Market Scope

Market Research Future (MRFR) expects the Healthcare electronic data interchange market was valued USD 2674 million in 2017 and is projected to grow at a CAGR of 8.60% by 2030.

Major Growth Boosters and Challenges

Electronic data interchange solutions help reduce healthcare costs, foster the quality of patient care, while also making fast, accurate, secure, detailed, and reliable information. Using the paper form is cumbersome, costly, and incompetent whereas electronic data interchange brings down the number of time-consuming processes to effectively streamline claim management processes. Soaring awareness about these benefits is encouraging healthcare to adopt these solutions, rendering a positive impact on the global market.

The burgeoning pool of end-users should also bolster the demand for electronic data interchange services and solutions in the years to come. Some of the major end-users are payers, pharmaceutical medical device industries, providers, and more. The rapid escalation in the number of hospitals, especially in France, the UK., Benelux, Denmark and Germany, and their rising focus on curtailing significant healthcare costs should push the demand for electronic data interchange.

EDI outsourcing has emerged as a lucrative opportunity in the market, in line with mounting healthcare costs prompting the healthcare sector to look for ways to deal with the issue. The US hospitals struggle with privacy and security concerns due to the extensive use of social media. As a result, majority of the hospitals are outsourcing their claim and billing services to EDI service vendors.

Renowned Vendors 

GE Healthcare, McKesson Corporation, Cognizant, Allscripts Healthcare Solutions Inc., Siemens Healthineers, Optum, Inc., The SSI Group, LLC, Schreiner Group, ZirMed Inc., Experian Information Solutions, Inc., Emdeon Inc., Passport Health Communications, HealthFusion, are some of the strongest players in the healthcare electronic data interchange solutions market.

Market Segmentation

The healthcare electronic data interchange market can be segregated into component, delivery mode, transaction, as well as end user.

The components discussed in the market study are software, as well as services.

With respect to delivery mode, the major segments are web and cloud-based EDI, direct (Point-to-Point) EDI, mobile EDI and EDI value added network (VAN).

Transaction-wise, the key segments can be eligibility inquiry and response, claims encounters and payment remittance advance, claim status and response, claim attachments, referral certification and authorization and enrollments.

The significant end users in the market are pharmaceutical medical device industries, healthcare providers, healthcare payers, and others. Healthcare payers form the largest segment in the market, since EDI solutions are increasingly being adopted for financial management by the clinicians and physicians. Meanwhile, pharmaceutical medical device industries can be the fastest growing segment in the years ahead, due to the heightened uptake of insurance plans.

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