Healthcare EDI Market Dynamics and Forecast to 2024: A Global Perspective

"The Business Research Company recently released a comprehensive report on the Global Healthcare EDI Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The healthcare edi market size has grown rapidly in recent years. It will grow from $4.58 billion in 2023 to $5.07 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to regulatory compliance, administrative efficiency, cost reduction, error reduction, claims processing.

The healthcare edi market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to telehealth expansion, data standardization, data privacy and security, inter-organizational data sharing, pandemic preparedness. Major trends in the forecast period include interoperability standards, prior authorization automation, blockchain for secure data exchange, mobile edi solutions, ai for claim scrutiny.

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Market Drivers and Trends:

The increasing government support for healthcare is expected to propel the growth of the healthcare EDI market growing forward. Healthcare EDI is used to share information between the departments and branches in super-specialty hospitals. Healthcare EDI software helps to transmit details including coordination of benefits, claims status and information, insurance data, payment data, and eligibility forms among healthcare. Rising government support for the healthcare industry helps the healthcare sector develop new equipment and provide better services for the people. It also helps to increase technology in government hospitals. For instance, according to the Indian Economic Survey, in 2021-22, India's public healthcare spending reached 2.1%, up from 1.8% in 2020-21. Furthermore, the Union budget for 2022 allocated 11.28 billion for the growth of health care. Therefore, the increasing government support for healthcare drives the demand for the healthcare EDI market.

Technological advancements have emerged as the key trend gaining popularity in the healthcare EDI market. Major companies operating in the healthcare EDI market are focused on new technological innovations to sustain their position in the market. For instance, in May 2022, NextGen Healthcare Inc., a US-based software company that develops and distributes electronic health record software and practice management solutions to the healthcare sector, launched NextGen Health Data Hub Insights. NextGen Health Data Hub Insights is an innovative data warehouse and bespoke analytics solution. The platform is intended to make data access, analytics, and report production easier for health information exchanges (HIEs) and healthcare providers across the United States, allowing them to present a complete picture of patient and community health. Building on the NextGen Health Data Hub, which enables customers to exchange community-wide data, this contemporary solution enables them to further unleash the value of their data assets by providing customized, near-real-time reporting capabilities and insights at the point of treatment.

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Major Key Players of the Market:

McKesson Corporation, Optum Inc., Allscripts, GE Healthcare, Cognizant Technology Solutions India Pvt Ltd., Cerner Corporation, Dell Technologies Inc., The SSI Group, Tallan Inc., Quadax Inc., AthenaHealth, Schreiner Group, MuleSoft LLC, Boomi Inc., Change Healthcare Inc., Conduent Inc., Epic Systems Corporation, Siemens Healthineers, NextGen Healthcare, Infor Inc., Edifecs Inc., Waystar Inc., Experian Information Solutions Inc., Availity LLC, eClinicalWorks, National Education Association, Ability Network, PracticeSuite Inc., Quest Diagnostics, Jopari Solutions Inc., Alpha II LLC, TransUnion Healthcare, Bizmatics Inc., Healthpac Computer Systems

Healthcare EDI Market 2024 Key Insights:

• The healthcare edi market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%.
• Government Support Catalyzing Growth In The Healthcare Edi Market
• Nextgen Healthcare's Nextgen Health Data Hub Insights Transforming Healthcare Edi With Cutting-Edge Technology
• North America was the largest region in the healthcare EDI market in 2023

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