Health Information Exchange Market Size Is Anticipated To Reach A Valuation Of $2.2 Billion By 2024: Grand View Research, Inc.

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The global healthcare information exchange (HIE) market is expected to reach USD 2.21 billion by 2024, according to report by Grand View Research, Inc. The increasing need for greater access to patient health information is a potent driver of the health information exchange market.

According to a report by Grand View Research, Inc., the global Health Information Exchange (HIE) market is projected to reach at USD 2.21 billion by 2024. High demand for greater access to patient health data is expected to remain the key growth-driving factor for the global market. Rising demand for secured exchange, storage, and collection of healthcare information can also boost the market growth over the forecast period (from 2018 to 2025). Supportive initiatives from governments across the globe to promote the use of healthcare information technology is also likely to fuel market development in the coming years. Moreover, increasing use of Electronic Health Records (EHRs) over conventional paper-based records to reduce maintenance costs can have a positive impact on the market growth.

The global HIE market can be segregated on the basis of set up type, solution type, implementation model, application, and region. Based on set up, the market can be bifurcated into public and private HIE. In 2015, private HIE segment accounted for 51% of the global market share. It is estimated to expand at a strong CAGR of 8% from 2018 to 2025. Increasing number of private healthcare providers and increased level of physician engagement at each level of the information system is expected to stimulate the segment growth. Moreover, benefits offered by private HIE like less governance issues and high workflow efficiency can drive the segment further over the coming years. Based on solution type, the market can be categorized into platform-centric, portal-centric, and messaging-centric.

Full Research Report On Health Information Exchange (HIE) Market Analysis:

North America health information exchange market, by set up type, 2013-2024 (USD Million)

North America health information exchange market, by set up type, 2013-2024 (USD Million)

Portal-centric segment accounted for the largest market share in the past. Growing number of web portal development offering easy access to healthcare information can stimulate growth of this segment over the estimated period. The platform-centric segment is anticipated to expand at a CAGR of 6% over the forecast period. Government initiatives like Health Information Technology for Economic and Clinical Health Act (HITECH) aimed at patient engagement are also said to impel segment growth. Based on implementation model, the market can be classified into decentralized, centralized, and hybrid. Hybrid model is anticipated to witness lucrative CAGR owing to its benefits like improved operational efficiency and better patient care delivery.

Based on application, the market can be segmented into workflow management, internal interfacing, web portal development, and others. Web portal development was the dominant segment in 2015 and accounted for 27% of the global market share. Easy accessibility of patient health records offered by these portals is expected to be the key factor driving their demand. Internal interfacing is also estimated to witness a healthy CAGR during the forecast period due to its ability of store large volume of patient data. Regional segmentation includes Europe, North America, Asia Pacific, Latin America, and Middle East and Africa. North America was the leading regional market in 2015 and is likely to expand further.

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Rising awareness regarding HIE systems is projected to propel regional development. Supportive initiatives by local governments and growing number of non-profit organizations will also drive the region’s growth. Moreover, strong presence of key companies like IBM Corporation and Medicity, Inc. can further stimulate the market growth in North America. In Asia Pacific, the market is estimated to witness a significant expansion over the forecast period on account of rising target population. Escalating need for advanced information systems for better management of data will drive the regional market. In addition, increasing investments in healthcare in emerging economies including India and China can drive the market over the forecast period.

Some of the leading companies in the global health information exchange market are Cerner Corporation, Relay Health Corporation, GE Healthcare, IBM Corporation, and Siemens AG. Most of these companies have undertaken strategies like regional expansion, M&A, and R&D to maintain the industry position.

Grand View Research has segmented the health information exchange market on the basis of setup type, implementation model, solution type, application, and region:

Global health information exchange setup type outlook (Revenue, USD Million, 2013- 2024)

  • Private HIE

  • Public HIE

Global health information exchange implementation model outlook (Revenue, USD Million, 2013 – 2024)

  • Centralized

  • Decentralized

  • Hybrid

Global health information exchange solution type outlook (Revenue, USD Million, 2013 – 2024)

  • Portal-Centric

  • Platform-Centric

  • Messaging-Centric

Global health information exchange application outlook (Revenue, USD Million, 2013 – 2024)

  • Web Portal Development

  • Internal Interfacing

  • Workflow Management

  • Others

Health information exchange regional outlook (Revenue, USD Million, 2013 – 2024)

  • North America

    • U.S

    • Canada

  • Europe

    • UK

    • Germany

  • Asia Pacific

    • Japan

    • China

    • India

  • Latin America

    • Mexico

    • Brazil

  • MEA

    • South Africa

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About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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