USD 4 billion
Report ID: SQMIG35C2007 | Region: Global | Published Date: October, 2022 | Pages: 250 | Tables: 92 | Figures: 76
Healthcare Electronic Data Interchange Market size was valued at USD 4 billion in 2021 and is poised to grow from USD 4.38 billion in 2022 to USD 8.44 billion by 2030, growing at a CAGR of 9.6% in the forecast period (2023-2030).
Rising need to curb the healthcare costs along with the high technological advancements especially in developed countries such as United States, Japan, France, and Germany are key factors expected to drive the growth of the market during the forecast period. In addition, a rapid surge in the number of global end-users coupled with the increasing adoption of electronic data interchange (EDI) solutions and services is contributing significantly to the growth of the market.
Furthermore, highly innovated electronic data interchange services like web-based EDI for addressing issues regarding authentication, data integrity, and confidentiality is also likely to propel the growth of the global market over the forecast period. Rising development and innovations in the American National Standards have helped electronic data interchange more useful for Business-to-Business transactions.
Additionally, increasing prevalence of various types of delivery modes used in electronic data interchange services or solutions including web and cloud-based EDI, mobile EDI, and applicability statement version 2 are likely to have a positive impact on the global market over the coming years. A surge in the number of hospitals in the developing countries including India, China, and Indonesia is propelling the adoption of EDI services/solutions around the globe.
US Healthcare Electronic Data Interchange Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 4 billion
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Global healthcare electronic data interchange market is segmented on the basis of component, end-use, delivery mode, and region. By component, the market is segmented into services and solutions. By end-use, the market is categorized into healthcare payers, healthcare providers, pharmaceutical industry, and others. By delivery mode, the market is classified into web and cloud-based EDI, EDI value added network, direct EDI, and others. By region, the market is divided into North America, Europe, Asia Pacific, Latin America, and MEA.
Healthcare Electronic Data Interchange Market Analysis by Component
By component, the services segment held the largest market share in 2021 and is projected to maintain its position throughout the forecast period. Continuously rising rate of outsourcing electronic data services by several healthcare organizations and growing demand for scalability and integrity are the key factors expected to drive the growth of the regional market over the coming years.
Furthermore, the solutions segment is anticipated to grow at fastest growth rate during the forecast period owing to the rising prevalence of e-invoicing, EDIFACT manifests, and others. And, several features of these services like lowering administrative costs, accelerates information processing, eliminate certain business transactions, and ensuring data accuracy are also propelling the segment growth.
Healthcare Electronic Data Interchange Market Analysis by End-Use
By end-use, the healthcare payers segment accounted for the highest market share in 2021 due to the rising popularity of several types of insurance plans, prevention and detection of fraudulent claims, and disease risk assessment. Rising focus on advanced technologies and systems for providing convenient solutions to the global consumers is also likely to foster the growth and demand for the segment market in the near future. On the other hand, the healthcare providers segment is estimated to have a higher growth rate over the forecast period. That is simply attributed to the growing adoption of electronic data interchange for financial management and performance management across the globe.
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Globally, North America dominated the healthcare electronic data interchange (EDI) market 2021 and is projected to retain its position over the forecast period owing to higher adoption of advanced healthcare information technology and large presence of key market players such as McKesson Corporation, Optum Inc., and The SSI Group LLC. Moreover, rising demand for electronic data interchange solutions among various pharmaceutical companies and manufacturers of medical devices to enhance their services and offerings around the globe.
Furthermore, Asia Pacific is witnessing fastest CAGR during the forecast period due to the development of several government policy reforms, economic development, and high growth in the IT industry. Additionally, rising population burden and continuously increasing patient volume along with the implementation on HCIT programs in countries like India, Australia, and Japan, are expected to fuel the demand and growth of the EDI market in the region over the coming years.
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Healthcare Electronic Data Interchange Market Drivers
An extensive rise in the enhancement and development of healthcare electronic data interchange solutions such as faster processing, uninterrupted workflow, patient satisfaction, and improved productivity are the major factors expected to drive the growth of the global market during the forecast period. Furthermore, increase in global outsourcing of EDI services coupled with the rising focus on minimizing manufacturing cost and reducing wastages at every stage are also projected to have a positive impact on the global market for EDI services in the coming years.
Healthcare Electronic Data Interchange Market Restraint
High implementation cost of various EDI software due to the inadequate internal systems and clearinghouses adding with highly expensive setup costs are likely to hamper the growth of the global healthcare electronic data interchange (EDI) market over the forecast period. In many regions, the adoption of EDI solutions is very low among small-medium sized service providers because of the high investment requirement, which is a key factor hindering growth of the market.
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Global healthcare electronic data interchange market is fairly fragmented with the presence of many well-known and established international companies around the globe. Key players are focusing on various development activities such as collaborations, acquisitions, partnerships, new technology innovations, and reducing operation cost to expand their market reach and product offerings to cater the rising demand from the global consumers.
Healthcare Electronic Data Interchange Market Top Player’s Company Profiles
Healthcare Electronic Data Interchange Market Recent Developments
Increasing prevalence of adoption of advanced healthcare technology along with the growing investments by key market players for the enhancement and development of EDI solutions, are creating lucrative growth opportunities for the global market over the coming years. Additionally, high usage of EDI in manufacturing and distribution industry and rising penetration for integration platform as a service are other key trends fueling the demand and growth of the market at a significant growth rate.
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, global healthcare electronic data interchange market is witnessing a strong growth during the forecast period owing to expanding patient base, growing need for curtail healthcare costs, and increased consumer spending capacity on healthcare segment. In addition, an extensive rise in the number of deaths occur due to cardiovascular diseases, is forcing consumers to avail healthcare EDI products for various reimbursement claims, and is projected to contribute significantly to the growth of the global market in the coming years. However, limited access to high technology in regions such as Asia Pacific and lack of consumer awareness about latest innovations are major factors hindering the growth of the market over the forecast period.
|Market size value in 2021||USD 4 billion|
|Market size value in 2030||USD 8.44 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Healthcare Electronic Data Interchange Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Healthcare Electronic Data Interchange Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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