Healthcare information exchange (HIE) lets healthcare providers, patients, nurses, pharmacists, and doctors access to the medical information of patient by electronic means, thereby enhancing the speed, safety, quality of patient care. Patients also get value for money with HIE. The Healthcare Information Exchange market is driven by growing demand for precision (for patient care) and governments’ support for the exchange of data coupled with investments from individuals and institutions.
As per Software Advice’s EHR interoperability survey, merely 39% of consumers do have providers facilitating exchange records, 46% of the consumers want only their doctors to exchange records, and 50% people worried over privacy concerns. 25% of the people in business still depend on paper work. North America leads the market. It has, in fact, reached the saturation point as far as healthcare information exchange is concerned; as AHRQ (Agency for Healthcare Research and Quality) plays a key role in making funds available for implementation of HIE in the U.S. Therefore, North America is expected to witness a sluggish growth on this count. Europe follows suit.
The APAC is expected to witness the highest growth in the near future. The factors attributed to the growth include increase in patients’ population (wherein it’s imperative to have enhanced information systems to manage data effectively); and ever-increasing expenses on healthcare in the developing economies like India and China.
As of now, portal-centric and platform-centric healthcare information exchange systems exist. Out of those, platform-centric HIE holds the highest market share all over; due to advantages such as storage of massive quantity of data. The major players such as Medicity, Inc., Cerner Corporation, Allscripts Healthcare Solutions, Inc., GE Healthcare are on the lookout of entering strategic partnerships to make greater strides in the healthcare information exchange market. Joint ventures, mergers & acquisitions are expected to come from their kitty in the next 5 years.