Overview and Scope
Healthcare electronic data interchange refers to a secure method of exchanging data between healthcare institutions, insurers, and patients using standardized message formats and standards.
Sizing and Forecast
The healthcare electronic data interchange market size has grown rapidly in recent years. It will grow from <b>$4.8 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. </b> The growth in the historic period can be attributed to regulatory compliance, administrative efficiency, cost reduction, error reduction, claims processing.
The healthcare electronic data interchange market size is expected to see rapid growth in the next few years. It will grow to <b>$8.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. </b> The growth in the forecast period can be attributed to value-based care models, data standardization, data privacy and security, inter-organizational data sharing, pandemic preparedness. Major trends in the forecast period include real-time claims processing, prior authorization automation, blockchain for secure data exchange, data analytics and predictive modeling, ai for claim scrutiny.
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Segmentation & Regional Insights
The healthcare electronic data interchange market covered in this report is segmented –
1) By Component: Services, Solution
2) By Delivery Mode: Web and Cloud-based EDI, EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI
3) By End-Use: Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Industries, Other End-Uses
<b>North America</b> was the largest region in the healthcare electronic data interchange market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare electronic data interchange market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The increasing prevalence of chronic diseases is expected to propel the growth of the healthcare electronic data interchange market in the coming years. Chronic illnesses are long-term problems that cannot be avoided with immunizations, treated with medicine, or simply disappear. They endure over an extended period, usually three months or more. Healthcare EDI plays a critical role in the entire treatment of chronic illnesses by speeding up data sharing, enhancing administrative procedures, and facilitating effective communication. It assists healthcare practitioners and patients in coordinating treatment, monitoring conditions, and improving the general standard of care for those with chronic health issues. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australia-based self-governing statutory institution responsible for data collection and analysis as well as factual recommendations, in Australia, over half of the entire population (46.6%, or 11.6 million people) had at least one chronic illness. Therefore, the increasing prevalence of chronic diseases is driving the healthcare electronic data interchange market.
Key Industry Players
Major companies operating in the healthcare electronic data interchange market include <b> McKesson Corporation, Optum Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., NextGen Healthcare Inc., Experian plc, Cognizant Technology Solutions, Cerner Corporation, Synnex Corporation, The SSI Group LLC, Waystar Health, Comarch SA., Axway Software, PLEXIS Healthcare Systems Inc., Archer Software, TrueCommerce B2BGateway, DiCentral Corporation, 123 EDI, Quadax Inc., Dell Technologies Inc., GE Healthcare, Quality Systems Inc., Epic Systems Corporation, eClinicalWorks, Practice Fusion, MEDITECH Inc., Care360 Pty Ltd., Vitera Ltd., IBM Corporation, Siemens Healthcare GmbH, Oracle Corporation, Infor Global Solutions </b>
The healthcare electronic data interchange market report table of contents includes:
1. Executive Summary
2. Healthcare Electronic Data Interchange Market Characteristics
3. Healthcare Electronic Data Interchange Market Trends And Strategies
4. Healthcare Electronic Data Interchange Market – Macro Economic Scenario
5. Global Healthcare Electronic Data Interchange Market Size and Growth
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31. Global Healthcare Electronic Data Interchange Market Competitive Benchmarking
32. Global Healthcare Electronic Data Interchange Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Healthcare Electronic Data Interchange Market
34. Healthcare Electronic Data Interchange Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
McKesson Corporation
Optum Inc
Allscripts Healthcare Solutions Inc
Athenahealth Inc.
NextGen Healthcare Inc.
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