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Federal mandates like Meaningful use, growing patient-centric approach in healthcare delivery, increasing EHR adoption rate, and need to curtail healthcare cost are some of the key factors driving the growth of health information exchange market. The health information exchange market is projected to reach USD 1,545.0 million by 2020 from USD 990.6 million in 2015, at a CAGR of 9.3% during the forecast period.
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, by setup type, in 2015. Rising mandates for incentive programs for providers, government initiatives to improve the quality of care delivered to patients and curtail the soaring cost of healthcare among providers, and growing need to improve the affordability and accessibility of healthcare services are some of the factors propelling the use of health information exchange solutions across the globe.
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By implementation, the health information exchange market is categorized into centralized, federated/decentralized, hybrid, switch, 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 2015. Factors such as controlled flow of data and support to diverse communities are influencing the demand for hybrid models
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In 2015, North America is poised to account for the largest share of the HIE market, followed by Europe and Asia-Pacific. However, the Asia-Pacific region is slated to grow at the highest CAGR during the forecast period. The large share of the North American health information exchange market can primarily be attributed to the federal mandates in the U.S., rising number of accountable care organizations’ ACO’s as end users for HIE platforms in the U.S., Canada’s efforts to enhance healthcare delivery, and digital health measures in Canada.
Allscripts Healthcare Solutions, Inc. (U.S.), RelayHealth Corporation (U.S.), Cerner Corporation (U.S.), eClinicalWorks (U.S.), NextGen Healthcare Information Systems, LLC (U.S.), Infor, Inc. (U.S.), Optum, Inc. (U.S.), Epic Corporation Inc. (U.S.), Orion Health (New Zealand) are some of the key players in the health information exchange market worldwide.