Healthcare Electronic Data Interchange (EDI) Market Synopsis
Market Research Future (MRFR) asserts that the global healthcare EDI market is slated to register 8.8% CAGR during the forecast period (2018-2023). The growing need to curb healthcare costs is predicted to drive the market growth globally. Electronic data interchange is referred to as a concept of electronic business communication which enables the interchange of computer-processable electronic healthcare data in the form of a user-friendly format. The data can be interchanged among healthcare professionals, healthcare institutions, and patients. EDI finds applications in medical and dental patient database management, insurance and reimbursement data management, and regulatory data management and clinical trials.
Healthcare Electronic Data Interchange (EDI) 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.
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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.
Global Healthcare Electronic Data Interchange (EDI) Market: Segmental Analysis
Global Healthcare Electronic Data Interchange (EDI) Market, by Component
Global Healthcare Electronic Data Interchange (EDI) Market, by Delivery Mode
- Web and Cloud-based EDI
- EDI Value Added Network (VAN)
- Direct (Point-to-Point) EDI
- Mobile EDI
Global Healthcare Electronic Data Interchange (EDI) Market, by Transaction
- Claims & Encounters
- Payment & Remittance Advance
- Eligibility Inquiry and Response
- Claim Attachments
- Claim Status and Response
- Referral Certification and Authorization
Global Healthcare Electronic Data Interchange (EDI) Market, by End User
- Healthcare Payers
- Healthcare Providers
- Pharmaceutical & Medical Device Industries
Global Healthcare Electronic Data Interchange (EDI) Market, by Region
- North America
- South America
- North America
- Western Europe
- Rest of Western Europe
- Eastern Europe
- Western Europe
- South Korea
- Rest of Asia-Pacific
- The Middle East & Africa
- Middle East
Global Healthcare Electronic Data Interchange (EDI) Market, by Key Players
- GE Healthcare
- McKesson Corporation
- Allscripts Healthcare Solutions Inc.
- Siemens Healthineers
- Optum, Inc.
- The SSI Group, LLC
- Schreiner Group
- ZirMed Inc.
- Experian Information Solutions, Inc.
- Emdeon Inc.
- Passport Health Communications
- Research and Development Organization
- Diagnostic Laboratories
- Healthcare Organizations
- Academics and Research Institutes
- Pharmaceutical & Biopharmaceutical companies
- Market Research and Consulting Service Providers
Healthcare Electronic Data Interchange (EDI) Market Regional Insights
Geographically, the healthcare electronic data interchange (EDI) market span across regions namely, Europe, America, Asia-Pacific, and the Middle East & Africa.
Considering the global scenario, the healthcare electronic data interchange (EDI) market is dominated by the American region due to the increasing expenditure on healthcare. With the growing participation of market players coupled with the technological advancements in the EDI software, the market is likely to flourish. For instance, PLEXIS Healthcare Systems had announced the expansion of EDI services with the formal launch of Ignite EDI back in 2016.
The European region is considered to occupy the second-largest share and is likely to retain its growth in the coming years. The growth is credited to the favorable policy implementation coupled with the rising funding from the government.
On the other hand, Asia Pacific is likely to expand at the fastest CAGR due to the surging expenditure on information technology in this region. As per the India Brand Equity Foundation, spending on IT in India is likely to reach USD 87.1 billion and rise over 9% in 2018.
Healthcare Electronic Data Interchange (EDI) 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.
Healthcare Electronic Data Interchange (EDI) Market Competitive Dashboard
The prominent players operating in the healthcare electronic data interchange (EDI) market comprises McKesson Corporation, ZirMed Inc., Schreiner Group, GE Healthcare, Passport Health Communications, Emdeon Inc., Siemens Healthineers, The SSI Group LLC, HealthFusion, Optum Inc., Allscripts Healthcare Solutions Inc., Cognizant, Experian Information Solutions Inc., and others.
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