As per Frank n Raf’s Research report, The global health information exchange (HIE) was market estimated at USD 988.6 million in 2015. The increasing demand for facilitated access to patient health information and effective management of vast amounts of patient-related data amongst the healthcare providers are projected to be the crucial driving factors for the growth of the market in the near future.
Moreover, the market is anticipated to grow quickly as a result of the surge in interest for health information exchange (HIE) systems, which is due to the increasing need
for storage, collection, and secure exchange of large volumes of healthcare data.
Furthermore, the increased focus of government organizations on promoting the use of healthcare information technology in order to improve the quality of healthcare is one of the key growth drivers of the overall health information exchange market. North America health information exchange market, by setting up type, 2013-2024 (USD Million) North America health information exchange market To learn more about this report, request a free sample copy The rising need to curtail the costs associated with the maintenance of paper-based patient health records is another driver of the health information exchange market. In addition, according to a study reported by NCBI, retrieval of data from electronic health records is much faster and easier than accessing conventional hard copy records.
This is supposed to fuel the requirement for health information exchange systems throughout the projection period.
These aforementioned factors provide a major increase in the overall health information exchange industry.
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Sample Copy The Grand Library – BI Enabled Market Research Database Click on image to enlarge Set up Type Insights The private healthcare information exchange segment held the largest share
of over 51.0% of the setup type division and is expected to grow lucratively at a CAGR of over 8.0% throughout the forecast duration.
This can be attributed to the increasing number of private healthcare information providers and the high level of physician engagement at every level of the information system.
Moreover, the associated benefits, such as huge workflow enforcement and the several governance problems that are involved and further expected to increase the approval rate over the forecast period.
Implementation Insights The hybrid model segment held the largest share of the implementation model segment and is expected to grow at a rapid CAGR of over 6.8% during the forecast period.
The hybrid model is a mixture of centralized and decentralized models and offers advantages, such as tremendous data storage capacity and lower cost through facilitating the increased usage rate.
Moreover, the establishment of the hybrid model offers enhanced operational effectiveness and patient care delivery that is supposed to propel the demand for the segment throughout the forecast period.?
Solution Type Based on solution type, the portal-centric division held the highest share of the total health information exchange market.
The high share can be attached to the rising number of web portal developments promoting improved and convenient access to healthcare information.
Platform-centric is expected to grow lucratively at a CAGR of over 6.0% during the forecast period.
The government enterprises such as Health Information Technology for Economic and Clinical Health Act (HITECH) focusing on patient commitment are the key factors that are supposed to provide them
growth platform to this segment.
Application Insights The extended application of the health information exchange is the web portal development division, which held a substantial share of over 27.0% in 2015.
This can be connected to the increased accessibility of patient health data, which is available through patient gateways.
For example, FollowMyHealth developed by Allscripts Healthcare Solutions, Inc.
enables the patients to access and interact with the providers and gain valuable insights about their health conditions.
Internal interfacing is anticipated to grow at a swift growth rate over the forecast period owing to its ability to collect maximum subject information.
Regional Insights North America held the highest revenue share of the health information exchange market in 2015 at over 45.0%.
High awareness pertaining to the health information exchange systems, the ongoing government initiatives, the presence of non-profit organizations, and the presence of prominent players domiciled in this region, such as Medicity, Inc.
and IBM Corporation is responsible for its commanding position in the regional market.
The Asia Pacific region is predicted to witness profitable growth possibilities in the future due to the increasing patient population, which commands improved information systems for effective data administration
as well as the rising healthcare expenditure in the emerging economies, such as China and India.
Competing Market Share Insights by Some key players of this market include – Siemens AG, IBM Corporation, Orion Health, CareEvolution, Inc., Medicity, Inc., CernerGE Healthcare, Inc., Allscripts Healthcare Solutions, Inc.,
Corporation, eClinicalWorks, RelayHealth Corporation. The industry is highly competitive in nature and the players are involved in sustainability strategies such as new product launches, strategic collaborations, mergers& acquisitions, and technological innovation. For instance, in February 2016, Orion Health entered into a strategic collaboration with Cognizant, which enabled the latter to use Orion Health’s open data platform Amadeus resulting in the expansion of their product portfolio.