Market Synopsis
Market Research Future (MRFR), in its
latest “Global Healthcare
Electronic Data Interchange (EDI) Market Share” was valued USD 2674 Mn in 2017 and is
projected to grow at 8.60% CAGR by 2030. In the healthcare sector, the enormous
generate of data through documents, such as, patient records, health insurance
reimbursements, and others are required to be processed and sorted for
convenient extraction. The traditional use of paper is an inefficient and
cumbersome method. Thus, the need for electronic data interchange (EDI) in
healthcare industry is surging. The efficacy of Edi that allows the presentation
of healthcare data in standardized format to institutions, healthcare
professionals, and patients can prompt the expansion of the global electronic
data interchange market.
The rise in the adoption of EDI for
performance management and operational intelligence is another determinate for
the market expansion. EDI healthcare transactions offers elimination of paper
trails and digitized transactions curbs reduction of costly errors. Moreover,
healthcare players are observed to manage significant savings on deploying EDI.
Other drives, such as increase in government support for development of
IT-based healthcare projects and rise in the demand for reduction in healthcare
expenses can accelerate the EDI market growth. In addition, the growing awareness
about benefits of using EDI software, adoption of EDI software by reputed
pharmaceuticals, and exercising favourable funding policies offered by
different healthcare companies are anticipated to spur the growth of the
electronic data interchange market.
On the downside, the high installation
price of EDI software, hesitancy to remove conventional methods, and data
security can limit the market expansion.
Key Players
Global Healthcare Electronic
Data Interchange (EDI) Market Players are Cognizant, Allscripts Healthcare
Solutions Inc., Siemens Healthineers, The SSI Group, LLC, Experian Information
Solutions, Inc., ZirMed Inc., GE Healthcare,
McKesson Corporation, Optum, Inc., Schreiner Group, Passport Health
Communications, Emdeon Inc., and HealthFusion are some reputed companies
functioning in the global healthcare electronic data interchange (EDI) software
market.
Segmental Outline
The global healthcare
electronic data interchange (EDI) market outlook was studied by component, transaction,
delivery mode, and end user.
Software and services are electronic data
interchange market’s component-based segments. Web and cloud-based EDI, direct
(Point-to-Point) EDI, EDI value added network (VAN), and mobile EDI are
delivery-mode based segments of the EDI market. The market’s transaction-based
segments are payment & remittance advance, claims & encounters, claim
attachments, eligibility inquiry and response, enrolments, claim status and
response, and referral certification and authorization. By end user, the market
segments are pharmaceutical & medical device industries, healthcare
providers, and healthcare payers, others. The healthcare payers segment can hold
the grand share of the overall market as the rate of adoption of EDI by clinicians
and physicians for financial management is high. The pharmaceutical and medical
device segment can strike a decent CAGR through the study period.
Regional Summary
Americas healthcare electronic data
interchange market to be in the forefront. The high pace growth of the
healthcare electronic data interchange (EDI) market in Americas can be
attributed to surge in healthcare expenditure, increased participation of marketers,
and disruptive technologies in EDI software.
Europe EDI market expansion can be
attributed to hefty funds offered by governments and the presence of favourable
policy implementation.
Asia Pacific healthcare electronic data
interchange software market insights can surge at a high growth rate due to
increased investment in information technology. As per the report offered by
India Brand Equity Foundation (IBEF), India’s heavy investment in the
development of information technology sector can bolster the expansion of the
regional EDI market through the evaluation period.
In MEA, the market of healthcare electronic data interchange software can emerge in coming years.
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