The global health information exchange (HIE) market is projected to reach $878 million in 2018, growing at a compound annual growth rate (CAGR) of 9.5 percent from 2013. The market was valued at $558 million in 2013, according to the 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,” released today by marketsandmarkets.com
The report identifies the rising demand for HIE and electronic health record (EHR) technologies, the increasing number of U.S. federal government incentive programs, and the need to reduce healthcare costs are the major drivers for the 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 10 percent CAGR 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.
The portal-centric segment of the HIE Market, by vendor type, commanded the largest share in 2013 and is expected to grow steadily over the next five years. The large share of this segment can be attributed to the increasing use of EHRs. According to a study published by U.S. government affairs in 2012, approximately 60 percent of the physicians in the U.S. used EHRs, an increase from 17 percent in 2002.
The web portal development market commanded the largest share of the HIE applications market in 2013 and is expected to grow at more than 7 percent 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, hospital information systems, radiology information systems, laboratory information systems, picture archiving and communications systems, and transcription systems are also factors that are driving the growth rate of the interfacing internal applications market.