The Healthcare EDI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Healthcare EDI Global Market Report 2024, The healthcare edi market size has grown rapidly in recent years. It will grow from $4.58 billion in 2023 to $5.07 billion in 2024 at a compound annual growth rate (CAGR) of 10.7%. The growth in the historic period can be attributed to regulatory compliance, administrative efficiency, cost reduction, error reduction, claims processing.
The healthcare edi market size is expected to see rapid growth in the next few years. It will grow to $7.84 billion in 2028 at a compound annual growth rate (CAGR) of 11.5%. The growth in the forecast period can be attributed to telehealth expansion, data standardization, data privacy and security, inter-organizational data sharing, pandemic preparedness. Major trends in the forecast period include interoperability standards, prior authorization automation, blockchain for secure data exchange, mobile edi solutions, ai for claim scrutiny.
The increasing government support for healthcare is expected to propel the growth of the healthcare EDI market growing forward. Healthcare EDI is used to share information between the departments and branches in super-specialty hospitals. Healthcare EDI software helps to transmit details including coordination of benefits, claims status and information, insurance data, payment data, and eligibility forms among healthcare. Rising government support for the healthcare industry helps the healthcare sector develop new equipment and provide better services for the people. It also helps to increase technology in government hospitals. For instance, according to the Indian Economic Survey, in 2021-22, India’s public healthcare spending reached 2.1%, up from 1.8% in 2020-21. Furthermore, the Union budget for 2022 allocated 11.28 billion for the growth of health care. Therefore, the increasing government support for healthcare drives the demand for the healthcare EDI market.
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The healthcare edi market covered in this report is segmented –
1) By Component: Software, Hardware, Services
2) By Transaction: Claim Management, Healthcare Supply Chain, Other Transactions
3) By Mode of Delivery: Mobile, VAN, Web & Cloud-based, Point-to-point
4) By End User: Healthcare Provider, Payer, Pharmacies, Other End Users
Technological advancements have emerged as the key trend gaining popularity in the healthcare EDI market. Major companies operating in the healthcare EDI market are focused on new technological innovations to sustain their position in the market. For instance, in May 2022, NextGen Healthcare Inc., a US-based software company that develops and distributes electronic health record software and practice management solutions to the healthcare sector, launched NextGen Health Data Hub Insights. NextGen Health Data Hub Insights is an innovative data warehouse and bespoke analytics solution. The platform is intended to make data access, analytics, and report production easier for health information exchanges (HIEs) and healthcare providers across the United States, allowing them to present a complete picture of patient and community health. Building on the NextGen Health Data Hub, which enables customers to exchange community-wide data, this contemporary solution enables them to further unleash the value of their data assets by providing customized, near-real-time reporting capabilities and insights at the point of treatment.
Major Players:
- McKesson Corporation
- Optum Inc.
- Allscripts
- GE Healthcare
- Cognizant Technology Solutions India Pvt Ltd.
- Cerner Corporation
The healthcare edi market report table of contents includes:
1. Executive Summary
2. Healthcare EDI Market Characteristics
3. Healthcare EDI Market Trends And Strategies
4. Healthcare EDI Market – Macro Economic Scenario
5. Global Healthcare EDI Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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