Health Information Exchange (HIE) Market worth $2.0 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, April 2, 2021 /PRNewswire/ -- According to the new market research 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", published by MarketsandMarkets™, 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.
The Growth in this HIE Market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability. However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.
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The health information exchange market includes Tier I and II vendors Epic Systems Corporation (US), Cerner Coporation (US), MEDITECH(US), and Intersystems Corporation (US) among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
The private HIE segment is expected to account for the largest share during the forecast period
Based on the setup type, the health information exchange market is segmented into public and private HIE. The private HIE segment is expected to account for the largest share of the market in 2020. The large share and high growth can be attributed to the various advantages it offers as compared to public HIEs, such as additional functionalities and strong technical support.
The hybrid model is expected to grow at the highest rate during the forecast period
Based on the implementation model, the health information exchange market is segmented into centralized/consolidated model, federated/decentralized, hybrid models. The hybrid model segment is expected to account for the largest share of the market in 2020. This segment is also expected to grow at the highest CAGR during the forecast period. The large share and high growth can be attributed to the various advantages it offers as such as controlled flow of data and support to diverse communities, cost-effective database solution and is often the only choice for cost-constrained organizations.
The directed exchange segment to account for the largest share during the forecast period
Based on the type, the health information exchange market is segmented into directed (push HIE), query-based (pull-HIE), consumer-mediated exchange solutions. The directed (push HIE) exchange segment is expected to account for the largest share of the market in 2020. The large share of this segment can primarily be attributed to advantages like directed exchange prevents redundant collection of information from the patient, wasted visits, medication errors, and duplication of tests.
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The web portal development application segment to account for the largest share during the forecast period
Based on application, the HIE market is categorized into internal interfacing, workflow management, secure messaging, web portal development, patient safety, and others (personal health records and chronic disease management). The web portal development application segment is expected to is expected to account for the largest share of the market in 2020 The large share of this segment can primarily be attributed to the increasing number of physicians opting for electronic medical records which will lead to the increased demand for web-based portals for retrieving patient information.
The portal-centric solution segment to account for the largest share during the forecast period
Based on the solution, the HIE Market is divided into portal-centric, messaging-centric, and platform-centric solutions. Portal-centric solutions are expected to account for the largest share of the global health information exchange market in 2020. The large share of this segment can be attributed to the advantages such as access to real-time information, faster data sharing, assisting in smooth operations, and ease of evaluating risks.
The healthcare provider segment to account for the largest share during the forecast period
Based on end users, the market is divided into healthcare providers, healthcare payers, and pharmacies. Healthcare providers segment is expected to account for the largest share of the global health information exchange market in 2020. The large market share of this segment can be attributed to the growing focus of providers on patient satisfaction and quality of care delivered, government initiatives and incentives programs, and growing need to improve the affordability and accessibility of healthcare services.
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North America regional segment to account for the largest market share of the health information exchange market
Geographically, the HIE Market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. North America is the largest regional market for health information exchange systems, followed by Europe. The largest share of the North American market can be attributed to the significant growth in hospital expenditure, government initiatives to improve patient care and patient safety, the high adoption of HCIT technologies, and the need to reduce healthcare costs.
Some of the prominent players operating in the health information exchange market include Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Health Catalyst (US), Intersystems Corporation (US), Epic Systems Corporation (US), MEDITECH (US).
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