Health Information Exchange (HIE) Market to Grow Rapidly due to Rising Need for Greater Access to Patient Health Information Till 2024 | Million Insights

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Jun 04, 2018, 05:10 ET

FELTON, California, June 4, 2018 /PRNewswire/ --

Global Health Information Exchange (HIE) Market is expected to witness lucrative growth over the forecast period. Need for greater access to patient health information, enhanced stakeholder's collaboration and rising awareness of HIE technology are the key drivers leading to the market growth. Furthermore, increasing incentives by the federal government, growing investments, increasing geriatric population and raising demand for reduction in healthcare cost are the factors anticipating the demand for health information exchange.

HIE refers to the electronic mobilization of healthcare information within defined geographical area to bring stakeholders together. The stakeholders include doctors, patient, pharmacists, nurses and labs. HIE enables speedy access and sharing of patient's clinical data to the healthcare providers for providing effective, timely and efficient delivery of care to the patient. Sharing of patient information on time helps in effective decision making, avoids readmission and medication errors, improves diagnostic rate and, decreases duplicate testing. The technology provides high standard of patient care coupled with reduction in expenses associated with physical mailing of patient records, manual printing of document and, efforts involved in recovering patients' reports.

On the basis of set up type, HIE market is segmented into implementation model and vendors model and, also in public and private HIE. Implementation is further classified into hybrid model, centralized model and decentralized model. Among these implementation models, hybrid model is projected to be the potential market segment as it is a combination of both decentralized and centralized model. Hence, it consists of advantages of both the models.

In set up type, private HIE is expected to dominate the market owing to the benefits associated with it such as deep commitment to a shared vision among shareholders. Shared vision include reduction in cost associated with unnecessary duplicate tests. Other benefits are steady flow of funds for development obtained from stakeholders in the private sector and physician engagement at every level of the HIE. Private HIE are growing at a rapid pace in comparison to public HIE.

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The vendors' type is further segmented into messaging centric, platform centric, portal centric, clinical data management and personal health records. Portal centric segment is considered to hold the largest market share of health information exchange and is anticipated to witness robust growth over the coming six years due to the increasing use of electronic health records in the developed countries.

Based on pattern of data exchange, the market is segregated into consumer mediated exchange for patient control, directed exchange for coordinate care and query based exchange for unplanned care. By application, it is used in the fields such as web portal development, secure messaging, workflow management, interfacing internal application and, patient safety. Among these application, HIE is majorly used in web portal development owing to the increasing number of documents choosing for electronic medical records driven by the accessibility of portals to retrieve information on patients. The end users of the market include public health agency, ED provider, medical research, care manager, primary care provider and specialists.

Geographically, the global health information exchange market is categorized into North America, Europe, Asia Pacific, Latin America and MEA. North America is estimated to hold the largest market share owing to presence of established companies, high adoption rate of technology and well established healthcare facilities.

Asia-Pacific is expected to grow at a significant rate owing to increasing demand for patient care, rising population base and growing healthcare investments. In addition, increasing awareness level among people about HIE, various initiatives undertaken by government in emerging economic countries such as India, China and Japan are the factors driving the market growth over the decade. The demand for mobile health applications and, cloud based systems are offering opportunities for the healthcare IT providers. The major operating companies in the market are GE Healthcare, Care Evolution, At & T Inc., Cerner Corporation, IBM Corp., Medicity, Philips, Epic Systems, InterSystems, Oracle, Kindred Healthcare, Siemens Healthcare and Orion Health.

Kindred Healthcare is using health information exchange technology to coordinate healthcare and achieve improved outcomes. The company is investing in technology that helps them to connect with their clinical applications so that when patients are discharged from Kindred facility, their patient record can follow them and when they enter one of their facilities, the caregivers will be able to view patient care record from previous admission. This helps in eliminating unnecessary test and treatment and, maintaining patient privacy and consent requirements.

Browse reports of similar category available with Million Insights:

Global health information exchange setup type outlook (Revenue, USD Million, 2013- 2024)

• Private HIE

• Public HIE

Global health information exchange implementation model outlook (Revenue, USD Million, 2013 - 2024)

• Centralized

• Decentralized

• Hybrid

Global health information exchange solution type outlook (Revenue, USD Million, 2013 - 2024)

• Portal-Centric

• Platform-Centric

• Messaging-Centric

Global health information exchange application outlook (Revenue, USD Million, 2013 - 2024)

• Web Portal Development

• Internal Interfacing

• Workflow Management

• Others

Health information exchange regional outlook (Revenue, USD Million, 2013 - 2024)

• North America

• U.S

• Canada

• Europe

• UK

• Germany

• Asia Pacific

• Japan

• China

• India

• Latin America

• Mexico

• Brazil

• MEA

• South Africa

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