(PRWEB) March 27, 2014
The “Healthcare Information Exchange (HIE) Market by Setup Types (Public & Private), Vendors (Web Portal & Platform), Implementation Models (Centralized, Federated, & Hybrid), Application (Interfacing, Secure Messaging) - Global Trends & Forecast to 2018” analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia, and the Rest of the World.
Browse more than 74 market data tables with 20 figures spread through 198 pages and in-depth TOC on "Health Information Exchange (HIE) Market"
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This report studies the global Health Information Exchange market over the forecast period of 2013 to 2018. The global HIE market was valued at $558 million in 2013 and is poised to reach $878 million by 2018, at a CAGR of 9.5% from 2013 to 2018.
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The global HIEmarket is a fragmented marketwith several major players and local players.A majority of the players in the HIE market are from the U.S.The major players in the HIEmarket include AT&T (U.S.), CareEvolution (U.S.), Cerner Corporation (U.S.), GE Healthcare(U.K.), IBM Corporation (U.S.), Intersystems (U.S.), Medicity (U.S.), Oracle (U.S.), Orion Health (U.S.), and Siemens AG (Germany).
Among the growth strategies adopted by market players, agreements and collaborations accounted for a share of around60%.These strategieswere adopted by players to enhance theirproduct portfolios and strengthen their market penetration in different geographies. Furthermore, players adopted these strategies to enhance their research outputfor building innovative products. The key players who adopted these strategies wereInterSystems (U.S.), Medicity (U.S.), Cerner Corporation (U.S.), Oracle (U.S.), and CareEvolution (U.S.).Medicity developed the CliniSync technology in partnership with Ohio’s CliniSync Health Information Exchange to access and exchange patient health information electronically between healthcare professionals and patients. The partnership was aimed at strengthening the position of Medicity in the HIE market and gaining a long-term reputed client.In May 2013, Oracle formed a strategic partnership with U.S.-based Proteus Digital Health to develop digital medicine. This has helped the company to enhance its portfolio of mobile applicationproducts and gain a competitive advantage in the market.
The portal-centric segment of the market, by vendor type, commanded the largest share in 2013 and is expected to grow at a healthy CAGR in the next five years. The large share of this segment can be attributed to the increasing use of EHRs in the developed economies. According to a study published by U.S. government affairs, in 2012, approximately 60% of the physicians in the U.S. used EHRs, an increase from 17% in 2002.
New product launches was the key growth strategy adopted by Orion Health (U.S.), InterSystems (U.S.), GE Healthcare (U.K.), Cerner Corporation (U.S.), and Medicity (U.S.).GE Healthcare IT launched Centricity 360,an online tool to reduce duplicate imaging and costs and to avoid unnecessary patient transfer.Cerner Corp. launched Millenium+ to speed up workflows and easy accessibility of information. The product is compatible with desktops, tablets, and Smartphonesprovidingrelevant clinical workflows, thus improving its position in the digital industry as well.
The global HIE market is a highly fragmented market with no clear market leader. Apart from the major players, a number of small and medium-sized players are adopting this technology, driven by reduced costs, quick returns on investment, and high profit margins offered by theHIE technology. In countries such as Japan, China, India, and South Korea, investments are heavily driven by the favorable economic conditions and low labor and healthcare costs.
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