The Global Healthcare EDI Market size is estimated to be USD 3.54 billion in 2019 and is predicted to reach USD 9.03 billion by 2030 with a CAGR of 8.9% from 2020-2030. Electronic data interchange (EDI) is a tool used to electronically exchange information between departments and enterprises. In healthcare industry, EDI is used as a communication technology to transmit data between healthcare institutions, care providers, and patients. These tools also allows for more secure and efficient data processing, including healthcare claims processing.
Based on the paradigm shift from paper based documentation to digital records and communicating systems in the healthcare industry, healthcare EDIs are adopted to simplify the process and help share accurate, fast, reliable, secure and detailed information. This communication system helps in improving the quality of healthcare delivery and keeping the healthcare costs at an affordable level. Recent advancements in the EDI solutions focus on development of web-based solution that help in addressing the issues related to data confidentiality, authentication, data integrity, and security. Moreover, as mobile technologies have changed the way healthcare providers and patients process healthcare information, EDI systems are being modified data-centric platform to ensure a high level of data quality and security. Many such innovations gain a significant pace and offer new opportunities to the players in healthcare EDI market.
Market Dynamics and Trends:
Globally, the healthcare industry is experiencing exponential growth, as there is rise prevalence of chronic diseases. Based on this, the patient volume is on high and a huge amount of data is being generated which is propelling the demand for healthcare EDI systems. Also, increasing need to curtail the healthcare cost and growing adoption of information technology in healthcare are some other factors that contribute to enhance the market size of healthcare EDI solutions. Moreover, technological advancements are refining the existing systems and providing improved alternatives to ease the process in healthcare organizations and manage large volume of patient data. On the other hand, data security concerns, and high cost of EDI solutions are likely to hinder the growth of this market.
Development of innovative products is a primary growth strategy adopted by the players operating in global healthcare EDI market. For instance, in August 2016, PLEXIS Healthcare Systems launched Ignite EDI and in March 2018, DevCool Inc. launched next generation HiPaaS that provides a set of prebuilt healthcare EDI X12 data integration libraries. These product introductions enable the companies to boost their existing product offerings. In addition to this, the companies also focus on strategic collaborations to develop their customer base, expand the geographic reach and gain significant market share in the healthcare EDI industry.
Market Segmentations and Scope of the Study:
Global healthcare EDI market share is analysed on the basis of component, delivery model, end user, and geography. On the basis of component, the market is segmented into software, and services. The delivery model segment is divided into EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Web & Cloud-Based EDI, and Mobile EDI. By end user the market is segmented into healthcare payers, providers, life science companies, and other end users. The regional analysis of the healthcare EDI market comprises of North America, Europe, Asia Pacific, and Rest of the World.
Comprehensive competitive analysis and profiles of major market players such as GE Healthcare, McKesson Corporation, Cognizant, Allscripts Healthcare Solutions Inc., Siemens Healthineers, Optum, Inc., Schreiner Group, The SSI Group, LLC, ZirMed Inc., and Experian Information Solutions, Inc. is also provided in this healthcare EDI market report.
- The study provides an in-depth analysis of the healthcare EDI market with current and future trends to elucidate the imminent investment pockets in the market.
- Current and future healthcare EDI market trends are outlined to determine the overall attractiveness and to single out profitable trends to gain a stronger foothold.
- The healthcare EDI market report provides information regarding key drivers, restraints and opportunities with impact analysis.
- Quantitative analysis of the current market and estimations through 2018-2030 are provided to showcase the financial caliber of the healthcare EDI market.
- Porters Five Forces model and SWOT analysis of the industry illustrates the potency of the buyers & suppliers participating in the market.
- Value chain analysis in the healthcare EDI market report provides a clear understanding of the roles of stakeholders involved in the value chain.
KEY MARKET SEGMENTS:
- Global Healthcare EDI Market– By Component
- Global Healthcare EDI Market – By Delivery Model
- EDI Value Added Network (VAN)
- Direct (Point-to-Point) EDI
- Web & Cloud-Based EDI
- Mobile EDI
- Global Healthcare EDI Market – By End User
- Healthcare Payers
- Life Science Companies
- Pharmaceutical and Biotechnology Companies
- Medical Devices Companies
- Other End Users
- Global Healthcare EDI Market – By Geography
- North America
- Rest of Europe
- Rest of APAC
- Latin America
- Middle East
- North America