Healthcare Information Exchange (HIE) Market worth $878 Million by 2018
DALLAS, March 10, 2014 /PRNewswire/ --
The new report "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 "Healthcare Information Exchange (HIE) Market - Global Trends & Forecast to 2018"
http://www.marketsandmarkets.com/Market-Reports/healthcare-information-exchange-market-249987292.html
Early buyers will receive 10% customization on this report.
This report studies the global HIE 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.
The Healthcare Information Exchange 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 HIE Market commanded the largest share of the HIE 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.).
The portal-centric segment of the HIE 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 HIE 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.
North America accounted for the largest share of the global HIE Market in 2013, as a majority of HIE companies are concentrated in the U.S. However, the Asian region is expected to grow at a higher CAGR in the forecast period. A number of factors such as various government initiatives in countries such as Japan (e-Japan policy, New IT reform Strategy, and iJApan Strategy 2015) and China (increased healthcare IT expenditure from $135 billion in 2006 to $250 billion in 2010) will drive the market. Apart from government initiatives, factors such as the need for digitization to ensure patient safety and care and the rapidly increasing aging population are the major driving factors of the Asian HIE Market growth.
The major players in the HIE 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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