Healthcare Electronic Data Interchange Market Synopsis
Market Research Future (MRFR), in its latest “Global Healthcare Electronic Data Interchange (EDI) Market” report, states that the market is expected to touch a valuation above USD 2674 Mn at 8.8% CAGR across the evaluation period. 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 Healthcare EDI 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.
Healthcare Electronic Data Interchange Market Segmental Outline
The global market of healthcare electronic data interchange (EDI) market 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.
Healthcare Electronic Data Interchange Market 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 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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Healthcare Electronic Data Interchange Market Key Players
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.