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(Health-NewsWire.Net, September 01, 2021 ) How much is the Health Information Exchange (HIE) Market worth?
[199 Pages Report] The global health information exchange market is expected to reach USD 2.0 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 12.2%. Growth in this market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability. However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.
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. Patient data contains personal, private, or confidential information and requires strict safeguarding to prevent its misuse.
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COVID-19 Impact on the health information exchange market
The COVID-19 pandemic has created technological shifts crucial to providing better care. The crisis has made complying with data interoperability a priority for most healthcare institutions. It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records. In this regard, health information exchange is an effective tool that provides a framework for exchanging, sharing, and retrieving electronic health information with advanced security.
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. According to the India Brand Equity Foundation, the country’s healthcare sector has witnessed rapid growth; it was estimated to reach USD 280 billion by 2020 at a CAGR of 17%, wherein the contribution of revenue coming from hospitals is a significant 71%.
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Asia Pacific to witness significant growth from 2020 to 2025
North America is the largest regional market for health information exchange systems, followed by Europe. the APAC market is estimated to grow at the highest CAGR during the forecast period. The high growth in this regional market can be attributed to the rising prevalence of chronic diseases, government iniatives to support healthcare interoperability, improving healthcare infrastructure, and the increasing demand from key markets such as Japan, China, and India.
Recent Developments
1. In 2021, 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
2. In 2021, 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
3. In 2020, 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.
4. In 2020, 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.
5. In 2019, 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
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