The global Health Information Exchange Market in terms of revenue was estimated to be worth $1.1 billion in 2020 and is poised to reach $2.0 billion by 2025, growing at a CAGR of 12.2% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. Growth in this market is driven by factors such as the growing focus on patient-centric care delivery, the growing need to curtail healthcare costs, government initiatives for enhancing patient care and safety, and government funding for healthcare interoperability.
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The Health Information Exchange industry is set to experience a major transformation over the next few years, as advances in technology make it easier for healthcare providers to manage patient data, automate processes, and improve patient care. As the industry continues to grow, more companies will enter the market with innovative products and services that streamline healthcare administration and improve patient care.
Key Trends:
There are four key trends in HIE technology:
1. The use of HIEs to exchange health information is increasing.
2. The use of HIEs to improve care coordination is increasing.
3. The use of HIEs to support population health is increasing.
Health Information Exchange Market: Segmentation Analysis
The Global Health Information Exchange (HIE) market can be segmented based on the following criteria:
Setup: The market can be segmented into private and public HIE. Private HIE refers to the exchange of information within a single organization, while public HIE refers to the exchange of information between different organizations.
Implementation Model: The market can be segmented into centralized, decentralized, and hybrid HIE. Centralized HIE refers to a system where all data is stored in a single location and can be accessed from any location, while decentralized HIE refers to a system where data is stored in multiple locations and can be accessed only by authorized personnel. Hybrid HIE is a combination of both centralized and decentralized HIE.
Solution: The market can be segmented into portal-centric, platform-centric, messaging-centric, and others. Portal-centric HIE refers to a system where information is accessed through a web portal, while platform-centric HIE refers to a system where information is accessed through a platform that integrates with other healthcare IT systems. Messaging-centric HIE refers to a system where information is exchanged through electronic messages.
Application: The market can be segmented into web portal development, internal interfacing, workflow management, and others. Web portal development refers to the development of a web portal for accessing and exchanging information, while internal interfacing refers to the integration of HIE systems with internal systems such as EHRs. Workflow management refers to the management of clinical workflows through HIE systems.
Key Market Players
Epic Systems Corporation(US), Cerner Corporation (US), MEDITECH (US), and Change Healthcare(US) are considered to be the leading players in the health information exchange market.
EPIC SYSTEMS CORPORATION (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.
CERNER CORPORATION (US)
Cerner held the second 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 25-27% of the acute care hospitals in 2019 in US. The company has a wide product portfolio in this market and demonstrates a strong focus on R&/D—it has ~7,300 employees working in R&D activities. Continuous investment in R&D is a core element of Cerner’s strategy.
MEDITECH (US)
MEDITECH held the third position in the health information exchange market. It is also the third leading player in the hospital EMR systems market, accounting for an estimated share of 15-17% of the acute care hospitals in US. MEDITECH’s leadership in the market can be attributed to its efficient expansion strategies in North America, the UK, Africa, the Middle East, and Asia. The company focuses on strengthening its geographic presence and innovating its EHR solutions to maintain its position.
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