The Healthcare EDI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Healthcare EDI Global Market Report 2024, 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.
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.
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The healthcare edi market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Transaction: Claim Management, Healthcare Supply Chain, Other Transactions
3) By Mode of Delivery: Mobile, VAN, Web & Cloud-based, Point-to-point
4) By End User: Healthcare Provider, Payer, Pharmacies, Other End Users
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.
Major Players:
- McKesson Corporation
- Optum Inc.
- Allscripts
- GE Healthcare
- Cognizant Technology Solutions India Pvt Ltd.
- Cerner Corporation
The healthcare edi market report table of contents includes:
1. Executive Summary
2. Healthcare EDI Market Characteristics
3. Healthcare EDI Market Trends And Strategies
4. Healthcare EDI Market - Macro Economic Scenario
5. Global Healthcare EDI Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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To manage data such as patient’s medical history, the medication data, and the emergency services record is considered as very important in the healthcare sector.
The healthcare professionals need systems that can manage the massive data in an effective manner, should be stored systematically, and access to the data should be easy.
The major applications of the healthcare EDI are insurance and reimbursement data management, dental patient database management, regulatory data management, and clinical trials.The “Global Healthcare EDI Market Analysis to 2025″ is a specialized and in-depth study of the healthcare EDI industry with a focus on the global market trend.
The report covers analysis and forecast of 13 countries globally along with current trend and opportunities prevailing in the region.North America is anticipated to hold largest share of the healthcare EDI market, followed by Europe due to presence of the advanced healthcare infrastructure along with good adoption of technological networks and growing geriatric population.
Moreover, Asia Pacific is expected to have fastest growth in the market due to increasing need to manage large volume of patient data, and execution of HCIT programs in India, Japan, and Australia.Global Healthcare EDI Market: Competitive PlayersThe key market players in the healthcare EDI market include Emdeon Inc., Mckesson, GE Healthcare, SSI Group, Passport Health Communications, Allscripts, Optum Health, Siemens Healthcare, Capario, and ZirMed.Global Healthcare EDI Market: SegmentationHealthcare EDI Market, by ComponentServicesSolutionsHealthcare EDI Market, by Delivery ModeWeb & cloud-basedPoint-to-pointMobile EDIEDI VANRequest for Table of Contents: http://www.marketgrowthanalysis.com/reports/toc/165Healthcare EDI Market, by Transaction TypeClaims managementClaims submissionClaim status requestsEligibility verificationsPayment remittancesReferral certification & authorizationsClaim paymentsOther EDI transactionsHealthcare supply chainHealthcare EDI Market, by End UserHealthcare providersHealthcare payersMedical device & pharmaceutical industriesPharmaciesHealthcare EDI Market, by RegionNorth AmericaUSCanadaEuropeAsia PacificRest of the WorldReport Description: http://www.marketgrowthanalysis.com/healthcare-edi-market-globalAbout Us:Market Growth Analysis is one of the leading digital services provider and a result-oriented company based in Canada.
We are a team of enthusiastic-driven individuals with top notch skills in SEO , Market research.
The growth of this market is majorly attributed to the development of regulations for transaction processes, the rising need to curtail healthcare costs and government support for HCIT implementation.
Also, the need for the efficient management of electronic claims and reimbursement transactions (for healthcare providers) is expected to drive demand growth in the healthcare EDI market during the forecast period.The report Healthcare EDI Market is projected to reach USD 4.4 billion by 2025 from USD 3.0 billion in 2020, at a CAGR of 7.8% during the forecast period.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=130571438By delivery mode, the mobile EDI segment is expected to grow at the highest growth rate during the forecast periodAmong the delivery mode segment, the mobile EDI segment is expected to grow at the highest CAGR during the forecast period.
The factors attributing to the high growth of this segment include the technological upgrades in the healthcare industry and growing acceptance of mobile solutions among healthcare providers.By component, the services segment is expected to record the highest CAGR during the forecast periodThe services segment is expected to witness a faster growth rate in this market due to factors such as, the increasing claims volume, increasing complexity, and scale of EDI solutions, as they require extensive training programs.
Similarly, a growing trend of outsourcing activities, such as revenue cycle management, claims handling and management, and partner management services is also expected to propel the growth of the services market.By transaction type, the claims management segment is expected to account for the largest share of the healthcare EDI marketOn the basis of the transaction type, the healthcare EDI market is segmented into claims management and healthcare supply chain.
The claims management segment is expected to account for the largest share of the healthcare EDI market during the forecast period.
The large share of this segment can be attributed to the rising adoption of EDI services by healthcare providers and payers and the need to meet regulatory requirements.By end user, the healthcare payers segment to record the highest CAGR during the forecast periodBased on end user, the healthcare EDI market is segmented into healthcare providers, healthcare payers, medical device & pharmaceutical industries, and pharmacies.
The effective use of electronic data interchange (EDI) is the key to better healthcare supply chain management.
In healthcare supply chain management (SCM), EDI primarily focuses on the electronic exchange of business transactions such as purchase orders, shipment authorizations, shipment acknowledgements, advanced shipment notices, or invoices.
EDI provides a fast, secure, and easy exchange of information between healthcare organizations.According to the new market research report "European Healthcare EDI Market by Supplier (Distributors and Wholesalers, GPOS, Manufacturers), Purchasing Organization (Hospitals, GPOS), Transaction (Orders, Ordersp, Desadv, Recadv, Invoic) Transaction Types and Its Penetration", published by MarketsandMarkets™.The European healthcare EDI market is growing at a fast pace.
Due to growing competition and decreasing profit margins, pharmaceutical companies and medical device manufacturers in Europe are under increasing pressure to implement EDI systems that help them cut operating costs and remain competitive and profitable.
ORDERS, DESADV, and INVOIC are the most preferred EDI transaction types for supply chain management in hospitals across Europe.Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=93400242EDI is increasingly being adopted in the European healthcare industry; this market is expected to register significant growth due to greater uptake of EDI solutions among pharmaceuticals and medical device companies owing to various advantages such as reduction in the administration costs, reduced errors, pricing pressure, and lower profit margins.
Moreover, the increasing number of government initiatives toward the implementation of IT in the healthcare industry is estimated to propel the demand for healthcare IT solutions, which in turn will drive the healthcare EDI market.
