Healthcare Electronic Data Interchange (EDI) Market to grow at a CAGR of 8.8% By 2023 | Latest Industry Overview, Technology Advancement Trends, Global Market Scope, Top Company Players

Healthcare Electronic Data Interchange (EDI) Market to grow at a CAGR of 8.8% By 2023 | Latest Industry Overview, Technology Advancement Trends, Global Market Scope, Top Company Players

“Healthcare Electronic Data Interchange (EDI) Market”
Based on data by Market Research Future this report on ‘Healthcare Electronic Data Interchange (EDI) Market’ delivers a succinct analysis on industry size, regional growth and revenue forecasts for the upcoming years. The report further sheds light on significant challenges and latest growth strategies adopted by manufacturers who are a part of the competitive spectrum of this business domain.

Healthcare Electronic Data Interchange (EDI) Market Research Report: by Component (Software and Services), by Delivery Mode (Web and Cloud-based, EDI VAN, and Others), by Transaction (Claims & Encounters, and others), end user – Global Forecast Till 2023

Competitive Landscape

ZirMed Inc., GE Healthcare, Allscripts Healthcare Solutions Inc., HealthFusion, Optum, Inc., Siemens Healthineers, Emdeon Inc., McKesson Corporation, Schreiner Group, Experian Information Solutions, Inc., Cognizant, Passport Health Communications, and The SSI Group, LLC are the notable players in the global healthcare electronic data interchange market.

The global healthcare electronic data interchange market stood at USD 2674 Mn in 2017 and is anticipated to expand at a CAGR of 8.8% over the forecast period of 2018-2023, predicts market Research Future (MRFR) in a thoroughly studied report. 

Market Overview

Healthcare electronic data interchange (EDI) software has been gaining traction among healthcare organizations due to a variety of reasons. Healthcare organizations are burdened with cumbersome tasks such as maintaining patients records, documents relating to health insurance reimbursement, and others. Such enormous volume of data cannot be maintained using papers which necessitate the deployment of EDI software. EDI software allows the exchange of healthcare data in a standardized format across the healthcare value chain. 

The massive rise in the volume of data generated by the healthcare sector is the prime drive behind the growth of the global healthcare electronic data interchange market.  Moreover, EDI software is being increasingly leveraged for operational intelligence and performance management. Digitalization percolating within the healthcare sector has further spurred the adoption of EDI software among healthcare participants. Augmenting need to curtail healthcare costs and growing concerns regarding data security have also acted in favor of market growth. 

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Management of healthcare payment exerts tremendous pressure on healthcare administrators. Any gap in payment methods could lead to a rise in healthcare costs and a delay in the process. EDI software remediates the payment challenges and is being progressively gaining adoption. 

Various regulatory bodies have laid down global as well as national standards for healthcare electronic transactions which encourage adoption among caregivers. Furthermore, the governments in multiple countries are also encouraging the use of EDI software solutions to modernize the existing framework and are providing assistance for the same in the form of funding. Regulatory requirements and continuous pressure for efficiency have driven the global healthcare electronic data interchange market. 

On the other hand, the growth of the market might be hindered by high implementation cost of EDI software and reluctance on the part of healthcare professionals to switch to modern methods.

Segmentation

The global healthcare electronic data interchange (EDI) market has been segmented based on component, delivery mode, transaction, and end user. 

By component, the global healthcare electronic data interchange market has been segmented into software, and services. 

By delivery mode, the global healthcare electronic data interchange market has been segmented into web and cloud-based EDI, EDI value added network (VAN), direct (Point-to-Point) EDI, and mobile EDI. 

By transaction, the global healthcare electronic data interchange market has been segmented into claim status and response, eligibility inquiry and response, enrollments, claims & encounters and payment & remittance advance, claim attachments, referral certification, and authorization. 

By end user, the global healthcare electronic data interchange market has been segmented into healthcare payers, healthcare providers, pharmaceutical & medical device industries, and others. The healthcare payers segment is expected to dominate the global market due to the high adoption rate among physicians and clinicians. However, the pharmaceutical & medical device industries segment is expected to be the fastest growing segment. 

Market Potential and Pitfalls

The healthcare electronic data interchange is gradually stealing the limelight with its augmenting adoption for performance management and operational intelligence. EDI healthcare transactions enable the elimination of paper trials and digitize all the transactions which further leads to lower handling costs of the processing healthcare documents. As per the estimations of the Workgroup for Electronic Data Interchange, the healthcare players can generate savings of USD 1 per claim for health plans, USD 0.86 for hospitals, USD 1.49 for physicians, and USD 0.83 for others, with the help of EDI. Such factors are considered to create opportunities for the market growth. The market will experience a sturdy growth owing to factors such as rising demand to curb the cost of healthcare and growing support from the government for healthcare IT projects. Also, with the growing adoption of EDI software by the pharmaceutical companies, benefits associated with the adoption of EDI such as cost savings, standardization, faster processing, and improved productivity, and implementation of favorable funding policies, the market is likely to flourish.

On the contrary, concerns related to data security, the high cost of implementation of EDI software, and the hesitance to switch from conventional techniques are some of the top barriers considered to curb the market growth throughout the appraisal period. Despite such hiccups, the utilization of EDI offers affordable solutions for the medium-sized as well as small-sized healthcare providers along with improved flexibility and scalability, thereby triggering its demand across the globe.

Regional Analysis

By region, the global healthcare electronic data interchange (EDI) market has been segmented into North America, Europe, Asia Pacific (APAC), and the Middle East & Africa (MEA). 

North America is the forefront of the global healthcare electronic data interchange market. High healthcare expenditure, fast uptake of advanced technologies, and the existence of market players in the region support the growth of the global healthcare electronic data exchange market. 

Europe accounts for the second largest share of the global market driven by government funding and favorable policy implementation. 

APAC is poised to exhibit rapid growth over the forecast period. High expenditure on healthcare IT and government support towards the modernization of the healthcare sector are acting in favor of market growth. Increasing healthcare spending and growing awareness are other factors supporting market growth. 

The MEA market is expected to account for the least share of the global market but is anticipated to showcase slow but steady growth over the forecast period. Growing awareness regarding healthcare electronic data interchange (EDI) software is expected to propel the growth of the market over the forecast period. 

Industry Updates

August 16, 2018: A leader in the healthcare technology solutions and products has recently partnered with the AWS in order to host HL7 managed services and HIPAAS healthcare EDI. They have announced to migrate the legacy workloads for their customers and also create a secure cloud-based solution on AWS for the healthcare sector.

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