The global healthcare information exchange (HIE) market is expected to grow to $878 million by 2018 from $558 million in 2013, according to a new report from Dallas-based research firm MarketsandMarkets.
The report looks at the HIE technology market by set-up type, vendor type, implementation model and applications. U.S. government incentives to improve patient care and safety while also reducing costs are driving the U.S. market, though high implementation costs, slow returns on investment and interoperability issues continue to impede it, according to an announcement.
It predicts growth of more than 10 percent in the private HIE market, the largest sector by set-up type, which it attributes to the increased adoption rate, clear business models and rising investments by major HIE vendors. That backs the findings of Black Book, which found public efforts struggling and vendors leading the way in private HIEs.
MarketsandMarkets also predicts healthy growth for the web portal development market and interfacing internal applications market as healthcare organizations seek to link applications such as radiology, lab and imaging systems.
HIE stakeholders have been reporting progress, though the end of federal funding leaves many organizations still struggling to find a sustainable business model.
"Now, after HITECH's investments, the primary question many experts are struggling with is: What constitutes the right mix of government HIT programs versus market forces to continue development of an HIT infrastructure that can support higher quality, more cost-effective health care?" states a report from the California HealthCare Foundation.
To learn more:
- find the announcement