The global Health Information Exchange market in terms of revenue was estimated to be worth $1.1 billion in 2020 and is poised to reach $2.0 billion by 2025, growing at a CAGR of 12.2% from 2020 to 2025 according to a latest report published by MarketsandMarkets™. Growth in this market is driven by factors such as the growing focus on patient-centric care delivery, the growing need to curtail healthcare costs, government initiatives for enhancing patient care and safety, and government funding for healthcare interoperability.

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The Health Information Exchange industry is set to experience a major transformation over the next few years, as advances in technology make it easier for healthcare providers to manage patient data, automate processes, and improve patient care. As the industry continues to grow, more companies will enter the market with innovative products and services that streamline healthcare administration and improve patient care.

Growth Drivers of Health Information Exchange (HIE) Market from Macro to Micro:

  • Government Initiatives: Governments are actively encouraging the adoption of health information exchange systems in order to improve the quality of healthcare services, reduce healthcare costs and improve patient safety. The government has implemented several policies and initiatives to promote the use of HIEs, such as the Health Information Technology for Economic and Clinical Health (HITECH) Act in the U.S. and the Personal Information Protection and Electronic Documents Act (PIPEDA) in Canada.
  • Integration of Data: The integration of data from multiple healthcare organizations enables doctors to access complete patient records from different healthcare providers and organizations. This enhances the quality of healthcare services and helps healthcare providers make more informed decisions.
  • Increased Efficiency: HIEs enable healthcare providers to exchange health information quickly and securely, which increases the efficiency of healthcare services. Health information exchange systems provide healthcare providers with real-time access to patient data, which enables them to make more informed decisions and provide better care.
  • Cost Savings: Health information exchange systems enable healthcare organizations to reduce costs associated with data storage, data sharing and health records management. HIEs enable healthcare organizations to reduce the need for paper-based records and to streamline the process of transferring information between healthcare organizations.

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Key Market Players

Epic Systems Corporation(US), Cerner Corporation (US), MEDITECH (US), and Change Healthcare(US) are considered to be the leading players in the health information exchange market.

EPIC SYSTEMS CORPORATION (US)

Epic Systems (US) held the leading position in the health information exchange market. The company is also one of the dominant players in the hospital EMR systems market, accounting for an estimated share of 28-30% of the acute care hospitals in 2019 in US. Every month around 100 million records are share between Epic users and with providers using other systems. Pic is a leading player promoting Carequality, a network connecting EHRs around the US. The company focuses on innovating and improving its geographic presence to maintain its position as a leading player globally

CERNER CORPORATION (US)

Cerner held the second position in the health information exchange market.The company is also one of the dominant players in the  hospital EMR systems market, accounting for an estimated share of 25-27% of the acute care hospitals in 2019 in US. The company has a wide product portfolio in this market and demonstrates a strong focus on R&/D—it has ~7,300 employees working in R&D activities. Continuous investment in R&D is a core element of Cerner’s strategy. Recent developments by Cerner in the market include securing its 500th patent for a new innovative voice-assisted technology for clinicians to document the details of a patient visit on a mobile device.

MEDITECH (US)

MEDITECH held the third position in the health information exchange market. It is also the third leading player in the hospital EMR systems market, accounting for an estimated share of 15-17% of the acute care hospitals in US. MEDITECH’s leadership in the market can be attributed to its efficient expansion strategies in North America, the UK, Africa, the Middle East, and Asia. The company focuses on strengthening its geographic presence and innovating its EHR solutions to maintain its position. MEDITECH expanded its presence in the UK and Ireland by launching MEDITECH UK in May 2018. The company also collaborated with Google (US) in October 2019 to offer EHR data through the Google Cloud Platform. This helped to enhance scalability, securely deliver patient data, and facilitate interoperability.

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