According to the new market research report “Health Information Exchange (HIE) Market by Set Up Type (Public, Private), Implementation Model (Federated, Hybrid), Type (Pull, Push), Application (Web Portal, Secure Messaging), Solution (Portal, Platform Centric), End User – Global Forecast to 2025″, published by MarketsandMarkets™, the global Health Information Exchange Market is expected to reach 2.0 billion by 2025 from an estimated USD 1.1 billion in 2020 at a CAGR of 12.2% during the forecast period.
COVID-19 Impact on the Health information exchange Market
The COVID-19 pandemic has created technological shifts crucial to providing better care. The crisis has made complying with data interoperability a priority for most healthcare institutions. It has also increased the need for social distancing among physicians and patients, which has driven the demand for remote patient monitoring and telehealth solutions and the need for the accurate and timely exchange of patient health records.
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The health information exchange market includes Tier I and II vendors Epic Systems Corporation (US), Cerner Coporation (US), MEDITECH(US), and Intersystems Corporation (US) among others. The companies have a large market spread across various countries in North America, Europe, Asia Pacific, and the Rest of the World.
The private HIE segment is expected to account for the largest share during the forecast period
Based on the setup type, the health information exchange market is segmented into public and private HIE. The private HIE segment is expected to account for the largest share of the market in 2020. The large share and high growth can be attributed to the various advantages it offers as compared to public HIEs, such as additional functionalities and strong technical support.
North America regional segment to account for the largest market share of the health information exchange market
Geographically, the HIE Market is segmented into North America, Europe, Asia Pacific (APAC), and the Rest of the World. North America is the largest regional market for health information exchange systems, followed by Europe. The largest share of the North American market can be attributed to the significant growth in hospital expenditure, government initiatives to improve patient care and patient safety, the high adoption of HCIT technologies, and the need to reduce healthcare costs.