According to MarketsandMarkets™, The report “Healthcare EDI Market by Transmission (Value added Network, Point-to-Point), Software (Claims (Submission, Status, Payment, Referral, Remittance), Supply (Procurement, Inventory), Service, End User (Hospital, ASC, Payer), Region – Global Forecast to 2029″, is expected to reach USD 7.11 billion by 2029, up from USD 4.47 billion in 2024, at a CAGR of 9.7 % from 2024 to 2029.
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- 433 Market Data Tables
- 55 Figures
- 367 Pages and in-depth TOC on “Healthcare EDI Market – Global Forecast to 2029”.
Some of the prominent key players are:
- Cognizant (US),
- IBM (US),
- Veradigm LLC (US),
- Experian Information Solutions, Inc. (US),
- athenahealth (US),
- The SSI Group, LLC (US), and many more……
Mergers & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Healthcare EDI Market.
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- Claims management is expected to account largest market share during the forecast period. The healthcare EDI transactions used in claims management provide a common platform for providers, payers, and clearinghouses to exchange data. With EDI in claims, providers can send and receive information faster, identify submission errors immediately, and avoid processing delays.
- The healthcare industry is witnessing an increase in the number of insurance players due to the increasing number of private insurers entering the market. Moreover, healthcare providers are increasingly accepting these players. This is expected to drive the growth of the healthcare payers market in the coming years.
- By component, the healthcare EDI market is segmented into services and software. The services held the largest share in the healthcare EDI market in 2023.
- Based on deployment, the healthcare EDI market is segmented into on-premises EDI and web & cloud- EDI. The web & cloud- EDI market is poised for significant growth in the forecast period. Web- & cloud-based EDI provides an affordable solution for small- and medium-sized healthcare providers to interact with their trading partners—payers or clearinghouses—in the most effective way.
- The large share of the US healthcare EDI market can be attributed to the stringent legislative and accreditation requirements regarding healthcare, the high adoption rate of HCIT technologies, regulatory requirements such as HIPAA compliance, FHIR standards, implementation of ICD- 10 codes, and CMS mandates for EDI for billing.
The demand for healthcare EDI is mainly driven by the growing need to standardize electronic transactions, curtail healthcare costs, and government support for HCIT. In addition, the need for the efficient management of electronic claims and reimbursement transactions for healthcare providers is expected to drive growth in the healthcare EDI market during the forecast period. The adoption of emerging Fast Healthcare Interoperability Resource (FHIR) standards, enhanced interoperability standards, use of RESTful APIs, and real-time data exchange for eligibility verification are some of the critical factors responsible for the market growth. HCIT solutions, such as electronic data interchange (EDI), are software solutions that help organizations enhance revenue growth, drive administrative efficiency, reduce costs, and improve the quality of care and patient experience.
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