Health Information Exchange Market Size to Hit US$ 2.0 Billion by 2025

2022-05-06 06:16:48 UTC | Healthcare & Pharmaceuticals
Health Information Exchange Market Size to Hit US$ 2.0 Billion by 2025

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. 

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.


Access Sample Copy of the Report @ 

Health information exchange Market Dynamics 

Drivers: Government support for the adoption of EMR solutions 

EHRs form a central component of healthcare IT as they enable the easy exchange of healthcare information and communication among all stakeholders in hospitals. The adoption of EMR solutions also helps deliver better health outcomes in terms of healthcare access, quality, affordability, and lowering the disease burden. Owing to the benefits of using EMR, governments across several countries are undertaking initiatives to promote the adoption of EMR solutions. 

The US government provides various incentives to healthcare providers for the implementation of EMR solutions in hospitals. In February 2009, President Obama invested USD 19.2 billion to stimulate the healthcare industry. This helped to motivate Medicare and Medicaid to support healthcare providers and help increase the adoption and implementation of the “Meaningful Use” of EMR solutions. 

According to the Centers for Medicare & Medicaid Services (CMS) data, to meet the Promoting Interoperability Program requirements, all eligible hospitals are required to use 2015 edition certified EHR technologies from the beginning of 2019. Moreover, the HITECH incentives provided eligible professionals approximately USD 44,000–USD 63,000, while eligible hospitals received nearly USD 2–9 million between 2011 and 2018. As per CMS data, over 546,644 healthcare professionals received payments for participation in incentive programs as of October 2018. Such initiatives are driving the demand for EHRs among stakeholders in hospitals. Hence, these benefits and growing government initiatives across several countries to promote the adoption of EMR solutions are expected to support the growth of the health information exchange market. 

Restrains: Need for significant investments in infrastructure development and high cost of deployment 

Hospitals need to make significant investments in infrastructure development, such as increasing their data storage and processing capabilities, to successfully implement EHR solutions. Investments for the development of such infrastructure become difficult for the already strained financial resources of healthcare providers. In addition to investments in infrastructure, additional charges are incurred for the procurement of EMR solutions, maintenance, training, and conversion of paper records to electronic records. Indirect costs are also incurred, such as revenue losses due to the temporary loss of patient data. These are the major barriers to the adoption of EMR solutions, mainly in small and medium-sized hospitals, which could potentially restrict the growth of the health information exchange market. 

Opportunities: Improving healthcare infrastructure in emerging markets  

The healthcare industry in emerging countries such as India, China, Brazil, and Mexico is expected to offer significant growth opportunities for companies offering health information exchange solutions. This can be attributed to the increasing healthcare data and the rising adoption of health IT solutions in these countries. According to the India Brand Equity Foundation, the country’s healthcare sector has witnessed rapid growth; it was estimated to reach USD 280 billion by 2020 at a CAGR of 17%, wherein the contribution of revenue coming from hospitals is a significant 71%. The lack of proper standards and government regulations in emerging markets is expected to offer huge opportunities for providers of healthcare interoperability solutions who are unable to meet the standards of the US and developed European countries such as Germany and France.  

North America regional segment to account for the largest market share of the health information exchange market 

Geographically, the health information exchange 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. 

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). 

Don’t miss out on business opportunities in Health Information Exchange (HIE) Market. Speak to our analyst and gain crucial industry insights that will help your business grow. 

About MarketsandMarkets 

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions. 

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve. 

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets. 

Mr. Aashish Mehra 
MarketsandMarkets™ INC. 
630 Dundee Road 
Suite 430 
Northbrook, IL 60062 
USA : 1-888-600-6441