(PharmaNewsWire.Com, August 18, 2021 ) The Key Growth Elements in Detailed?
The Growth in Health Information Exchange (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.
Worldwide Growth Opportunities in Terms of Revenue:
The Global Health Information Exchange Market is expected to reach USD 2.0 billion by 2025 from USD 1.1 billion in 2020, at a CAGR of 12.2%.
Drivers: Government support for the adoption of EMR solutions;|
The EHRs form a central component of healthcare IT as they enable the easy exchange of healthcare information and communication among all stakeholders in hospitals. The adoption of EMR solutions also helps deliver better health outcomes in terms of healthcare access, quality, affordability, and lowering the disease burden. Owing to the benefits of using EMR, governments across several countries are undertaking initiatives to promote the adoption of EMR solutions.
The US government provides various incentives to healthcare providers for the implementation of EMR solutions in hospitals. In February 2009, President Obama invested USD 19.2 billion to stimulate the healthcare industry. This helped to motivate Medicare and Medicaid to support healthcare providers and help increase the adoption and implementation of the “Meaningful Use” of EMR solutions.
According to the Centers for Medicare & Medicaid Services (CMS) data, to meet the Promoting Interoperability Program requirements, all eligible hospitals are required to use 2015 edition certified EHR technologies from the beginning of 2019. Moreover, the HITECH incentives provided eligible professionals approximately USD 44,000–USD 63,000, while eligible hospitals received nearly USD 2–9 million between 2011 and 2018.
Geographically, the health information exchange 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.
Major Key Players Mentioned in the research report are:
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).
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 2019 in US. Every month around 100 million records are share between Epic users and with providers using other systems. Pic is a leading player promoting Carequality, a network connecting EHRs around the US. The company focuses on innovating and improving its geographic presence to maintain its position as a leading player globally
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