The main factors driving the market growth include the increasing demand for electronic health records, government support via various programs and incentives, and reduction in healthcare cost and improved efficacy.

Health information exchange allows doctors, pharmacists, nurses, healthcare providers, and patients to access and securely share the patient’s medical information, electronically, thus improving the quality, safety, speed, and cost of patient care. Healthcare information exchange (HIE) is an important part of health information technology (HIT). According to the National Coordinator for Health Information Technology, electronic availability of patient health information from outside sources increased by 10% in 2018, resulting in more than half of hospitals having EHR information available at point of care. Owing to the increase in government initiatives and high engagement of a private setup in HIE, the market is expected to witness exponential growth.

Key Market Trends

The Decentralized/Federated Model is Expected to Hold the Largest Market Share

The decentralized/federated model segment holds the largest market share, and is expected to retain its share during the forecast period. In a federated HIE, there is no master database. In this model, each healthcare provider is responsible for maintaining the records of their individual patients. In this model, the main function of HIE is to facilitate the providers in exchanging patient records among themselves, when the need arises. The salient distinction of a federated model is that there is no central database from which a previously compiled, comprehensive medical record is stored and can be downloaded. The advantages, such as low conflicts related to data ownership and compartmentalization of data, which makes it less vulnerable to data thefts, along with lower implementation costs when compared to other models, are leading to its high adoption rates.

Competitive Landscape

The United States healthcare information exchange market is fairly competitive and consists of several major players. Due to high adoption rates of new technology and wide availability of reimbursement, which necessitates the use of information exchange systems, the United States is at the forefront of healthcare information exchange implementation. Thus, nearly all the global players are operating in the country. Companies, like Cerner Corporation, Allscripts Healthcare Solutions, Mckesson Corporation, Eclinical Works, and Epic Corporation Inc., hold a substantial market share in the market.

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