Boston, MA -- (SBWIRE) -- 04/01/2014 -- 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.
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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.
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