The global health information exchange (HIE) market size is expected to grow from USD 1,207.4 million in 2020 to USD 2,473.1 million by 2026 at a CAGR of 12.7%.
Growth in this market could be driven by factors such as growing demand for health care costs, focusing on patient-centric care delivery, increased EHR access and other HCIT solutions, government programs to improve patient care and safety, government funding for health partnerships. However, private data concerns, the need for greater investment in infrastructure development and higher deployment costs, the lack of real-world cooperative solutions are expected to hinder the market growth.
The COVID-19 epidemic has created technological shifts that are important in providing better care. This problem has made data compliance more important in many health care facilities. It has also increased the need for social isolation between physicians and patients, which has led to the demand for remote patient monitoring and television solutions and the need for accurate and timely exchange of patient health records. In this regard, health information exchange is an effective tool that provides a framework for the exchange, sharing, and retrieval of electronic health information for improved security. These solutions allow seamless exchanges and interpretation of health-related information between health organizations and patients for treatment decisions and other applications. During the epidemic, HealtHIE Nevada (US) increased its patient data exchange by 36%.
Due to increasing patient doses, the need for EMR and EHR platforms to manage complex patient data has increased. Hospitals are increasingly focused on building their capacity by integrating various hospital programs with EHRs. Players working in this market are also integrating their EHR platforms with telehealth solutions and developing their software solutions to help healthcare providers effectively manage COVID-19 patients. Major EHR vendors such as Cerner Corporation, Epic Systems, Allscript, and MEDITECH have integrated their EHR platforms with telehealth solutions to provide health care professionals with a viable patient visitation option. These programs will improve the market for health information exchanges.
EHRs form an integral part of IT health care as it allows for easy exchange of health care data and communication between all hospital stakeholders. Adoption of EMR solutions also helps to bring about better health outcomes in terms of access to health care, quality, accessibility, and reduced disease burden. Because of the benefits of using EMR, governments in many countries are making efforts to promote the adoption of EMR solutions.
The US government provides various incentives to health care providers to implement EMR solutions in hospitals. In February 2009, President Obama invested USD 19.2 billion to boost the healthcare industry. This has helped to encourage Medicare and Medicaid to support health care providers and to help increase the adoption and implementation of the "Meaningful Use" of EMR Solutions.
According to data from the Center for Medicare & Medicaid Services (CMS), to meet the requirements of the Collaborative Program, all eligible hospitals are required to use 2015 certified EHR technology from the beginning of 2019. 44,000 - USD 63,000, while eligible hospitals received approximately USD 2-9 million between 2011 and 2018. According to CMS data, more than 546,644 health professionals have received payments to participate in promotional programs since October 2018. participants in hospitals. Therefore, these benefits and growing government efforts in several countries to promote the adoption of EMR solutions are expected to support the growth of the health information exchange market.
Hospitals need to make significant investments in infrastructure development, such as increasing their data retention and performance capabilities, effectively implementing EHR solutions. Investing in the construction of such infrastructure makes it difficult for financial resources that are already in crisis for health care providers. In addition to investment in infrastructure, additional fees are charged for the purchase of EMR solutions, the retention, training, and conversion of paper records into electronic records. Indirect costs have also been incurred, such as loss of income due to temporary loss of patient data. These are major barriers to the adoption of EMR solutions, especially in small and medium-sized hospitals, that could impede the growth of health information exchange markets.
The healthcare industry in developing countries such as India, China, Brazil, and Mexico is expected to provide great growth opportunities for companies that provide health information solutions. This could be due to the increase in healthcare data and the growing acceptance of IT health solutions in these countries. According to the India Brand Equity Foundation, the healthcare sector in the country has seen rapid growth; it is estimated to reach USD 280 billion by 2020 in the CAGR of 17%, of which the contribution of hospitals from 71%. Lack of appropriate standards and government regulations in emerging markets is expected to provide greater opportunities for healthcare solutions providers who can meet US standards and developed European countries such as Germany and France. In some of these developing countries, healthcare solutions in the healthcare market are still in the early stages due to lack of awareness, limited availability of collaborative solutions, lack of IT infrastructure, and financial and social problems. A growing number of these countries are also expected to increase the volume of health care data in various health care systems. This represents an important growth opportunity for players working in the market.
