Health Information Exchange Market Trends:
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.
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Key Market Players of Health Information Exchange Market
Epic Systems Corporation (US), Cerner Corporation (US), Health Catalyst (US), Intersystems Corporation (US), MEDITECH (US). are some of the leading players of the health information exchange market.
Cerner held the second position in the health information exchange market.The company is also one of the dominant players in the hospital EMR systems market, accounting for an estimated share of 25-27% of the acute care hospitals in US. The company has a wide product portfolio in this market and demonstrates a strong focus on R&D—it has ~7,300 employees working in R&D activities.
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. These solutions allow a seamless exchange and interpretation of health-related data among healthcare organizations and patients for clinical decision-making and other applications. During the pandemic, HealtHIE Nevada (US) increased its patient data exchange by 36%.
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Opportunities: 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. 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%. The lack of proper standards and government regulations in emerging markets is expected to offer huge opportunities for providers of healthcare interoperability solutions who are unable to meet the standards of the US and developed European countries such as Germany and France.
Recent Developments
- 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
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