DUBLIN, March 5, 2024 /PRNewswire/ — The “Healthcare Electronic Data Interchange Market – Global Industry Size, Share, Trends, Opportunity, & Forecast 2018-2028” report has been added to ResearchAndMarkets.com’s offering.
The Global Healthcare Electronic Data Interchange Market was valued at USD 4.36 billion in 2022 and is anticipated to project impressive growth in the forecast period with a CAGR of 9.11% through 2028, reaching USD 7.28 billion
The increasing demand to control healthcare expenditures, along with advancements in electronic data interchange technology, is anticipated to drive market expansion. Furthermore, a rise in the number of users and the growing acceptance of EDI are projected to bolster market growth in the foreseeable future.
Healthcare EDI plays a pivotal role in automating various business processes, including the submission and processing of claims, insurance eligibility verification, and data reporting. According to the Maryland Healthcare Commission, electronic claim submissions are identified as the most prevalent electronic transaction within the healthcare sector.
The COVID-19 pandemic has accelerated the adoption of telehealth and remote patient monitoring solutions. EDI will play a vital role in enabling the seamless exchange of patient data, including virtual appointments, remote diagnostics, and the monitoring of vital signs. This trend will continue to reshape the healthcare landscape, offering more accessible and patient-centric care options.
Blockchain technology is gaining traction in healthcare for its ability to enhance data security and trust. The integration of blockchain into EDI systems will ensure the immutability and integrity of healthcare data, reducing the risk of data tampering and fraud. This technology will be instrumental in maintaining transparent and secure data exchange.
Claims processing is a complex and time-consuming task in healthcare. AI-driven automation will revolutionize this aspect by improving accuracy, reducing errors, and expediting claims adjudication. EDI systems integrated with AI-driven automation will help healthcare organizations optimize their financial operations.
Key Market Drivers
Cost Containment and Efficiency Enhancement
- Healthcare industry facing rising costs and need for efficiency.
- Global Healthcare EDI market emerging as solution.
- EDI streamlines administrative processes, reduces manual work.
- Reduction in operational costs through automation.
- Minimization of errors, leading to cost containment.
- Real-time data exchange accelerates processing.
- Resource reallocation enhances patient care.
- Scalability of EDI solutions keeps costs in check.
Increasing Adoption of Electronic Health Records (EHRs)
- EHR adoption improves patient care and boosts EDI market.
- Digitization streamlines data management.
- Elimination of redundant data entry enhances accuracy.
- Streamlined workflows improve care delivery.
- Data security extended throughout healthcare data lifecycle.
- Real-time access to patient information enhances care.
- Better communication and collaboration among stakeholders.
- Integration with EDI drives efficiency and transparency.
Expanding End-User Base
- Diverse stakeholders recognize benefits of EDI.
- Smaller healthcare providers join EDI revolution.
- Pharmacies and laboratories streamline processes with EDI.
- Government agencies turn to EDI for data management.
- Patients engage more with healthcare through EDI.
- Third-party service providers make EDI accessible.
- Interconnected healthcare ecosystem drives market growth.
Data-Driven Decision-Making
- Fusion of data-driven decision-making and EDI transforming healthcare.
- Empowerment of professionals with vast patient data.
- Optimization of resource allocation through insights.
- Tailored treatment plans enhance patient outcomes.
- Simplification of administrative and financial processes.
- Adaptation to industry developments with real-time insights.
- Compliance with regulations ensured through data accuracy.
- Culture of continuous improvement fostered by data-driven insights.
Key Market Challenges
Interoperability Issues
- Challenge in achieving seamless interoperability.
- Effective communication between diverse platforms crucial.
Integration with Legacy Systems
- Complexity and cost of integrating legacy systems with modern EDI solutions.
Costs and Return on Investment (ROI)
- Implementation and maintenance costs of EDI systems.
- Ensuring positive ROI through cost savings and efficiency gains.
Segmental Insights
Component Insights
- Services sector leads due to outsourcing of EDI services.
- Solutions sector poised for growth with demand for diverse EDI solutions.
Delivery Mode Insights
- Web and cloud-based EDI dominate due to cost-effectiveness and scalability.
- Mobile EDI segment expected to grow rapidly with technological innovations.
Regional Insights
- North America dominates market, driven by HCIT adoption and major players.
- Asia Pacific expected to experience fastest CAGR, driven by healthcare expenditure rise, policy reforms, and IT industry growth.
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the Global Healthcare Electronic Data Interchange Market.
- McKesson Corp
- NextGen Management LLC
- Optum Inc
- SSI Group Inc/The
- Cleo Inc
- Oracle Corp
- Epicor Software Corp
- Effective Data Inc
- DataTrans Solutions, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/boezmr
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