In addition, government agencies in developing countries are making efforts to promote the use of this technology in health care. Also, the proportion of patients and physicians in these regions is very low, requiring the use of other health care solutions such as EHRs. According to the Medical Council of India, in 2018, the average number of doctors and patients in India was 1: 1,674 as opposed to the WHO: 1: 1,000.
Also, there are many investment programs in place to improve the technical infrastructure of the health care system in China. China's healthcare industry invested USD 2.81 billion (CNY 17.08 billion) to implement IT solutions in 2016, which represented a 16.6% increase compared to 2015. These investments increased to USD 5.32 billion (CNY 33.65 billion) in 2017. As a result of these efforts, many hospitals in China are continuing to develop digital technology, which is expected to support the growth of the market for healthcare solutions in the country.
Government efforts to implement collaborative solutions, increased government spending on health care systems, and increased adoption of automated technologies are the major factors that allow for the adoption of emerging health cooperative solutions in emerging markets throughout Asia Pacific. Furthermore, the concept of preventive health care still emerges in these countries; the effective use of emerging technologies is key to overcoming these challenges. For example, advances in telemedicine have helped many patients to access health care services that they simply could not afford. This is where collaboration can play an important role in setting up quality services and improving processes. Therefore, the emerging economy is expected to provide greater growth opportunities for market players in the coming years.
Health information exchange solutions have several useful applications in health care. However, acceptance of these solutions is limited to some extent due to data security and privacy concerns. Patient health data is protected under corporate laws in many countries, and any violation or failure to maintain its integrity could result in legal and financial penalties. Patient information contains personal, confidential, or confidential information and requires strict protection to prevent its misuse. As collaborative solutions used for patient care require access to multiple health data sets, these solutions must adhere to all data security procedures used by governments and regulatory authorities. This is a difficult task as many interactive platforms are integrated and require a lot of computing power, because patient data, or parts of it, may need to remain in a vendor data center.
The increased use of automated technologies such as EHRs as well as the processing of medical claims and the transition to the integration of health care and the exchange of health information (HIEs) has helped to increase the privacy of health care and the world of safety. Electronic exchange of patient data provides greater access and efficiency to healthcare delivery but is associated with a greater risk of data and liability due to this wider access. The exchange of comprehensive patient information leads to privacy and security risks and increases the risk of data breaches. In health care, about one-third of data breaches result in the theft of medical identity, largely due to a lack of internal control over patient information, outdated policies and procedures or inconsistencies, and inadequate staff training. According to a letter from HIMSS media, data theft accounted for approximately 48% of HIPAA breaches of privacy and security in the US in 2016-2017, HIPAA-covered companies and business partners paid nearly USD 18.8 million for breaches -HIPAA in 2017 and USD. 3.9 million in 2016. Therefore, creating a secure network is a major challenge for IT marketers who cater to the healthcare industry. Potential security concerns related to collaborative solutions in health care organizations can lead to a growing sense of insecurity among users and prevent their recovery until secure solutions are found in the market. This poses a major challenge to healthcare retailers.
Health information exchange solutions that link and share patient information increase the number of potential risks within the system. In many health care organizations, a wide range of such solutions are available in a single network. Technology for sites such as second-generation ultrasound and RTLS also adds an extra layer to already complex networks. These external networks may be as secure or secure as needed. Information transmitted to these networks may be accessed by third parties, such as state-owned companies, data collectors, or hackers. This can compromise the privacy of the person concerned and endanger the security of the organization. Also, personal information may be transmitted to the wrong recipient and may be misused, and may result in security violations. Therefore, concerns about data security and privacy could hamper the adoption of health-related solutions, which could also challenge market growth to some extent.
North America is the largest regional market for health information exchange programs, followed by Europe. APAC market is estimated to be growing at the highest CAGR during the climate. The high growth in the regional market could be attributed to the increase in chronic diseases, government measures to support health partnerships, improved health care infrastructure, and growing demand from major markets such as Japan, China, and India.
The prominent players of the market include Cerner Corporation (US), Epic Systems Corporation (US), Health Catalyst (US), MEDITECH (US), and Intersystems Corporation (US).