The global healthcare electronic data interchange market size is expected to expand at a significant CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the formulation of transaction process rules, increasing demand to reduce healthcare costs, and government support for the implementation of HCIT. In addition, healthcare professionals are expected to need to effectively manage electronic claims and reimbursement transactions.
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Electronic health data interchange (EDI) can be defined as a structured method of transmitting health data between a computer and data management system. The recent government support for the health sector has provoked efforts and concerns about the implementation of the EDI system, especially in developed countries. In addition, other factors, such as the emergence of big data analysis, implementation of preferential policies, and initiatives and incentives of organizations to further develop healthcare & IT segment, are driving market. Managing data such as patient records, emergency records, and medication records is critical in the healthcare industry: healthcare professionals are familiar with systems that can manage large amounts of data efficiently, systematically, and easily.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of healthcare electronic data interchange system for smooth process of claims management is expected to boost the market during the forecast period.
- Rapid growth of the financial services industry owing to introduction of regulations on transaction process for health insurance settlements is major factors fueling the market in the coming years.
- High installation cost of EDI software is projected to restrict the market growth.
- Lack of skilled labor for data management and lack of government initiatives in policies and insurance sector act as major factors that can hamper the market growth during the forecast period.
- R&D investment and technological advancement for efficient transaction process and development of software for real-time and automated data handling is expected to offer lucrative opportunities for the market players
Market Segment Insights
The software segment is projected to represent a major market share
Based on components, the healthcare electronic data interchange market is divided into hardware, software, and services. The software segment is expected to hold a key share of the market during the forecast period. Software is an integral part of the entire electronic data exchange process, which includes several items for managing healthcare facilities on a global scale. EDI software is usually used to convert existing data into a machine-readable form and read the data exchanged between business partners.
The claims management is expected to grow at a high CAGR
On the basis of transactions, the healthcare electronic data interchange market is segregated into claim management, healthcare supply chain, and others. The claim management segment is expected to represent a key share of the market during the forecast period owing to the increasing acceptance of EDI services by healthcare providers and payers and the need to comply with laws and regulations.
The mobile electronic data interchange segment is expected to grow at a rapid pace
In terms of mode of delivery, the healthcare electronic data interchange market is fragmented into web-based & cloud electronic data interchange, mobile electronic data interchange; electronic data interchange van, and others. The mobile electronic data interchange segment is expected to hold a key share of the market during the forecast period owing to technological innovation in the healthcare industry. On the other hand, the web-based & cloud electronic data interchange segment is anticipated to expand at a rapid pace during the forecast period due to the growing demand for cloud EDI systems from healthcare providers.
The healthcare providers segment is projected to expand at a substantial CAGR
On the basis of end users, the healthcare electronic data interchange market is divided into healthcare providers, medical devices, pharmaceutical industry, and others. The healthcare providers segment is expected to represent a key share of the market during the forecast period due to increasing demand for insurance plans, health risk assessments, fraudulent claims prevention and detection, and payers’ assessment of insurance claims before payment.
North America is anticipated to dominate the market
On the basis of regions, the healthcare electronic data interchange market is categorized as Latin America, North America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. Factors such as presence of major market players, comprehensive insurance coverage, use of advanced medical technology, and growing demand for electronic data exchange systems are driving the market.
Competitive Landscape
Key players competing in the healthcare electronic data interchange market include SSI Group Inc.; McKesson Corp.; Cognizant; Optum Inc.; and Quadax Inc.
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EDI (Electronic Data Interchange) is a powerful system thus it is very important to know how and when to use it.
In this article, you'll find the ultimate guide to EDI: what are its formats, what kinds of documents and protocols are there, and what are its advantages.Read the full article about What is EDI: Definition, Advantages, Implementation and share your thoughts on it.
The Electronic Data Interchange Software Market research report is a written presentation of clear and accurate detailing of findings and recommendations that will aid in decision-making.
The element of the report includes market size, driver, challenges, restraints, trends, emerging opportunities, and competitive panel along with their share for the forecast timeline of 2020-2025.
Therefore, this report reflects and summarizes the entire market condition in terms of demand and supply.The global electronic data interchange (EDI) software market report presents a complete research-based study of the industry including details such as company shares, forecast data, in-depth analysis and an outlook of the market on a worldwide platform.
The report further highlights the market drivers, restraints and the top manufacturers at the global and regional levels.
For a thorough understanding, the report also offers market segmentation and regional analysis for the forecast period from 2020 to 2025.According to this study, over the next five years, the Electronic Data Interchange (EDI) Software market will register an 11.1% CAGR in terms of revenue, the global market size will reach US$ 1380 million by 2025, from US$ 820 million in 2019.
In particular, this report presents the global revenue market share of key companies in the Electronic Data Interchange (EDI) Software business, shared in Chapter 3.Get FREE Sample Report Copy @ https://www.decisiondatabases.com/contact/download-sample-43098Electronic data interchange (EDI) is the concept of businesses electronically communicating information that was traditionally communicated on paper, such as purchase orders and invoices.
The Electronic Data Interchange (EDI) Software Market 2021 research report gives emerging industry data, global segments and regional outlook.
The report generated using various analysis tools like porter’s five forces model, market attractiveness and value chain.
The report gives comprehensive review of the global market helping to club revenue generation and profitable business to transform client’s success.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the electronic data interchange (EDI) software market include SPS Commerce, TrueCommerce, Cleo, DiCentral, Dell Boomi, MuleSoft, Open Text, 1 EDI Source, RSSBus Connect, Rocket Software, Software AG, Babelway.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Electronic Data Interchange (EDI) Software Market Research Report" by requesting FREE Sample Copy athttps://www.valuemarketresearch.com/contact/electronic-data-interchange-edi-software-market/download-sampleMarket DynamicsThe growth of the electronic data interchange (EDI) software market is influenced by rising automation and digitalization across industries and corporate organizations.
It offers a wide range of benefits, including time-saving and speed improvements, accuracy, elimination of manual errors, security, and simplicity.
