Healthcare Electronic Data Interchange (EDI) Market Overview, Statistics, Challenges, Share 2020 Global Market Analysis By Size, Segmentation, Key Country And Regional Forecast To 2023
Healthcare Electronic Data Interchange (EDI) Market Insight
MRFR (Market Research Future) projects the healthcare electronic data interchange (EDI) market 2020 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.
Healthcare Electronic Data Interchange (EDI) Market Growth Inducers and Deterrents
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.
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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.
A huge number of vendors are focused on marketing hacks like product launch, acquisitions, collaborations and merger to enhance their global share. To cite an instance, in October 2020, Kleinschmidt, an electronic data interchange technology firm partnered with Tailwind Transportation Software, which means that now Kleinschmidt’s EDI network will be available in Tailwind’s web-based Unlimited TMS. The customers will now be able to accurately, efficiently and quickly share EDI data through standard business languages that facilitate electronic commerce.
Healthcare Electronic Data Interchange (EDI) Market Segmental Analysis
The healthcare electronic data interchange (EDI) market has been studied in the report with respect to component, delivery mode, transaction, and end user.
MRFR has covered components like services and software.
Depending on delivery mode, the market caters to EDI value added network (VAN), web and cloud-based EDI, mobile EDI and direct (Point-to-Point) EDI.
Transaction-wise, the market segments are eligibility inquiry and response, claims & encounters and payment & remittance advance, claim status and response, claim attachments, referral certification and authorization and enrollments.
Healthcare EDI market, with regard to end user, can be narrowed down to pharmaceutical & medical device industries, healthcare providers, healthcare payers, and more. The healthcare payers category can attain the leading position on account of the increasing uptake of EDI by clinicians and physicians for financial management. The pharmaceutical & medical device industries segment can expect to procure the fastest CAGR due to the widespread demand for insurance schemes.
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.
Healthcare Electronic Data Interchange (EDI) Market Top Participants
The top market participants listed in the MRFR study are Allscripts Healthcare Solutions Inc., Experian Information Solutions, Inc., GE Healthcare, Emdeon Inc., Schreiner Group, HealthFusion, Optum, Inc., Siemens Healthineers, The SSI Group, LLC, Passport Health Communications, Cognizant, McKesson Corporation, ZirMed Inc., and more.
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