Hospitals and health systems are increasingly implementing and joining health information exchanges as a means to improve the quality of patient care as well as meet meaningful use requirements.
Here are five things to know about the global HIE market.
1. The market is growing, projected to be valued at $980 million by 2019, growing at a compound annual growth rate of 10 percent, according to a Research and Markets report.
2. Key drivers in the market include federal incentives like the meaningful use program, improvement in patient care quality and safety, efforts to reduce healthcare costs and a rise in the elderly population, according to the report.
3. Conversely, high implementation costs, issues with interoperability and slow return on investments are key barriers to HIE market growth.
4. The U.S. is home to most of the major HIE companies, making the North American market the largest segment of the industry. However, the Asian region is expected to experience the highest CAGR over the next five years, largely due to more demand for patient care, increased investments, a growing population and governmental initiatives, according to the report.
5. The report highlights AllScripts, Epic Systems, Philips, Cerner, GE Healthcare, IBM, Medicity, McKesson and Siemens Healthcare as a handful of key players in the global HIE market.
More articles on HIEs:
Incorporating clinical event notifications in HIEs can improve care coordination, study finds
Hawaii Medical Service Association joins statewide HIE
6 best practices for joining an HIE from Inova