Zion Market Research has published a new report titled “Healthcare Electronic Data Interchange (EDI) Market by Component (Solutions, and Services), Delivery Mode (EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI, and Web and Cloud-based EDI) and End user (Payer, Provider and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2019 – 2025”.
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.
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Online business communication is characterized by the electronic data exchange. Healthcare electronic data transfer promotes the exchange of computer processable electronic healthcare information in a user friendly format between healthcare departments, healthcare professionals and patients. Standardization, cost savings, increased productivity and faster processing are some of the advantages EDI provides to healthcare. For example, healthcare providers may submit claim status requests and get information through a pre-defined process system for structured, compliant information exchange. Unlike regular EDI, healthcare electronic data exchange transfers are not an exchange of emails.
Technologically innovative electronic data interchange services / solutions such as web-based EDI have advanced to address confidentiality issues, authentication issues and issues of data integrity. Developments in the American National Institute of Standards (ANSI) X12 EDI formatting standard have made business-to-business (B2B) transactions useful for electronic data interchange. The introduction of Extensible Markup Language (XML) and Web-based standards in the electronic data exchange slows this industry’s growth. Electronic data exchange services / solutions such as online and cloud-based EDI, EDI Value Added Network (VAN), direct (point-to-point) EDI, mobile EDI, Applicability Statement Version 2 (AS2), Virtual Private Network File Transfer Protocol (FTP / VPN), Secure File Transfer Protocol (SFTP) or Secure File Transfer Protocol (FTPS) are supported using different methods or delivery methods. In addition, it is expected that a growing number of end-users will drive demand for electronic data interchange services / solutions over the market period.
The market for Healthcare Electronic Data Interchange (EDI) is segmented into component, delivery mode, end user, and region. Based on Component, the market is segmented into Solutions, and Services. The services segment is expected to dominate the industry due to rising rates of outsourcing of electronic data interchange services by healthcare facilities and increased demand for scalability and reliability of EDI solutions. Due to the growing demand for electronic data exchange solutions such as e-invoicing, the solutions segment is expected to experience favorable growth over the forecast period as it reduces administrative costs, ensures data integrity, speeds up the processing of information, eradicates some business transactions, streamlines business processes and toughenes customer and seller ties.
Based on the Delivery Mode segment, the market is divided into EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI, and Web and Cloud-based EDI. The web and cloud-based EDI segment is expected to lead the market due to the growing demand from small and medium-sized healthcare providers for its affordable solutions, coupled with increased elasticity and scalability. 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.
Regional segmentation includes the current and forecast demand for Asia Pacific, North America, Latin America, Europe, and Middle East & Africa with its further bifurcation into major countries. In 2018, due to the higher adoption of Healthcare Information Technology (HCIT) and the involvement of key market players such as McKesson Corporation, Optum, Inc., the SSI Group, LLC, and Experian Information Solutions, Inc., North America held a significant market share. Given the increasing demand for electronic data exchange services / solutions between pharmaceutical companies and medical device manufacturers in Europe, Europe is also predictable to retain substantial market share over the forecast period in order to counter rising competition, price pressure and lower profit margins.
Some of the players included in Healthcare Electronic Data Interchange (EDI) market are Allscripts Healthcare Solutions Inc., Cognizant, Experian Information Solutions, Inc., GE Healthcare, McKesson Corporation, Optum, Inc., Schreiner Group, Siemens Healthineers, The SSI Group, LLC and ZirMed Inc. amongst others.
The report segments global Healthcare Electronic Data Interchange (EDI) market as follows:
Global Healthcare Electronic Data Interchange (EDI) Market: Component Segment Analysis
Global Healthcare Electronic Data Interchange (EDI) Market: Delivery Mode Segment Analysis
Global Healthcare Electronic Data Interchange (EDI) Market: End user Segment Analysis
Global Healthcare Electronic Data Interchange (EDI) Market: Regional Segment Analysis
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