Health Information Exchange Market Anticipated to Expand at A CAGR of 10.24% During The Forecast Period
Global Health Information Exchange Market was valued at US$ 1.1 Bn in 2017 and is expected to reach US$ 2.4 Bn by 2026, at a CAGR of 10.24 % during a forecast period.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding health information exchange market dynamics, structure by identifying and analyzing the market segments by set up type, implementation model, solution type, application and region and, project the global market size. A detailed snapshot of the said market with the analysis of Porter’s five forces has been provided in a bid to present a concise and clear landscape of the market vendors to the readers. The market intelligence study also points at mergers, important conglomerates, numerous research and development activities, acquisitions, and corroborations. The companies that have been profiled in the study come with thorough examination based on their market shares, prime products, and marketing strategies.
There is a greater need for more access to health information patients, rising awareness about healthcare information exchange technology, increasing collaborations between the stakeholders, increasing EHR adoption rate are a few of the primary growth promoting elements that are major drivers boosting the market for health information exchange. Whereas factors such as high cost, interoperability issues and slugged on investment are restraining the market growth.
Health information exchange enables speedy access and sharing of patient’s clinical data to the healthcare providers for providing effective, timely and efficient delivery of care to the patient. Sharing of patient information on time helps in effective decision making, avoids readmission and medication errors, improves diagnostic rate and, decreases duplicate testing. Supportive initiatives from governments across the globe to promote the use of healthcare information technology is also likely to fuel market development in the coming years. Moreover, increasing use of Electronic Health Records (EHRs) over conventional paper-based records to reduce maintenance costs can have a positive impact on the market growth.
Demand of EHR (Electronic Health Records) and PHR (Personal Health Records) within developing economies compared to develop economies is growing at faster rate is driving the growth of health information exchange market in developing economies. The demand for cloud based systems, mobile health applications, and emerging economies are offering opportunities for the healthcare IT providers.
Based on setup type, the market is segmented into private HIE and public HIE. Private HIE accounted for the largest share of the health information exchange market in 2017. Due to the large numbers of a service provider and increased level of physician engagement at each level of the information system is expected to boosting the market in the forecast period. Besides, private HIE offered fewer governance issues and high workflow efficiency can drive the segment in the forecast period.
By Type, Directed exchange gives health care providers the ability to electronically send and receive secure information, whereas Query-based exchange gives health care providers the ability to find and/or request information on a patient from other providers and is often used for emergency care.
By implementation model, the health information exchange market is categorized into centralized, Centralized/decentralized, hybrid, Decentralized, and health record banking or patient -managed models. The hybrid model segment accounted for the largest share of the global health information exchange market, by implementation model, in 2017. The benefits, such as improved patient care delivery and enhanced operational efficiency of the practices enhanced the market growth for the forecast period.
On the basis of solution type, the platform-centric segment is expected to grow at a rapid growth rate in 2017. This can be attributed to the benefits associated with platform-centric solutions, such as storage of colossal amounts of data and facilitated health information exchange, thus the implied demand for the products in the HIE market.
The solution type is further segmented into platform-centric, portal-centric, clinical data management and personal health records. The Portal segment is considered to hold the largest market share of health information exchange and is anticipated to witness robust growth over the forecast period due to the increasing use of electronic health records in the developed countries.
Based on application, the market can be segmented into workflow management, internal interfacing, web Portal Centric development, and others. Web Portal Centric development was the dominant segment in 2017 and accounted highest global market share. Easy accessibility of patient health records offered by these portals is expected to be the key factor driving their demand. Internal interfacing is also estimated to witness a healthy CAGR during the forecast period due to its ability of store large volume of patient data.
As of 2017, North America dominated the health information exchange market at over 45.0% owing to the presence of vast number of companies, supportive reimbursement policies, and the increasing implementation of EHR. Asia Pacific is expected to grow rapidly at a high CAGR during the forecast period due to the rising disposable income levels, the increased awareness levels amongst healthcare practitioners regarding the healthcare information exchange systems, the presence of outsourced HIE service providers, and the rising investments in the healthcare industry by the major players. In addition, increasing awareness level among people about HIE, various initiatives undertaken by government in emerging economic countries such as India, China and Japan are the factors driving the market growth over forecast period. The demand for mobile health applications and, cloud based systems are offering opportunities for the healthcare IT providers.
Scope of Global Health Information Exchange Market:
Global Health Information Exchange Market, by Set up Type:
Public
Private
Global Health Information Exchange Market, by Type:
Directed Exchange
Query-Based Exchange
Consumer Mediated Exchange
Global Health Information Exchange Market, by Implementation Model:
Centralized
Hybrid
Decentralized
Global Health Information Exchange Market, by Solution Type:
Portal Centric
Platform Centric
Clinical data management
Global Health Information Exchange Market, by Application:
Web Portal
Secure Messaging
Internal interfacing
Others
Global Health Information Exchange Market, by Region:
North America
Europe
Middle East & Africa
Asia Pacific
South America
Key Players Operating In Global Health Information Exchange Market:
Allscripts Healthcare Solutions Inc.
Relay Health Corporation
Cerner Corporation
EClinicalWorks
NextGen Healthcare Information Systems, LLC
Infor Inc.
Optum Inc.
Epic Corporation Inc.
Orion Health
GE Healthcare
Siemens AG
IBM Corporation
Medicity Inc.
CareEvolution Inc.
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