In 2015, the global market for health information exchange was worth USD 988.6 millions. In the near future, the key drivers for market growth are expected to be increasing demand for easy access to patient information and the effective management of large amounts of patient-related data by healthcare providers.
North America's health information exchange market by set-up type, 2013-2024 (USD million)
The market will continue to grow rapidly due to the increased demand for HIE systems. This is because large amounts of data are increasingly being stored, shared, and protected. The key growth driver for the overall market is the increased emphasis of government agencies on the promotion of the use of health information technology to improve the quality and efficiency of healthcare.
Another driver for the health information exchange market is the rising cost of maintaining paper-based patient records. According to NCBI's study, retrieving data from electronic records is faster than accessing hard-copy records. This will fuel demand for HIE systems over the forecast period. These factors are a significant boost for the HIE industry.
Private HIE segments accounted for 51.0% of setup type segment revenue and are expected to grow at a CAGR exceeding 8.0% over the forecast period. This is due to the growing number of private HIE providers and the high degree of physician engagement at all levels of the information system. The adoption rate is expected to rise over the forecast period due to the benefits such as workflow efficiency and fewer governance issues.
The largest share of implementation model segments was held by the hybrid model segment. It is expected to grow at an impressive CAGR of more than 6.8% over the forecast period. The hybrid model, which combines centralized and decentralized models, offers many benefits such as huge data storage capacity and lower costs. This allows for increased usage. The hybrid model is expected to drive the segment's demand throughout the forecast period due to its improved operational efficiency as well as patient care delivery. What is the hybrid model?
The largest market share for health information exchange was held by the portal-centric segment based on the type of solution. This large share can be attributed largely to the increasing number of web portal development that facilitates easy and quick access to healthcare information. The platform-centric market is forecast to grow at a CAGR exceeding 6.0% over the forecast period. This segment will benefit from government initiatives like the Health Information Technology for Economic and Clinical Health Act, which focuses on patient engagement.
The web portal development segment is the largest HIE application, with a significant share of more than 27.0% in 2015. This is due to increased access to patient data via patient portals. FollowMyHealth, developed by Allscripts Healthcare Solutions, Inc., allows patients to interact with their providers and gain valuable insight about their health. Because it collects maximum patient information, internal interfacing is expected grow rapidly over the forecast period.
North America accounted for the largest share of the global health information exchange market's revenue in 2015, at more than 45.0%. Its dominant position in this market is due to high awareness regarding the HIE systems, ongoing government initiatives, non-profit organizations, as well as prominent players such Medicity, Inc., and IBM Corporation.
Due to an increasing patient population, the Asia Pacific region will see lucrative growth opportunities. This necessitates better information systems to manage data and the growing healthcare spending in emerging economies like China and India.
This market is dominated by GE Healthcare, IBM Corporation, Siemens AG, Orion Health, Inc., Allscripts Healthcare Solutions, Inc., Medicity, Inc., CareEvolution, Inc., Cerner Corporation, eClinicalWorks, RelayHealth Corporation.
This industry is competitive and many players are involved with sustainability strategies like new product launches, strategic collaborations and mergers and acquisitions. Orion Health, for example, entered into a strategic partnership with Cognizant in February 2016. This allowed the latter to utilize Orion Health's open-data platform Amadeus, which resulted in an expansion of their product range.
b. Global health information exchange market was valued at USD 1,409.2 millions in 2019, and is forecast to grow to USD 1,541.4million in 2020.
What is the growth rate of the market for health information exchange?b. Global health information exchange market will grow at a compound annual rate of 9.4% between 2019 and 2025, to reach USD 2,427.7 millions by 2025.
Which segment had the largest market share in health information exchange?b. With a 44.84% share in 2019, North America was the dominant market for health information exchange. This can be attributed to high awareness regarding the HIE system, ongoing government initiatives, non-profit organizations and prominent players.
Who are the major players in the health information exchange marketb. E Healthcare, IBM Corporation, Siemens AG, Orion Health, Inc., Allscripts Healthcare Solutions, Inc., Medicity, Inc., CareEvolution, Inc., Cerner Corporation, eClinicalWorks, RelayHealth Corporation are some of the key players in the market for health information exchange.
What are the driving factors for the health information exchange marketb. The key factors driving growth in the market for health information exchange include growing demand for facilitated patient access, efficient management of large amounts of patient-related information among the healthcare providers, and a surge in demand to HIE (health information exchange) systems.
Up Market Research published a new report titled “Health Information Exchange Market research report which is segmented by Application (Internal Interfacing, Workflow Management, Web Portal Development), by Setup (Public, Private), by Solution (Platform-centric, Portal-centric, Messaging-centric), by Implementation Model (Decentralized, Centralized, Hybrid), By Players/Companies GE Healthcare, Siemens AG, Medicity, Inc, Allscripts Healthcare Solutions, IBM Corporation, Cerner Corporation, CareEvolution, Inc, Orion Health, eClinicalWorks, RelayHealth Corporation, Inc, Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.
Report Attributes | Report Details |
Report Title | Health Information Exchange Market Research Report |
By Application | Internal Interfacing, Workflow Management, Web Portal Development |
By Setup | Public, Private |
By Solution | Platform-centric, Portal-centric, Messaging-centric |
By Implementation Model | Decentralized, Centralized, Hybrid |
By Companies | GE Healthcare, Siemens AG, Medicity, Inc, Allscripts Healthcare Solutions, IBM Corporation, Cerner Corporation, CareEvolution, Inc, Orion Health, eClinicalWorks, RelayHealth Corporation, Inc, Inc |
Regions Covered | North America, Europe, APAC, Latin America, MEA |
Base Year | 2020 |
Historical Year | 2018 to 2019 (Data from 2010 can be provided as per availability) |
Forecast Year | 2028 |
Number of Pages | 209 |
Number of Tables & Figures | 147 |
Customization Available | Yes, the report can be customized as per your need. |
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
The market is segmented by Application (Internal Interfacing, Workflow Management, Web Portal Development), by Setup (Public, Private), by Solution (Platform-centric, Portal-centric, Messaging-centric), by Implementation Model (Decentralized, Centralized, Hybrid).
Health Information Exchange Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.
We have studied the Health Information Exchange Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.
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