Press release
Healthcare EDI Market 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.
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Top Companies: 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 and others.
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.
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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.
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Next Move Strategy Consulting is an independent and trusted third-platform market intelligence provider, committed to deliver high quality, market research reports that help multinational companies to triumph over their competitions and increase industry footprint by capturing greater market share. Our research model is a unique collaboration of primary research, secondary research, data mining and data analytics.
We have been servicing over 1000 customers globally that includes 90% of the Fortune 500 companies over a decade. Our analysts are constantly tracking various high growth markets and identifying hidden opportunities in each sector or the industry. We provide one of the industry’s best quality syndicate as well as custom research reports across 10 different industry verticals. We are committed to deliver high quality research solutions in accordance to your business needs. Our industry standard delivery solution that ranges from the pre consultation to after-sales services, provide an excellent client experience and ensure right strategic decision making for businesses.
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