The study provides forecasts and analysis for the global and regional Healthcare Electronic Data Interchange (EDI) markets. The report presents historical revenue data from 2016 to 2018 and forecasts revenue from 2019 to 2025. (USD Million). The analysis discusses the market’s drivers and restraints, as well as the effect they have on demand throughout the projection period. Additionally, the paper examines global potential in the Healthcare Electronic Data Interchange (EDI) market.
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To provide readers with a thorough perspective of the Healthcare Electronic Data Interchange (EDI) market, we’ve included a competition landscape and an analysis of the market’s Porter’s Five Forces model. The study includes a market attractiveness analysis, in which Component, Delivery Mode, End User, and regional categories are benchmarked against one another in terms of market size, growth rate, and overall attractiveness.
Global demand for Healthcare Electronic Data Interchange (EDI) Market was around USD 3618.91 million in 2018, and is estimated to reach roughly USD 5928.07 million by the end of 2025, expanding at a CAGR of approximately 9.53 percent between 2018 and 2025.
Electronic data interchange is the definition of digital business communication. Healthcare electronic data interchange enables the sharing of computer-processable electronic healthcare information in a user-friendly manner between healthcare agencies, healthcare practitioners, and patients.
Among the benefits of healthcare EDI include standardization, cost savings, increased productivity, and faster processing. For instance, healthcare providers can send queries for claim status and obtain information via a pre-defined transaction set that enables the transmission of information to be orderly and compliant. In contrast to standard electronic data interchange, Healthcare Electronic Data Interchange (EDI) Market transactions are not email exchanges.
By segmenting the market by component, delivery mode, end user, and geography, the study provides a comprehensive perspective of the Healthcare Electronic Data Interchange (EDI) industry. All segments have been studied in light of current and future trends, and the market has been forecast for the years 2019 to 2025. The market is split by component into Solutions and Services.
The services segment is predicted to dominate the industry due to increased outsourcing of electronic data interchange services by healthcare facilities and increased demand for scalability and dependability in EDI systems. Due to the increasing demand for electronic data interchange solutions such as e-invoicing, the solutions segment is expected to grow at a favorable rate during the forecast period, as it reduces administrative costs, ensures data accuracy, accelerates information processing, eliminates certain business transactions, streamlines business procedures, and fortifies customer and vendor relationships.
The Healthcare Electronic Data Interchange (EDI) Market is segmented according to delivery mode into EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI, and Web and Cloud-based EDI. The online and cloud-based EDI segment is predicted to lead the market because to the growing demand from small and medium-sized healthcare providers for cheap solutions with increased elasticity and scalability.
During the forecast period, the mobile EDI segment is expected to see significantly higher CAGRs. This is due to developments in healthcare technology and an increasing acceptance of mobile solutions by healthcare providers.
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The geographical segmentation includes demand for North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. This is mostly owing to the increased use of Healthcare Information Technology (HCIT) in North America, as well as the involvement of significant industry players such as McKesson, Optum, and the SSI Group.
In 2018, the North American healthcare IT industry commanded a sizable share of the market. Europe is also predicted to account for a sizable portion of the market during the forecast period, owing to an increase in the need for electronic data interchange services / solutions between pharmaceutical companies and medical device manufacturers in the region.
Through technological progress, EDI systems such as web-based EDI have improved to address confidentiality, authentication, and data integrity concerns. The American National Standards Institute’s (ANSI) X12 EDI format standard enables electronic data interchange (EDI).
The adoption of XML and web-based standards for electronic data interchange is impeding the growth of this industry. Numerous Healthcare Electronic Data Interchange (EDI) Market services are offered through web-based and cloud-based EDI (EDI Value Added Network), direct EDI (point to point), mobile EDI, AS2 Applicability Statement Version 2 (FTP / VPN), Secure File Transfer Protocol (SFTP), or File Transfer Protocol Secure (FTPS) delivery methods. Additionally, over the projection period, demand for electronic data interchange services and solutions is expected to increase.