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%. The growth of this market is driven by factors such as increasing demand to reduce healthcare costs, focus on providing patient-centered care, increasing adoption of EHR and other HCIT solutions, government initiatives to improve patient care and safety, and government funding for healthcare.
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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.
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: Data privacy concerns
Health information exchange solutions have several useful applications in healthcare. However, the adoption of these solutions is restricted to an extent owing to data security and privacy concerns. Patient health data is protected under federal laws in many countries, and any breaches or failure to maintain its integrity can result in legal and financial penalties. Patient data contains personal, private, or confidential information and requires strict safeguarding to prevent its misuse. Since the interoperable solutions used for patient care require access to multiple health data sets, it is essential for these solutions to adhere to all the data security protocols implemented by governments and regulatory authorities.
· In 2021, 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
· In 2021, 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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