Global Healthcare EDI Market
Healthcare EDI (Electronic Data Interchange) is a structured procedure which is used to transfer healthcare information among data management systems and computer. In addition, recent administrative initiatives supporting to healthcare industry resulting in concerns about the implementing EDI systems, particularly in the emerging as well as emerged regions, are some of the major drivers responsible for the growth of the electronic data interchange systems. Management, transfer, and processing of the healthcare information such as diagnostic and medication data, patient credentials, and emergency service records have time-consuming as well as resource-intensive task. On the other hand, with the help of digitalization, Electronic Data Interchange had aided to manage such a huge range of data in an efficient, accessible, and a systematic way. In addition to this, some other factors such as encouraging policy adoption, increasing adoption of Big Data analytics, and the incentive and initiative programs launched by a number of different organizations to promote healthcare information technology are also helping to develop the adoption of healthcare EDI across the world.
Additionally, to appropriately manage healthcare data such as medication data and patient’s medical history can be considered as highly significant across the healthcare industry. Hence, the healthcare experts require systems that can manage the huge amount of data in an efficient manner and it must be stored in a systematic manner, so that it can be accessed in an easy way. To solve these issues, EDI systems are being adopted across the healthcare industry. In addition, the main applications of healthcare electronic data interchange are dental patient data management, reimbursement, and insurance data management, clinical trials, and regulatory data management. Recently, owing to the entry of service providers a huge number of services with the same objective, there is a huge requirement for better data transmission in terms of reliability, security, and speed as such things will help in diminishing the costs and time-saving process for customers.
Growing paperless transactions and increasing digitalization are raising the electronic data interchange applications across the healthcare sector. In addition to this, the EDI system assists in making administrative efficiencies by diminishing time, substantial cost saving as well as minimizing errors. Likewise, implementation of EDI services in order to increase financial performance as well as profit for healthcare services providers and consumers encourages the growth of the healthcare EDI market across the globe. EDI is implemented across the healthcare industry to reduce the claim rejection and to reduce the time that is needed for the remission and submission of claims. In addition, it helps to save time and a huge amount of paperwork. Furthermore, healthcare electronic data interchange software and its large number of applications cost are extremely high which is one of the major factors expected to hamper the growth of the global healthcare EDI market over the forecast period. Since the last few years, there has been a huge growth in patients who are highly suffering from chronic diseases, therefore there is a growth in data that has to be maintained as well as stored. However, there is a high demand for healthcare EDI solutions. In addition to this, the growing number of research & development activities across the healthcare sector has also helping to create a huge amount of data that is turned into contributing to the increasing growth of the global healthcare EDI market.
Moreover, the huge numbers of technological developments that are made in the healthcare EDI systems are growing its applications across the number of different sectors. Likewise, the rising number of end-users which may include hospitals as well as private payers is also a significant factor which is boosting the growth of the global healthcare EDI market. However, the end-users are majorly the hospitals that require the most effective data management for their patients as they are rapidly shifting towards less time-consuming and hassle-free services. Owing to the extension of the healthcare infrastructure and the rapidly growing population, it is becoming burdensome to make use of traditional methods for maintaining hard copies of significant documents. In addition, they also face some major problems while transmitting the data that may have several security risks. Hence, the large numbers of service providers are shifting towards healthcare EDI to making the process easier to manage such a huge amount of data and this is contributing to the growth of the global healthcare EDI market during the prediction period. An increasing number of end-users such as medical device industries, payers, pharmaceuticals, and payers are expected to drive the demand of the global healthcare EDI service market over the forecast period. In addition, the healthcare payers’ implements EDI solutions for the evaluation of the medical records to offer fast services with collaboration with market players to gain their market footprint.
The software segment is anticipated to account for the highest share over the forecast period
Software is one of the major elements of the overall process of the electronic data interchange that may include a huge number of things for maintaining healthcare services across the world. In addition, an EDI solution is often implemented to exchange the available data into a machine-readable format for reading the information that is shared between trading partners. On the other hand, the payment services in healthcare are the most common stresses across the healthcare industry, and therefore the EDI is hugely useful with the help of their software. In addition to this, the EDI solution is majorly significant in medical claims management and data standardization to ensure fast data transmission.
Global Healthcare EDI Market Segmentation
The global healthcare EDI market segmentation can be done depending on the factors such as delivery mode, component, end-user, and geographical regions. On considering components, the market is fragmented into solutions as well as services. In terms of delivery mode, the global healthcare EDI market is segregated into mobile EDI, web and cloud-based EDI, Direct EDI, and EDI VAN (value-added network). As per the end-user, the global healthcare EDI market is sub-divided into medical device industries, healthcare providers, healthcare payers, pharmaceuticals, and many others.
In terms of geographical overview, the global healthcare EDI market is expanded into Latin America, Europe, North America, Asia Pacific, and the Middle East and Africa. Out of these, Europe, as well as North American market, is accounted for the highest market revenue for the adoption of healthcare EDI solutions. In addition, factors such as the existence of the developed healthcare infrastructure with huge technological networks impacting the growth of the healthcare EDI market across these regions. Moreover, the rise in the aging population is also another significant factor that is driving the healthcare EDI market growth at a rapid pace. In addition to this, the Asia Pacific region is also accounted for the largest market share due to the growing advancements across the healthcare sector as well as the growing number of patients in the region. On the other hand, healthcare EDI is a well-developed service in the United States. However, with these healthcare and other healthcare payers, the market is hugely advantageous for service providers to pay their billings with a number of different ways such as quick identification of errors, fast data transfers, as well as evading claim processing delays.
Competitive landscape of the global healthcare EDI market
The global healthcare EDI market is very competitive because of the many leading service providers operating across this market. Some of the major players are Mckesson, SSI Group, GE Healthcare, Emdeon Inc., Passport Health Communications, Siemens Healthcare, Allscripts, ZirMed, Optum Health, and Capario.
Key Market Movements
• The growing range of aging population is one of the major factors driving the growth of the global healthcare EDI market.
• Rising preference towards a hassle-free and less time-consuming process is also contributing to the global healthcare EDI market.
Key Market Deliverables
• The report offers an extensive analysis of market segmentation with a regional overview.
• This report provides an in-depth analysis of the market drivers, market restraints, as well as several opportunities offered by the market.
• The report contains an appropriate evaluation of the market size and market forecast over the forecast period.
• The report offers a detailed analysis of the supply and demand value chain, research & development and technological advancements.
• Claims Management
o Claims Submission
o Claim Status
o Eligibility Verification
o Payment Remittance
o Referral Certification & Authorization
o Claim Payments
• Healthcare Supply Chain
• Web & Cloud-based EDI
• EDI VAN
• Point-to-Point EDI
• Mobile EDI
• Healthcare Providers
• Healthcare Payers
• Medical Device & Pharmaceutical Industries
Regional Overview, 2018-2028 (USD Billion)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America