According to a recent study by Kenneth Research, electronic data interchange helps in reducing the cost and improves the quality of healthcare. It also reduces the time-consuming processes and makes the procedure smooth for the customer. This boosts the healthcare EDI market and is expected to do so with an annual growth rate of almost 10% in the near future i.e., 10-15 years and so.
In 2021, the value of the global healthcare electronic data interchange (EDI) market may be approximately US$3 billion, and it is expected to grow at a compound annual growth rate of approximately 10% during the forecast period from 2022 to 2030. The increasing demand to control the cost of healthcare, coupled with the technological advancement of EDI, is expected to drive market growth. In addition, the increase in the number of end users, coupled with the increasing popularity of EDI, is expected to support the growth of the medical electronic data exchange market during the forecast period. Electronic data exchange can help reduce healthcare costs, improve the quality of healthcare services and supporting processes, and make information accurate, fast, reliable, safe and detailed.
When data needs to be distributed, retrieved, integrated, and searched, using paper forms can be cumbersome, inefficient, and costly. EDI helps to minimize these time-consuming processes and simplify the claims processing process. Technologically innovative EDI services/solutions, such as web-based EDI, have been able to solve problems related to confidentiality, identity verification and data integrity. The development of the American National Standards Institute (ANSI) X12 EDI format standard makes electronic data interchange very useful for business-to-business (B2B) transactions. The emergence of Extensible Markup Language (XML) and Web-based standards in electronic data interchange is setting the pace of industry development.
Major market players:
GE Healthcare; Maxson; Competent; Allscripts Healthcare Solutions; Siemens Healthineers; Optum, Inc.; Schleiner Group; SSI Group Limited Liability Company; ZirMed Company; and Experian Information Solutions, Inc.
Provided electronic data exchange services/solutions using multiple delivery methods or methods, such as networked and cloud-based EDI, value-added network EDI (VAN), direct EDI (point-to-point), mobile EDI, version applicability statement 2 (AS2), File transfer protocol (FTP/VPN), secure file transfer protocol (SFTP), or secure file transfer protocol (FTPS) on a virtual private network. In addition, it is expected that more and more end users will drive market demand for EDI services/solutions. End users include payers, suppliers, pharmaceutical and medical device industries, etc. The number of hospitals in the United Kingdom, France, Germany, the Benelux and Denmark has increased, and has adopted a cost reduction strategy using electronic data interchange. And more contact with their suppliers or suppliers. This is expected to support the growth of this space during the forecast period.
Due to increased competitiveness, price pressures and higher profit margins, the pharmaceutical industry and medical device manufacturers are also adopting electronic data interchange services or solutions. The end users are payers, suppliers, pharmaceutical and medical device industries, etc. The payer is expected to record a relatively high market share during the forecast period. This is due to the increasing demand for insurance plans and medical payment institutions to evaluate insurance claims, prevent and detect fraudulent claims, and assess disease risks before settlement of payments. The highest compound annual growth rate during the forecast period. This is because EDI is increasingly used by doctors and clinicians, hospitals, clinics, and medical evaluation centers for operational intelligence, performance management, and financial management.
Main market regions:
The study on Healthcare electronic data interchange (EDI) market was global in nature and conducted in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity Analysis, market players competitive study, investment opportunities, demand for future outlook etc. have been covered and displayed in the Global Healthcare electronic data interchange (EDI) market research report to ensure it dives deep to achieve strategic competitive intelligence in the segment.