Health Information Exchange (HIE) Market Size & Forecast Report, 2013 – 2024

  • Published Date: 01-07-16
  • 120 Pages
  • Category: Healthcare
  • Format: Email PDF + Excel
  • Language: ENG
The global health information exchange was market valued at USD 988.6 million in 2015. The increasing demand for facilitated access to patient health information and effective management of vast amounts of patient-related data amongst the healthcare providers are projected to be the crucial driving factors for the growth of the market in the near future. Moreover, the market is expected to grow swiftly as a consequence of the surge in demand for health information exchange (HIE) systems, which is due to the rising need for collection, storage, and secured exchange of large amounts of healthcare data. Furthermore, the increased focus of government organizations on promoting the use of healthcare information technology in order to improve the quality of healthcare is one of the key growth drivers of the overall health information exchange market. North America health information exchange market, by set up type, 2013-2024 (USD Million) North America health information exchange market To learn more about this report, request a free sample copy The rising need to curtail the costs associated with the maintenance of paper-based patient health records is another driver of the health information exchange market. In addition, according to a study reported by NCBI, retrieval of data from electronic health records is much faster and easier than accessing conventional hard copy records. This is expected to fuel the demand for health information exchange systems throughout the forecast period. These aforementioned factors provide a major boost to the overall health information exchange industry. Report Coverage & Deliverables PDF report & online dashboard will help you understand: Competitive benchmarking Market forecasts Company market shares Market opportunities Latest trends & dynamics Request a Free Sample Copy The Grand Library - BI Enabled Market Research Database Click on image to enlarge Set up Type Insights The private healthcare information exchange segment held the largest share of over 51.0% of the setup type segment and is anticipated to grow lucratively at a CAGR of over 8.0% during the forecast period. This can be attributed to the increasing number of private healthcare information providers and the high level of physician engagement at every level of the information system. Moreover, the associated benefits, such as high workflow efficiency and the fewer governance issues that are involved are further expected to increase the adoption rate over the forecast period. Implementation Insights The hybrid model segment held the largest share of the implementation model segment and is expected to grow at a rapid CAGR of over 6.8% during the forecast period. The hybrid model is a combination of centralized and decentralized models and offers benefits, such as enormous data storage capacity and lower cost thereby facilitating the increased usage rate. Moreover, the incorporation of the hybrid model offers improved operational efficiency and patient care delivery that is presumed to propel the demand for the segment throughout the forecast period.? Solution Type Based on solution type, the portal-centric segment held the largest share of the total health information exchange market. The large share can be attributed to the rising number of web portal developments facilitating enhanced and convenient access of healthcare information. Platform-centric is expected to grow lucratively at a CAGR of over 6.0% during the forecast period. The government initiatives such as Health Information Technology for Economic and Clinical Health Act (HITECH) focusing on patient engagement are the key factors that are expected to provide the growth platform to this segment. Application Insights The largest application of the health information exchange is the web portal development segment, which held a substantial share of over 27.0% in 2015. This can be attributed to the increased accessibility of patient health data, which is accessible through patient portals. For instance, FollowMyHealth developed by Allscripts Healthcare Solutions, Inc. enables the patients to access and interact with the providers and gain valuable insights about their health conditions. Internal interfacing is expected to grow at a swift growth rate over the forecast period owing to its ability to collect maximum patient information. Regional Insights North America held the largest revenue share of health information exchange market in 2015 at over 45.0%. High awareness pertaining to the health information exchange systems, the ongoing government initiatives, the presence of non-profit organizations, and the presence of prominent players domiciled in this region, such as Medicity, Inc. and IBM Corporation are responsible for its dominant position in the regional market. The Asia Pacific region is expected to witness lucrative growth opportunities in the future due to the increasing patient population, which necessitates improved information systems for effective data management as well as the rising healthcare expenditure in the emerging economies, such as China and India. Competitive Market Share Insights Some key players of this market include GE Healthcare, IBM Corporation, Siemens AG, Orion Health, Inc., Allscripts Healthcare Solutions, Inc., Medicity, Inc., CareEvolution, Inc., Cerner Corporation, eClinicalWorks, RelayHealth Corporation. The industry is highly competitive in nature and the players are involved in sustainability strategies such as new product launches, strategic collaborations, mergers& acquisitions, and technological innovation. For instance, in February 2016, Orion Health entered into a strategic collaboration with Cognizant, which enabled the latter to use Orion Health's open data platform Amadeus resulting in the expansion of their product portfolio.