Adoption of cloud technology in healthcare services, growing focus on patient-centric care delivery, and advancements in HIE drive the growth of the global health information exchange market.
PORTLAND, Ore., Dec. 5, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Health Information Exchange Market by Exchange Type (Directed Exchange, Query-Based Exchange, and Consumer-Mediated Exchange), Implementation Model (Hybrid, Centralized, and Decentralized/Federated), Setup Type (Private and Public), and End User (Healthcare Providers, Healthcare Payers, and Others): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global health information exchange industry generated $1.5 billion in 2022, and is anticipated to generate $3.8 billion by 2032, witnessing a CAGR of 9.6% from 2023 to 2032.
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Prime determinants of growth
Rise in adoption of cloud technology in healthcare services, growing focus on patient-centric care delivery, and advancements in health information exchange drive the growth of the global health information exchange market. However, the increase in concerns regarding patient data safety and security restricts market growth. Moreover, the rise in healthcare infrastructure and growth opportunities in emerging markets present new opportunities in the coming years.
Report coverage & details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Exchange Type, Implementation Model, Setup Type, End User, and Region.
Adoption of cloud technology in healthcare services
Advancements in HIE
Growing focus on patient-centric care delivery
Growing healthcare infrastructure in emerging markets
Increase in concerns regarding the patient data safety & security
Economic Downturn Analysis: Impact of Recession in 2023 on the Health Information Exchange Market
During a recession, individuals and governments might tighten their budgets, leading to reduced healthcare spending. This could affect patients’ ability to access and afford health information exchange solutions, potentially leading to decreased demand for these solutions and services. In addition, economic uncertainty during a recession may lead to a slowdown in mergers and acquisitions within the healthcare industry.
However, the governments and healthcare authorities, recognizing the need for interoperability and data sharing are experiencing a moderate positive impact from the global recession.
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The directed exchange segment to maintain its leadership status throughout the forecast period
Based on exchange type, the directed exchange segment held the largest market share in 2022, accounting for around three-fifths of the global health information exchange market revenue and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 9.9% from 2023 to 2032. This is attributed to its effectiveness in supporting coordinated care through secure electronic information exchange and facilitates the targeted and point-to-point sharing of health information between care providers.
The hybrid segment to maintain its leadership status throughout the forecast period
Based on implementation model, the hybrid segment held the largest market share in 2022, accounting for more than three-fifths of the global health information exchange market and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 9.8% from 2023 to 2032. This is attributed to its versatile & balanced approach and seamlessly integrated centralized and decentralized elements, offering healthcare organizations a flexible model for health information exchange.
The private segment to maintain its leadership status throughout the forecast period
Based on the setup type, the private segment held the largest market share in 2022, accounting for three-fifths of the global health information exchange market and is estimated to maintain its leadership status throughout the forecast period. This segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032. This is attributed to benefits offered by private setup type such as secure, and customizable platforms, privacy, and individualized healthcare services.
The healthcare providers segment to maintain its lead position during the forecast period
Based on end user, the healthcare providers segment accounted for the largest share in 2022, contributing to around three-fourths of the global health information exchange market revenue, and is projected to maintain its lead position during the forecast period. This segment is projected to manifest the highest CAGR of 9.7% from 2023 to 2032. This is attributed to regulatory requirements and government initiatives focused on advancing healthcare IT and interoperability which have encouraged healthcare providers to adopt HIE solutions.
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North America to maintain its dominance by 2032
Based on region, North America held the largest market share in terms of revenue in 2022, accounting for more than half of the global health information exchange market revenue and is likely to dominate the market during the forecast period. This is attributed to the well-established healthcare system and rise in technological advancement in healthcare IT solutions.
However, the Asia-Pacific region is expected to witness the fastest CAGR of 10.9% from 2023 to 2032. Increase in government initiatives for healthcare services, growing focus on patient centric care delivery, and development of medical technology industry are expected to drive the growth of the health information exchange market.
Leading Market Players:
EPIC Systems Corporation
Health Catalyst, Inc.
Koninklijke Philips N.V.
Medical Information Technology, Inc.
Orion Health group of companies
The report provides a detailed analysis of these key players in the global health information exchange market. These players have adopted strategies such product launch, partnership, agreement, and collaboration to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Comprehensive Healthcare Industry Research Studies:
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