The Healthcare Electronic Data Interchange (EDI) Market is growing continually. Market growth is driven by the rising adoption of EDI for operational intelligence and performance management. Besides, factors such as the augmenting demand for digitization and automation of documents and transactions drive the growth of the market excellently. Moreover, the rising burden to minimize healthcare document processing costs escalates the market growth to furthered height.
According to Market Research Future (MRFR), the global healthcare electronic data interchange (EDI) market is estimated to grow at 8.8% CAGR throughout the anticipated period (2018 – 2023). In 2017, the market had reached a valuation of USD 2674 MN. Certainly, the rising global economy plays a causal role in the development of the market. Rising government support for healthcare IT developments and the implementation of favorable funding policies propel the growth of the healthcare EDI market.
On the flip side, the high implementation cost of EDI software and data security concerns are major factors predicted to impede the growth of the market. Also, the hesitancy of practitioners to switch conventional methods can hinder market growth over the forecast period. Nevertheless, rising awareness about the benefits associated with EDI software and the increasing adoption of EDI software by pharmaceutical companies would support the market growth throughout the estimated period.
Global Healthcare EDI Market – Segmentation
The report is segmented into five dynamics;
By Component : Software and Services.
By Delivery Mode: EDI Value Added Network (VAN), Web and Cloud-based EDI, Direct (Point-to-Point) EDI, Mobile EDI, and others.
By Transaction : Payment Remittance Advance, Claims Encounters, Eligibility Inquiry Response, Claim Status Response, Claim Attachments, Enrollments, Referral Certification Authorization, and others.
By End User : Healthcare Payers Providers, Pharmaceutical Medical Device Industries, and others.
By Regions : Americas, Europe, Asia Pacific, and Rest-of-the-World.
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Healthcare Electronic Data Interchange Market – Regional Analysis
North America dominates the global healthcare electronic data interchange (EDI) market. The largest market share attributes to the rising healthcare expenditure and rising usages of medical devices in various treatments. Besides, factors such as the presence of many notable industry players and advanced healthcare infrastructures in the region drive the growth of the market. Moreover, increasing technological advances in EDI software fosters regional market growth. The North American healthcare EDI market is anticipated to retain its leading position in the global market throughout the review period.
Europe stands second in the global healthcare electronic data interchange (EDI) market. The market is driven by the higher rates of hospitalization, presence of advanced medical devices industry, especially in Germany, and increasing healthcare expenditures. Additionally, rising usages of information technology in healthcare and government funding and favorable policy implementation propel market growth. The European healthcare EDI market is anticipated to create a substantial revenue pocket over the assessment period.
The Asia Pacific healthcare electronic data interchange (EDI) market is brisk. Factors such as the rising spending on information technology and rapid technological advances boost the regional market growth. Moreover, rising awareness about healthcare electronic data interchange software increases the size of the regional market. Also, augmented penetration of smartphones and the demand for energy-efficient devices influence the regional market growth.
Global Healthcare EDI Market – Competitive Analysis
Highly competitive, the healthcare electronic data interchange market appears fragmented with many large small-scale players, alongside new entrants forming a competitive landscape. Industry players make substantial investments to drive RD and to meet their expansion plans. To gain a larger competitive share, these players initiate strategic partnerships and collaborations.
They acquire promising companies from emerging regions to expand their global footprints. Managing the cost of raw materials remains a top priority for manufacturers. Coping with these pricing fluctuations of raw materials is expected to continue throughout the forecast period. Companies are seeking new ways to mitigate risks associated with raw materials instability.
Players leading the global healthcare EDI market include GE Healthcare, Cognizant, McKesson Corporation, Allscripts Healthcare Solutions Inc., Optum, Inc., Siemens Healthineers, The SSI Group, LLC, ZirMed Inc., Schreiner Group, Experian Information Solutions, Inc., Passport Health Communications, Emdeon Inc., and HealthFusion, among others.
Industry/ Innovation/Related News:
April 29, 2020 —- Edifecs Inc. (the US), a leading healthcare technology company, announced a partnership with the Commonwealth of Pennsylvania to Provide EDI module services. Edifecs’ EDI module is the first of its kind focused module in compliance with the 2020 MMIS Platform Project Certification. Pennsylvania’s Commonwealth and Department of Human Services would implement its purpose-built electronic data interchange (EDI) solution. Edifecs’ EDI Module would help the Commonwealth modernize and achieve the Medicaid Management Information Systems (MMIS) help in timely, accurate, complete, outcomes (TACO).