The report covers forecast and analysis for the Healthcare Electronic Data Interchange (EDI) market on a global and regional level. The study provides historic data from 2016 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Million). The study includes drivers and restraints for the Healthcare Electronic Data Interchange (EDI) market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the Healthcare Electronic Data Interchange (EDI) market on a global level. In order to give the users of this report a comprehensive view on the Healthcare Electronic Data Interchange (EDI) market we have included competitive landscape and analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein Component, Delivery Mode, End user, and regional segments are benchmarked based on their market size, growth rate and general attractiveness.
According to the report, global demand for Healthcare Electronic Data Interchange (EDI) Market was valued at approximately USD 3618.91 Million in 2018, and is expected to generate revenue of around USD 5928.07 Million by end of 2025, growing at a CAGR of around 9.53% between 2018 and 2025.
The definition of digital business communication is electronic data exchange. Healthcare electronic data interchange facilitates the exchange between healthcare agencies, healthcare professionals, and patients of computer-processable electronic healthcare information in a user-friendly format. Standardization, cost savings, enhanced productivity, and faster processing are some of the benefits that healthcare EDI offers. For example, healthcare providers can send requests for claim status and obtain information through a pre-defined transaction set for organized, compliant exchange of information. In contrast to normal EDI, electronic data exchange transactions in healthcare are not email exchanges.
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The study provides a decisive view on the Healthcare Electronic Data Interchange (EDI) market by segmenting the market based on Component, Delivery Mode, End user and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. Based on Component, the market is segmented into Solutions, and Services. Due to rising levels of outsourcing of electronic data interchange services by healthcare facilities and increased demand for scalability and reliability of EDI solutions, the services segment is expected to dominate the industry. Due to the growing request for electronic data interchange solutions such as e-invoicing, the solutions segment is anticipated to register favorable growth over the forecast period as it reduces administrative costs, ensures data accuracy, accelerates information processing, eradicates certain business transactions, streamlines business procedures and toughens customers and vendor relationships.
Based on the Delivery Mode segment, the market is bifurcated EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI, and Web and Cloud-based EDI. Because of the growing demand from small and medium-sized healthcare providers for its affordable solutions coupled with enhanced elasticity and scalability, the web and cloud-based EDI segment is expected to lead the market. In the prediction period, the mobile EDI segment is projected to record comparatively higher CAGRs. This is attributed to advancements in healthcare technology and growing acceptance by healthcare providers of mobile solutions.
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The demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa is included in the geographical segmentation. This is due in large part to the increased use of Healthcare Information Technology (HCIT) in North America as well as prominent industry participants such as McKesson, Optum and the SSI Group. In 2018, the North American healthcare IT market held a significant market share. Europe is also expected to hold a significant share of the market during the projected period due to an increase in the need for electronic data interchange services / solutions between pharmaceutical companies and medical device makers in Europe.
EDI systems like web-based EDI have improved to overcome confidentiality issues, authentication issues, and data integrity issues through technological innovation. Electronic data interchange (EDI) has been made possible thanks to the American National Standards Institute (ANSI) X12 EDI format standard. The advent of XML and web-based standards in electronic data interchange is stifling this industry’s expansion. Many EDI services are available via web and cloud-based EDI (EDI Value Added Network), direct EDI (point to point), mobile EDI, AS2 Applicability Statement Version 2 (FTP / VPN), Secure File Transfer Protocol (SFTP) or File Transfer Protocol Secure (FTPS) delivery methods. In addition, demand for electronic data interchange services and solutions is predicted to expand over the forecast period.