(PharmaNewsWire.Com, May 07, 2020 ) 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. 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 market.
Health information exchange (HIE) involves the electronic movement of health-related information among organizations according to nationally recognized standards. HIE aims to facilitate the access and retrieval of clinical data to provide safer, timelier, efficient, effective, equitable, patient -centered care. HIE enables collaboration between healthcare stakeholders, cuts down on administrative tasks, and eventually provides greater transparency in the field of healthcare. HIE is an ever-changing concept. Continuously changing technological and regulatory environment consistently evolves the HIE space.
The hybrid model segment accounted for the largest share of the global health information exchange market, by implementation model, in 2015.
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.
Critical questions the report answers: Where will all these developments take the industry in the mid to long term? What are the upcoming applications for health information exchange?
The health information exchange market in Asia-Pacific is expected to grow at the fastest rate during the forecast period. High growth in this regional segment can primarily be attributed to the growing initiatives for Japan’s EHR adoption and ICT fund, investments and reforms to modernize China’s healthcare infrastructure, rapidly growing Indian healthcare industry, implementation of HCIT programs in Australia & New Zealand, and One Singaporean One Health Record - one of the pioneer patient management programs in Singapore.
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.
Key Market Players
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.
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