to allow doctors, healthcare providers, and other medical facilities to securely and quickly transmit patient medical information electronically. Healthcare practitioners can share and access a patient's medical information via electronic devices through health information exchange (HIE). It also aids in the retrieval of clinical data in order to provide fast, effective, safe, efficient, and patient-centered treatment. It also aids in collaboration with healthcare stakeholders such as nurses, pharmacists, doctors, and other healthcare providers, as well as the reduction of time-consuming administrative duties. In the healthcare sector, it also provides transparency.
Data Bridge Market Research analyses that the healthcare information exchange (HIE) solutions market which was USD 1.2 billion in 2021, would rocket up to USD 2.54 billion by 2029, and is expected to undergo a CAGR of 9.80% during the forecast period 2022 to 2029. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
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Healthcare Information Exchange (HIE) Solutions Market Dynamics
Drivers
· Maintenance of paper-based patient health records
Another driver of the health information exchange market is the growing need to reduce the costs of maintaining paper-based patient health records. Furthermore, according to NCBI, retrieving data from electronic health records is much faster and easier than retrieving data from traditional hard copy records. Throughout the projection period of 2022 to 2029, this is expected to fuel demand for HIE systems. The HIE industry as a whole benefits greatly from the aforementioned reasons.
· Growing emphasis on healthcare cost optimization
By facilitating access to interchange of patient health information, the concept of electronic health information exchange (HIE) is crucial in improving the quality, speed, safety, and cost of patient treatment. Electronic health data transmission between clinicians and physicians minimises the need for excessive paper and record handling costs. Furthermore, by evaluating the patient's history, current medications, and other health information at the same time during visits, HIE can increase the completeness of patient records. Furthermore, early sharing of patient data enables for better decision-making and prevents readmissions, prescription errors, and re-testing expenditures.
· Rising awareness about healthcare information exchange system
High-speed access to medical clinical records with hospitals and clinicians is made possible through health information exchange, enabling for quick, dependable, and successful patient recovery. Regularly sharing patient data aids in making educated treatment decisions, lowers duplicate testing and increases diagnosis rates, and reduces readmissions and prescription errors. The health information exchange also uses clinical data from a range of providers, public health statistics, and spending and activity data from a number of providers and payers.
Opportunities
Despite security concerns, patients are expected to accept having their health information shared through HIE because of the apparent benefits. Patients are willing to embrace HIE despite their concerns about the safety and security of information sharing protocols, according to the report. Individuals may be enticed to consent to endorsement by potential HIE benefits such as improved health-care quality and safety. Our data also imply that for a subset of consumers, HIE is the safest mechanism of information exchange among healthcare practitioners. Patients agree with O'Donnell et al. that HIE will make their medical records more private and secure. As a result, those who believe that HIE will improve the privacy and security of their medical data are more eager to share it.
Global Healthcare Information Exchange (HIE) Solutions Market Scope
The healthcare information exchange (HIE) solutions market is segmented on the basis of type, price range, application and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Setup Type
· Private HIE
· Public HIE
Implementation Model
· Hybrid Models
· Centralized Models
· Decentralized/Federated Models
· Gastrointestinal Surgeries
Type
· Directed Exchange
· Query-based Exchange
· Consumer-mediated Exchange
Application
· Web Portal Development
· Workflow Management
· Secure Messaging
· Internal Interfacing
· Other Applications
Solution
· Portal-centric Solutions
· Messaging-centric Solutions
· Platform-centric Solutions
End-User
· Healthcare Providers
· Healthcare Payers
· Pharmacies
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Healthcare Information Exchange (HIE) Solutions Market Regional Analysis/Insights
The healthcare information exchange (HIE) solutions market is analysed and market size insights and trends are provided by country, type, price range, application and end user as referenced above.
The countries covered in the healthcare information exchange (HIE) solutions market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America holds the largest share in the global health information exchange (HIE) market due to the growing awareness regarding the health information exchange system. Furthermore, ongoing government measures to integrate healthcare information exchange systems into the healthcare sector in order to build infrastructure are propelling the regional industry forward.
Asia-Pacific dominates the healthcare information exchange (HIE) solutions market in the forecast period of 2022 to 2029. This is attributable to rising healthcare spending and expanding government programmes, which are likely to boost regional market demand.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Healthcare Information Exchange (HIE) Solutions Market Share Analysis
The healthcare information exchange (HIE) solutions market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare information exchange (HIE) solutions market.
Some of the major players operating in the healthcare information exchange (HIE) solutions market are:
· General Electric (U.S.)
· Lightbeam (U.S.)
· Incite (U.S.)
· Data Trans Solutions (U.S.)
· Mediportal, LLC. (U.S.)
· Ciracet (U.S.)
· AXIOM Systems (U.S.)
· arcadia.io (U.S.)
· Open Text Corporation (Canada)
· Infor (U.S.)
· Orion Health group of companies (U.S.)
· NXGN Management, LLC. (U.S.)
· Unitedhealth Group (U.S.)
· eClinicalWorks (U.S.)
· Cerner Corporation (U.S.)
· Allscripts Healthcare, LLC (U.S.)
· Health Catalyst (U.S.)
· Intersystems Corporation (U.S.)
· Epic Systems Corporation (U.S.)
· MEDITECH (U.S.)
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