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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