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Recent Developments in Health Information Exchange Market
- · 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
According to a 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" 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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The growth of this market is driven by factors such as a growing need to reduce healthcare costs, a focus on providing patient-centered care, increasing adoption of EHR and other HCIT solutions, government initiatives to improve patient care and safety, and government funding for healthcare.
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).
Major Growth Boosting Factors:
The private HIE segment is expected to account for the largest share during the forecast period
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 web portal development application segment to account for the largest share during the forecast period
The web portal development application segment is expected to is expected to account for the largest share of the market. 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 healthcare provider segment to account for the largest share during the forecast period
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.
North America regional segment to account for the largest market share of the health information exchange market
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.
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