Health Information Exchange Market : Emergence Of New Technologies In HealthcareIT Industry.,

Health information exchange (HIE) involves the electronic movement of health-related information among organizations according to nationally recognized standards. HIE aims to facilitate the access and retrieval of clinical data to provide safer, timelier, efficient, effective, equitable, patient -centered care.

According to the new market research report by MarketsandMarkets, health information exchange market is projected to reach USD 1,545.0 million by 2020 from USD 990.6 million in 2015, at a CAGR of 9.3% during the forecast period.

Federal mandates like Meaningful use, growing patient-centric approach in healthcare delivery, increasing EHR adoption rate, and need to curtail healthcare cost are some of the key factors driving the growth of market.

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HIE enables collaboration between healthcare stakeholders, cuts down on administrative tasks, and eventually provides greater transparency in the field of healthcare. HIE is an ever-changing concept. Continuously changing technological and regulatory environment consistently evolves the HIE space.

The health information exchange market has been segmented, on the basis of type, into directed exchange, query-based exchange, and consumer-mediated exchange. The directed exchange segment accounted for the largest share of the global market in 2015. Directed exchange supports point-to-point transactions and transmits documents to physicians’ EHR; this is contributing to the large share of this segment.

Data privacy and security concerns are likely to restrict the growth of the market. In healthcare, approximately 30% of data breaches result in medical identity theft, mainly due to lack of internal control over patient information, lack of top management support, obsolete policies and procedures or non-adherence to existing ones, and insufficient personnel training.

Asia-Pacific is expected to grow at the fastest rate during the forecast period

The health information exchange market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. High growth in this regional segment can primarily be attributed to the growing initiatives for Japan’s EHR adoption and ICT fund, investments and reforms to modernize China’s healthcare infrastructure, rapidly growing Indian healthcare industry, implementation of HCIT programs in Australia & New Zealand, and One Singaporean One Health Record – one of the pioneer patient management programs in Singapore.

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Some key players mentioned in the research report are:

Key players in Health Information Exchange Market include Allscripts Healthcare Solutions, Inc. (U.S.), Relayhealth Corporation (U.S.), Infor, Inc. (U.S.), Cerner Corporation (U.S.), and eClinicalWorks (U.S.) among others.

Web portal development

Over the years, web portals have been used in healthcare organizations to schedule appointments, register patients, and send secure email to providers. They are also used to provide laboratory results, refill prescription requests, and maintain personal health records. According to Stage 2 of Meaningful Use, patients should have access to view and download electronic copies of their own medical records. Web portals help in retrieving patient information, in an easier and efficient manner as compared to obta ining health records manually.

Workflow management

HIEs and EHRs help healthcare professionals in health management and enable better decision-making for enhanced patient care. HIEs also facilitate reduction in duplicative treatment, thus avoiding additional expenses.

Secure messaging

Secure messaging is a web-based message system utilized for managing and exchanging encrypted messages with the stakeholders. These messages may contain sensitive information regarding patient health. Secure messaging helps in achieving Stage 2 (electronic transactions) Meaningful Use, which is described as the crucial transport mechanism for clinical information sharing. Direct secure messaging (DSM) plays a critical role in enhancing patient care by providing constant communication with physicians, healthcare organizations, and end users.

Internal interfacing

Well-organized electronic interfacing is essential for healthcare data management to simplify workflow. Over the years, the demand for interfacing internal applications has been increasing due to rising need of streamlining workflow and reducing healthcare costs by eliminating medication errors

Others

The other applications include personal health records (PHR) and chronic disease management (CDM). PHRs allow patients to have uninterrupted access to their clinical data including medications, diagnoses, allergies, surgeries, and lab results. HIE integrates with CDM to aggregate patient data from various sources into patient registries. This feature of the CDM provides great value to physicians, and helps them avoid searching many sites.