Healthcare Electronic Data Interchange (EDI) Market Size, Trends and Growth Analysis by Delivery Mode (Web and Cloud-based, EDI VAN), Component (Software and Services), Transaction (Claims & Encounters), End User, Global Forecast Till 2023
Healthcare Electronic Data Interchange (EDI) Market Overview
MRFR (Market Research Future) projects the healthcare electronic data interchange (EDI) market size to attain a growth speed of 8.8% over the review period (between 2018 and 2023). We will provide COVID-19 impact analysis with the report, along with all the notable developments following the coronavirus disease outbreak.
The enormous amount of documentation work in the healthcare sector requires effective and time-saving solutions. The high efficacy of healthcare electronic data interchange solution in storing, processing, retrieving, and searching of data can explain the rise of the market. Electronic data interchange in healthcare aid in the conversion of computer-processed data in a standardized format that is easily accessible and read by healthcare professionals, patients, and institutions. Thus, the surge in the adoption of EDI for excellent operational intelligence and better management of performance are factors that can drive the healthcare EDI market. The growing need to curtail healthcare costs and provide high number of benefits associated with EDI software can support the expansion of the healthcare EDI software market across the analysis period. On the contrary, the healthcare EDI software market can experience hindrance in expansion due to lack of effective data security solutions.
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The global healthcare industry no longer prefers using the paper form, as it is incompetent, costlier and cumbersome. Therefore, the industry is fast adopting electronic data interchange solutions, which help reduce such time-consuming procedures while streamlining claim management processes. Also, the rising need to rein in the healthcare costs and the surge in technological innovations in EDI facilitate business growth. The expanding pool of prominent end-users adopting advanced EDI can foster further market growth over the conjectured period. Some of the top end-users include pharmaceutical & medical device industries, providers, payers, and others who are responsible for the bolstered product demand in the global market.
Technologically better electronic data interchange solutions like web-based EDI are being increasingly being used to deal with issues related to authentication, data integrity and confidentiality. On the other hand, the advancements in ANSI/the American National Standards Institute X12 EDI formatting standard have rendered EDI useful during B2B/Business-to-Business transactions. Further growth can be anticipated on the back of the emerging Extensible Markup Language (XML) coupled with the web-based standards in EDI.
Healthcare Electronic Data Interchange (EDI) Market Segmentation
The segment assessment of the healthcare electronic data interchange market is done by transaction, component, end user, and delivery mode.
- The component-based segment of the healthcare electronic data interchange market are services and software.
- The delivery mode-based segment of the healthcare electronic data interchange market are EDI value added network (VAN), web and cloud-based EDI, mobile EDI, and direct (Point-to-Point) EDI.
- The transaction-based segment of the healthcare electronic data interchange market are eligibility inquiry and response, claims & encounters and payment & remittance advance, claim status and response, claim attachments, referral certification and authorization, and enrolments.
- The end user-based segments of the healthcare electronic data interchange market are pharmaceutical & medical device industries, healthcare providers, healthcare payers, and others. The healthcare payers segment can hold a decent value in the global market. The rise in the adoption of EDI for effective financial management in pharmaceuticals and medical device industries can significantly impact the market.
Healthcare Electronic Data Interchange (EDI) Market Regional Outlook
Healthcare EDI market has been segmented, by region, into the Americas, Europe, Asia-Pacific, and the Middle East & Africa.
The Americas holds maximum growth potential and can eventually achieve the top position in the global market, given the high healthcare spending and the continuous involvement of various vendors that focus on technological innovations. The increasing uptake of HCIT/Healthcare Information Technology along with the extensive presence of world renowned companies such as The SSI Group, LLC; Cognizant, Optum Inc.; ZirMed Inc.; Experian Information Solutions, Inc and McKesson Corporation also help the region stand out in the global market.
Europe can be the second highest gaining market for healthcare electronic data interchange on account of the significant funding by the government and the implementation of supportive policies. Rampant use of electronic data interchange solutions among various pharmaceutical vendors as well as medical device manufacturers to deal with the rising competitiveness, low profit margins and pricing pressure would also benefit the market in the long run.
The APAC market is led by Japan, China, India, Australia and Republic of Korea, where the healthcare industry is expanding at a promise rate. APAC will be the fastest advancing market, because of the increasing expenditure for information technology, the massive pool of patients, and the surging need for patient data management.
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Healthcare Electronic Data Interchange (EDI) Market Top Key Players
The top market participants listed in the MRFR study are
- Allscripts Healthcare Solutions Inc.
- Experian Information Solutions, Inc.
- GE Healthcare
- Emdeon Inc.
- Schreiner Group
- Optum, Inc.
- Siemens Healthineers
- The SSI Group, LLC
- Passport Health Communications
- McKesson Corporation
- ZirMed Inc.
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