Key Players - 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)
(PRWEB) May 08, 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" - http://www.marketsandmarkets.com/Market-Reports/healthcare-information-exchange-market-249987292.html.
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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 market is categorized based on set-up type, vendor type, implementation model, and applications. The interfacing internal applications market (in the applications segment) and the hybrid models market (in the implementation models segment) are considered as potential market segments. The rising demand for HIE and EHR technologies, the increasing number of U.S. federal government incentive programs, and the need to reduce healthcare costs are the major drivers for this market. The private Health Information Exchange market commanded the largest share of the market, by set-up type, in 2013 and is expected to grow at a healthy CAGR of more than 10% during the study period. This large share can be attributed to the increased adoption rate, clear business models, and rising investments by major HIE vendors such as CareEvolution (U.S.), Medicity (U.S.), and RelayHealth (U.S.).
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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.
The web portal development market commanded the largest share of the Health Information Exchange applications market in 2013 and is expected to grow at a healthy CAGR of more than 7% during the study period. This large share can be attributed to the increasing number of physicians opting for electronic medical records driven by the convenience of web-based portals to retrieve information on patients.
The enhanced workflow due to interfacing applications and the increasing number of applications that require interfaces, such as Electronic Medical Records (EMR), Hospital Information Systems (HIS), Radiology Information Systems (RIS), Laboratory Information Systems (LIS), Picture Archiving and Communications Systems (PACS), and transcription systems are also factors that are driving the growth rate of the interfacing internal applications market.
The interfacing internal applications segment is a high-growth market segment in the HIE market and is driven by the reliability and flexibility of healthcare data delivery. The platform-centric segment, on the other hand, is driven by the enhanced adoption rates due to the increasing number of clinical messaging and web portal applications. Most investors mainly focus on the hybrid models segment as it provides the benefit of both federated and centralized models and helps in enhanced control of patient data and compatibility with several interfaces among communities.
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.
The major players in the market 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).
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