Health Information Exchange Market expected to reach USD 2552.9 million by 2026
Based on the current analysis, the global Health Information Exchange (HIE) market is valued at USD 1227.4 million in 2018. It is expected to reach USD 2552.9 million by 2026 at a CAGR of 9.4%, according to the study conducted by Reports and Data (market research and consulting company).
HIE is the electronic transformation of healthcare concerned data among medical facilities, health information organizations, companies that require and govern the exchange of this data.
Electronic HIE allows healthcare professionals like doctors, nurses, pharmacists and patients to access and securely share a patient’s vital medical information electronically. This improves the speed, quality, safety and cost of patient care.
HIE usually concerns the act of exchanging information between two or more healthcare organization or providers, it may also refer to an organization that facilitates exchange. Purpose of HIE is to promote the appropriate and secure access and retrieval of a patient’s information to speed up patient care, cost, quality and safety.
Key findings from the report:
HIE helps patient engagement, offering patients an electronic copy of their medical information that they can share with their healthcare providers. Research has revealed that HIE use can improve patient-provider communication (patient touches) and patient satisfaction.
North America dominated the HIE market at a market share of 44.4% due to the existence of enormous companies and supportive settlement policies.
GE and Microsoft are planning to create a joint venture that will assist care teams to improve quality, performance and the patient experience. This partnership will deliver something unique; industry’s first solution focused on enabling population health management to alter the economics of health and wellness.
The National Rural Health Resource Center has made available practical HIE resources to help providers in understanding and implementing Health Information Exchange.