The Healthcare Electronic Data Interchange Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Healthcare Electronic Data Interchange Global Market Report 2024, The healthcare electronic data interchange market size has grown rapidly in recent years. It will grow from $4.8 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to regulatory compliance, administrative efficiency, cost reduction, error reduction, claims processing.
The healthcare electronic data interchange market size is expected to see rapid growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to value-based care models, data standardization, data privacy and security, inter-organizational data sharing, pandemic preparedness. Major trends in the forecast period include real-time claims processing, prior authorization automation, blockchain for secure data exchange, data analytics and predictive modeling, ai for claim scrutiny.
The increasing prevalence of chronic diseases is expected to propel the growth of the healthcare electronic data interchange market in the coming years. Chronic illnesses are long-term problems that cannot be avoided with immunizations, treated with medicine, or simply disappear. They endure over an extended period, usually three months or more. Healthcare Electronic Data Interchange plays a critical role in the entire treatment of chronic illnesses by speeding up data sharing, enhancing administrative procedures, and facilitating effective communication. It assists healthcare practitioners and patients in coordinating treatment, monitoring conditions, and improving the general standard of care for those with chronic health issues. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australia-based self-governing statutory institution responsible for data collection and analysis as well as factual recommendations, in Australia, over half of the entire population (46.6%, or 11.6 million people) had at least one chronic illness. Therefore, the increasing prevalence of chronic diseases is driving the healthcare electronic data interchange market.
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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
The incorporation of advanced technologies into EDI systems is expected to be a key trend in the healthcare electronic data interchange market. Major companies are integrating EDI solutions with new technologies such as APIs, AI, and Blockchain. Advanced technologies increase the agility and connectivity of EDI solutions, which further saves cost and time. For instance, in May 2022, NextGen Healthcare Inc., a US-based software firm that creates and sells electronic medical record software and practice administration solutions to the healthcare industry, launched NextGen Health Data Hub Insights. NextGen Health Data Hub Insights is a revolutionary information center and personalized analytics platform. The software is designed to make obtaining data, performing analytics, and report generation simpler for health information exchanges (HIEs) and medical professionals throughout the country, allowing them to give a more comprehensive picture of community and patient health. Based on the NextGen Health Data Hub, which allows clients to exchange community-wide data, this modern technology enables clients to further unlock the value of their information assets by offering tailored, near-immediate visualization capabilities as well as information at the point of care.
Major Players:
- McKesson Corporation
- Optum Inc.
- Allscripts Healthcare Solutions Inc.
- Athenahealth Inc.
- NextGen Healthcare Inc.
The healthcare electronic data interchange market report table of contents includes:
1. Executive Summary
2. Healthcare Electronic Data Interchange Market Characteristics
3. Healthcare Electronic Data Interchange Market Trends And Strategies
4. Healthcare Electronic Data Interchange Market – Macro Economic Scenario
5. Global Healthcare Electronic Data Interchange Market Size and Growth
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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