Northbrook, IL 60062 -- (SBWIRE) -- 01/24/2023 -- 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.

The Growth in this HIE Market can be attributed to factors such as growing need to curtail healthcare costs, focus on patient-centric care delivery, growing adoption of EHRs and other HCIT solutions, government initiatives for enhancing patient care and safety, government funding for healthcare interoperability. However, data privacy concerns, need for significant investments in infrastructure development and high cost of deployment, lack of true interoperable solutions are expected to hinder the market growth.

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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.

Key Market Player

Some of the prominent players operating in the health information exchange market include Cerner Corporation (US), Allscripts Healthcare Solutions, Inc. (US), Health Catalyst (US), Intersystems Corporation (US), Epic Systems Corporation (US), MEDITECH (US).

EPIC SYSTEMS CORPORATION (US)

In 2019, 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)
In 2019, 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)

In 2019, 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 2019 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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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.

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