Health 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
The platform centric segment and hybrid models pose significant growth opportunities for the HIE market
The global HIEmarket is valued at an estimated $558million in 2013 and is expected to grow at a CAGR of 9.5% in the next five years.
The global HIE systems market is mainly categorized by set-up type, vendor, implementation model, and by application.
The incentives by the U.S. federal government, improvements in patient care and safety, and reduction in healthcare costswill be the major drivers for this market.However, factors such as high implementation costs, slow returns on investment, and interoperability issues are hampering the market growth. The increasing demand for cloud-based services and mobile health applications in the emerging markets are encouraging the growth of the HIEmarket. The federated or decentralized modelsmarket commands the largest share of the HIE implementation models market in 2013. However, the hybrid models market is estimated to grow at the highestCAGR of 14.4% during the study period.
The hybrid models segment is projected to witness a robust growth during the forecast period driven by the factors such as enhanced control of patient data and compatibility with several interfaces among communities.Owing to these factors, these segmentsare expected to be a major revenue pockets for the HIE market in the coming years.
The high growth market segments in the HIE market include interfacing internal applications segment which is growing at a CAGR of 14.6% during the forecastperiod.The factors contributing to the growth include reliability and flexibility of healthcare data delivery.The platform centric segment is also projected to register a double-digit growth in the next five years, driven by the enhanced adoption rates due to rise in the clinical messaging and web portal applications. Investors are mainly focusing 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.
Countries such as Japan, China, India, and South Korea will offer potential growth opportunities to HIE stakeholders. In Japan, various favorable government initiatives are focusing on strengthening healthcare services such as the e-Japan policy, New IT reform Strategy, and iJApan Strategy 2015. The healthcare IT expenditure in China grew from $135 billion in 2006 to $250 billion in 2010. In addition, Indian government annually spends approximately 5% of its GDP on the healthcare sector and has approved 100% FDI for setting up hospitals in India since 2000. All the above mentioned factors contribute to the potential growth opportunity if HIE market.
The grey area while estimating the market size is the cost of the HIE installations as most of theEHR vendors offer the HIE platformas a courtesy,which increased the difficulty level in estimating the market revenue gained through the installations.
The competitive landscape covers the growth strategies adopted by industry players in the last three years. The company profiles comprise the basic views on the key players in the HIE market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The above-mentioned market research data, current market size, and forecast of future trends will help the key players and new entrants to make the necessary decisions regarding product offerings, geographic focus, change in strategic approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.