The report "Health Information Exchange (HIE) Market by Set Up Type (Public, Private),Implementation Model ( Federated, Hybrid), Type (Pull, Push), Application (Web Portal, Secure Messaging), Solution (Portal, Platform Centric), End User - Global Forecast to 2025" The global health information exchange market is expected to reach 2.0 billion by 2025 from an estimated USD 1.1 billion in 2020 at a CAGR of 12.2% during the forecast period.
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Health Information Exchange (HIE) is a rapidly growing technology that is revolutionizing the way healthcare information is shared and stored. HIE is an electronic system that allows healthcare providers and organizations to securely share patient health information with other authorized health care providers and organizations. HIEs allow healthcare providers to access, review, and exchange critical health information across settings, allowing for better coordinated care and improved patient outcomes.
Government regulations and initiatives, such as the Health Information Technology for Economic and Clinical Health (HITECH) Act, have been instrumental in promoting the adoption of HIEs across the globe. The implementation of the HITECH act in the United States has led to notable growth in the market. In addition, the increasing investment in HIEs by healthcare organizations is expected to further drive the market growth.
The market is segmented by model type into public, private, and hybrid HIEs. Public HIEs accounted for the largest share of the market, and this segment is expected to maintain its dominance over the forecast period. Public HIEs are more secure and cost-effective than other models, and they are increasingly being adopted by healthcare organizations to share patient data.
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Key Market Players
Epic Systems Corporation(US), Cerner Corporation (US), MEDITECH (US), and Change Healthcare(US) are considered to be the leading players in the health information exchange market.
EPIC SYSTEMS CORPORATION (US)
Epic Systems (US) held the leading position in the health information exchange market. The company is also one of the dominant players in the hospital EMR systems market, accounting for an estimated share of 28-30% of the acute care hospitals in US. Every month around 100 million records are share between Epic users and with providers using other systems.
CERNER CORPORATION (US)
Cerner held the second position in the health information exchange market.The company is also one of the dominant players in the hospital EMR systems market, accounting for an estimated share of 25-27% of the acute care hospitals in 2019 in US. The company has a wide product portfolio in this market and demonstrates a strong focus on R&D—it has ~7,300 employees working in R&D activities. Continuous investment in R&D is a core element of Cerner’s strategy.
MEDITECH (US)
MEDITECH held the third position in the health information exchange market. It is also the third leading player in the hospital EMR systems market, accounting for an estimated share of 15-17% of the acute care hospitals in US. MEDITECH’s leadership in the market can be attributed to its efficient expansion strategies in North America, the UK, Africa, the Middle East, and Asia. The company focuses on strengthening its geographic presence and innovating its EHR solutions to maintain its position.
North America held the largest share of the global health information exchange market
Geographically, the health information exchange market is segmented into North America, the Europe, Asia Pacific (APAC), and the Rest of the World (RoW). North America accounted for the largest share of the health information exchange market, primarily due to the significant growth in the hospital expenditure in the region, initiatives by the US government to improve patient care and patient safety, high adoption of healthcare IT technologies, and the need to reduce healthcare costs. However, the Asia Pacific health information exchange market is anticipated to witness the highest growth during the forecast period, owing to factors such as the growing patient volume, growing focus on healthcare digitalization, and the rising need to reduce healthcare costs.
Recent Developments
· MEDITECH (US) entered into an agreement with Steward Health Care, wherein the latter implemented MEDITECH’s EHR system in 18 sites located across Arizona, Texas, Utah, Arkansas, and Louisiana. This decision was a part of Steward’s “One Platform” strategy to bring all 35 hospitals under a single HER
· Change Healthcare launched its nationwide Clinical Data Retrieval Solution, a new cloud-based interoperability solution that makes it possible for payers to quickly and easily retrieve patient records from the electronic health record (EHR) systems
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