What Has Been the Growth Trajectory for the Healthcare Electronic Data Interchange Market in Recent Years?
The healthcare electronic data interchange market has seen considerable growth due to a variety of factors.
• The market size for healthcare electronic data interchange has seen significant growth in recent times. There is a projected growth from $5.39 billion in 2024 to a whopping $6 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%.
Factors that contributed to the expansion during the historic period include regulatory compliance, enhanced administrative efficiency, cost-cutting measures, reducing errors, and efficient claims processing.
How Does the Forecast Look for the Healthcare Electronic Data Interchange Market?
The healthcare electronic data interchange market is expected to maintain its strong growth trajectory in upcoming years.
• In the approaching years, a swift expansion is projected for the healthcare electronic data interchange market, with an estimated worth of $9.55 billion by 2029 and a compound annual growth rate of 12.3%.
Factors contributing to this growth in the forecast period include value-based care structures, data standardization, data security and privacy, inter-institutional data exchange, and readiness for pandemics. Anticipated trends for this period encompass real-time claim processing, pre-authorization automation, blockchain application for secure data transfer, data analytics, predictive modeling, and the use of artificial intelligence in claim inspection.
What Are The Leading Drivers Of Growth In The Healthcare Electronic Data Interchange Market?
The rise in chronic diseases is believed to be a significant driving force behind the expansion of the healthcare electronic data interchange market in the near future. These persistent illnesses are issues that can't be prevented through immunization, cured with drugs, or naturally dissipate. They persist for a long period, typically three months or longer. In the comprehensive treatment of these chronic ailments, healthcare EDI plays a pivotal part by accelerating information exchange, bolstering administrative processes, and fostering efficient communication. It aids health professionals and patients in managing treatment, observing conditions, and enhancing overall care standards for individuals with chronic health problems. For example, the Australian Bureau of Statistics reported in March 2022 that more than half of the Australian population, equivalent to 46.6% or 11.6 million individuals, had at least one chronic ailment. Therefore, the escalating prevalence of chronic illnesses is propelling the expansion of the healthcare electronic data interchange market.
How Are The Segments Defined Within The Global Healthcare Electronic Data Interchange Market?
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
Subsegments:
1) By Services: Consulting Services, Implementation Services, Maintenance And Support Services
2) By Solution: EDI Software, EDI Gateway Solutions, EDI Translation Tools
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How Are New Trends Expected To Influence The Growth Of The Healthcare Electronic Data Interchange Market?
Advanced technologies being integrated into Electronic Data Interchange (EDI) systems is forecasted to be a significant move in the healthcare EDI market. Leading companies are incorporating solutions like APIs, AI, and blockchain with their EDI systems. The introduction of these advanced technologies amplifies the flexibility and connectivity of EDI solutions, thereby leading to cost and time savings. For example, NextGen Healthcare Inc., an American software firm that specializes in electronic medical record software and healthcare administration solutions, unveiled NextGen Health Data Hub Insights in May 2022. A transformative in-depth analysis platform and information center, NextGen Health Data Hub Insights is designed to simplify data acquisition, analysis, and report production for Health Information Exchanges (HIEs) and healthcare professionals nationwide, enabling them to provide a more thorough view of community and patient health. Using the NextGen Health Data Hub, which supports community-wide data exchange, this cutting-edge technology allows clients to extract additional value from their data assets. It does this by providing custom, near-instant visualization capabilities and information at the patient's point of care.
Who Are the Key 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.
• 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
What Is The Most Dominant Region In The Healthcare Electronic Data Interchange Market?
North America was the largest region in the healthcare electronic data interchange market in 2024. Asia-Pacific 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.
