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What Are The Forecasted Market Sizes And Growth Rates For Healthcare Electronic Data Interchange Market?
The healthcare electronic data interchange market size has shown rapid growth in recent years. It will grow from $5.39 billion in 2024 to $6 billion in 2025 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period is attributed to factors such as regulatory compliance, administrative efficiency, cost reduction, error reduction, and claims processing.
The market is predicted to see further growth in the coming years, projected to reach $9.55 billion in 2029 at a CAGR of 12.3%. The growth forecast can be attributed to value-based care models, data standardization, data privacy and security, inter-organizational data sharing, and pandemic preparedness. Emerging 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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What Are The Key Drivers Of The Healthcare Electronic Data Interchange Market?
The increasing prevalence of chronic diseases is a major growth driver of the healthcare electronic data interchange market. Chronic illnesses, which are long-term conditions that can’t be avoided with vaccinations or cured with medications, require efficient administrative procedures and quick data sharing for effective treatment. Healthcare EDI simplifies these processes, leading to better management and standard of care for patients suffering from chronic conditions. Given the fact that, according to the Australian Bureau of Statistics, more than half of the Australian population (46.6% or 11.6 million people) had at least one chronic illness as of March 2022, the role of healthcare EDI becomes even more critical.
Which Segments Are Covered In The Healthcare Electronic Data Interchange Market?
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
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Who Are The Major Players In The Healthcare Electronic Data Interchange Market?
Major companies operating in the healthcare electronic data interchange market include 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., and many more.
What Trends Are Shaping The Healthcare Electronic Data Interchange Market Landscape?
Integration of EDI systems with advanced technologies like APIs, AI, and Blockchain is emerging as a key trend in the healthcare electronic data interchange market. Major companies are adopting these technologies to increase the agility and connectivity of their EDI solutions, leading to savings in time and cost. For instance, in May 2022, NextGen Healthcare Inc. launched NextGen Health Data Hub Insights, a platform designed to make data access, analytics, and report generation simpler for health information exchanges and medical professionals.
Which Region Is Set To Experience Fastest Growth In The Healthcare Electronic Data Interchange Market?
While North America was the largest region in the healthcare electronic data interchange market in 2024, the Asia-Pacific region is expected to be the fastest-growing in the forecast period.
What Does The Healthcare Electronic Data Interchange Market Offer?
Healthcare electronic data interchange refers to a secure method of exchanging data between healthcare institutions, insurers, and patients using standardized message formats and standards. The Healthcare Electronic Data Interchange Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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