Healthcare Electronic Data Interchange Market is Expected To Grow At A Significant Rate Over The Forecast Period

 Healthcare Electronic Data Interchange Industry Overview

The global healthcare electronic data interchange market size was valued at USD 4.0 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 9.6% from 2022 to 2030. Rising need to curb healthcare costs coupled with technological advancements in electronic data interchange (EDI) is expected to facilitate market growth. Additionally, a surge in the number of end-users coupled with increasing adoption of EDI is expected to support the market growth during the forecast period. Healthcare EDI helps in the automation of business processes from claims submission and payment, insurance eligibility checks, and data reporting. Claim submissions are considered to be the most common electronic transaction in health care as per the Maryland Healthcare Commission. EDI thus finds notable applications in this segment.

The electronic data interchange helps in keeping healthcare costs at an affordable level, improving the quality of healthcare delivery and its supporting process, and making accurate, fast, reliable, secure, and detailed information. The use of paper form can be cumbersome, incompetent, and costlier when it needs to distribute, retrieve, consolidate, and look for data. The electronic data interchange helps in minimizing these kinds of time-consuming processes and streamlines the claim management processes.

Gather more insights about the market drivers, restrains and growth of the Global healthcare electronic data interchange market

 

Technologically innovated electronic data interchange services/solutions such as web-based EDI have advanced to address issues regarding confidentiality, authentication, and data integrity. Developments in the American National Standards Institute (ANSI) X12 EDI formatting standard have made electronic data interchange useful for Business-to-Business (B2B) transactions. The emergence of Extensible Markup Language (XML) and web-based standards in electronic data interchange is pacing the growth of this industry.

Various methods or delivery modes are used to deliver electronic data interchange services/solutions such as web and cloud-based EDI, EDI Value Added Network (VAN), direct (point-to-point) EDI, mobile EDI, Applicability Statement version 2 (AS2), File Transfer Protocol over Virtual Private Network (FTP/VPN), Secure File Transfer Protocol (SFTP) or File Transfer Protocol Secure (FTPS).

Moreover, an increasing number of end-users are expected to propel the demand for electronic data interchange services/solutions over the market period. The end-users include payers, providers, pharmaceutical & medical device industries, and others. A surge in the number of hospitals in the UK., France, Germany, Benelux, and Denmark, which are adopting cost curtailing strategies through the use of electronic data interchange coupled with increased tie-ups with their vendors or suppliers. This is expected to support the growth of this space during the forecast period.

Pharmaceutical industries and medical device manufacturers are also adopting electronic data interchange services or solutions owing to growing competitiveness, pricing pressure, and lower profit margins, this is anticipated to assist in the growth of this vertical.

 

Browse through Grand View Research's Healthcare IT Industry Research Reports.

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Healthcare Electronic Data Interchange Market Segmentation


Grand View Research has segmented the healthcare electronic data interchange market on the basis of component, delivery mode, end use, and region:

Component Outlook (Revenue, USD Million, 2017 - 2030)

  • Services
  • Solutions

Delivery Mode Outlook (Revenue, USD Million, 2017 - 2030)

  • Web & Cloud-based EDI
  • EDI Value Added Network (VAN)
  • Direct (Point-to-Point) EDI
  • Mobile EDI

End-Use Outlook (Revenue, USD Million, 2017 - 2030)

  • Healthcare Payers
  • Healthcare Providers
  • Pharmaceutical & Medical Device Industries
  • Others

Regional Outlook (Revenue, USD Million, 2017 - 2030)

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa (MEA)

 

Market Share Insights

  • October 2019: Epicor Software Corporation acquired 1 EDI Source, Inc., specializing in business visibility software and electronic data interchange (EDI) solutions. 

 

Key Companies profiled:

Some of the key players in the global healthcare electronic data interchange market include: 

  • OSP
  • McKesson Corporation
  • NXGN Management, LLC
  • Optum, Inc.
  • SSI Group LLC
  • Cleo
  • Cerner Corporation
  • 1 EDI Source (Epicor Software Corporation)
  • Effective Data
  • DataTrans Solutions

 

Order a free sample PDF of the Healthcare Electronic Data Interchange Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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