Healthcare Electronic Data Interchange Market to Grow with a CAGR of 9.11% through 2028

Improved efficiency, reduced costs, and enhanced patient care is expected to drive the Global Healthcare Electronic Data Interchange Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Healthcare Electronic Data Interchange Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Healthcare Electronic Data Interchange Market stood at USD 4.36 billion in 2022 and is anticipated to grow with a CAGR of 9.11% in the forecast period, 2024-2028. This can be attributed to data-driven decision-making. Healthcare providers and payers are increasingly relying on data to make informed decisions. EDI systems provide real-time access to data, allowing organizations to monitor key performance indicators, analyze trends, and make data-driven decisions to optimize their operations. This data-driven approach is becoming indispensable in the rapidly evolving healthcare landscape.

Furthermore, the shift to cloud-based solutions is an ongoing trend in healthcare EDI. Cloud platforms offer scalability, flexibility, and cost-effectiveness. Healthcare organizations are increasingly adopting cloud-based EDI solutions, allowing for rapid deployment and easy updates, which are essential in a rapidly evolving healthcare landscape.

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Electronic data interchange (EDI) plays a crucial role in maintaining healthcare costs at an affordable level, enhancing the quality of healthcare delivery and associated processes, and providing accurate, rapid, reliable, secure, and detailed information. In contrast, traditional paper-based methods can be cumbersome, inefficient, and costlier when it comes to distributing, retrieving, consolidating, and searching for data. EDI significantly streamlines the time-consuming processes involved in claim management.

Advanced EDI services and solutions, particularly web-based EDI, address concerns related to confidentiality, authentication, and data integrity. Progress in the American National Standards Institute (ANSI) X12 EDI formatting standard has made EDI a valuable tool for Business-to-Business (B2B) transactions. The introduction of Extensible Markup Language (XML) and web-based standards in EDI is driving the growth of this industry.

Various delivery methods are employed to provide EDI services and solutions, including web and cloud-based EDI, EDI Value Added Network (VAN), Direct (point-to-point) EDI, Mobile EDI, Applicability Statement version 2 (AS2), File Transfer Protocol over Virtual Private Network (FTP/VPN), Secure File Transfer Protocol (SFTP), or File Transfer Protocol Secure (FTPS).

Furthermore, an expanding user base is expected to drive the demand for EDI services and solutions during the market's projected duration. These users encompass payers, providers, pharmaceutical and medical device industries, among others. The growth of hospitals in the UK, France, Germany, and Denmark, which are adopting cost-saving strategies through EDI and forming stronger collaborations with their vendors and suppliers, is anticipated to support market growth. The pharmaceutical and medical device sectors are also embracing EDI services due to increased competitiveness, pricing pressures, and narrower profit margins, contributing to the expansion of the market.

The Global Healthcare Electronic Data Interchange Market is segmented into component, delivery mode, end-use, regional distribution, and company.

Based on its component, the services sector took the lead in 2022 by capturing the largest share of revenue. This was primarily due to the healthcare sector's increased outsourcing of electronic data interchange services and a heightened need for scalable and reliable EDI solutions, which have become essential.

As we look ahead from 2023 to 2030, the solutions sector is poised for remarkable growth, projected to achieve the highest CAGR. This is largely attributed to the surging demand for electronic data interchange solutions, such as e-invoicing and EDIFACT manifests. These solutions are gaining prominence as they effectively reduce administrative costs, expedite information processing, ensure data precision, eliminate certain business processes, streamline operational workflows, and enhance relationships with both customers and vendors.

Based on end-use, the healthcare payers sector took the lead in the market, securing the most substantial portion of revenue. This achievement can be attributed to the increasing demand from insurance plans and healthcare payer organizations for services related to the pre-settlement evaluation of insurance claims, the prevention and detection of fraudulent claims, and assessments of disease risk.

Conversely, the healthcare providers segment is projected to experience the most rapid CAGR during the forecasted period from 2023 to 2030. This growth is driven by the expanding adoption of Electronic Data Interchange (EDI) for enhancing operational intelligence, performance management, and financial administration across various healthcare providers, including physicians, clinicians, hospitals, clinics, and medical assessment centers.

Major companies operating in Global Healthcare Electronic Data Interchange Market are:

• McKesson Corp
• NextGen Management LLC
• Optum Inc
• SSI Group Inc/The
• Cleo Inc
• Oracle Corp
• Epicor Software Corp
• Effective Data Inc
• DataTrans Solutions, Inc.
  
  

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“The Global Healthcare Electronic Data Interchange (EDI) market is set to witness several transformative trends that will shape the industry's future. As healthcare becomes more data-centric, the importance of interoperability, data security, AI and ML integration, and patient-centered care cannot be overstated. By staying abreast of these trends and embracing innovative solutions, the healthcare industry is poised to optimize its operations, enhance patient care, and provide more efficient and accessible services. The future of healthcare EDI holds the promise of a more connected, secure, and patient-centric healthcare ecosystem,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Healthcare Electronic Data Interchange Market By Component (Services, Solutions), By Delivery Mode (Web and Cloud-based EDI, EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI), By End-Use (Healthcare Payers, Healthcare Providers, Pharmaceutical & Medical Device Industries, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Healthcare Electronic Data Interchange Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Healthcare Electronic Data Interchange Market.

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