Healthcare Electronic Data Interchange Market Trends [2031]
Healthcare Electronic Data Interchange Market Trends [2031]
Segments - Healthcare Electronic Data Interchange Market by Components (Hardware, Software, and Services), Transactions (Claim Management, Healthcare Supply Chain, and Others), Mode of Delivery (Web-based & Cloud Electronic Data Interchange, Mobile Electronic Data Interchange, Electronic Data Interchange Van, and Others), End Users (Healthcare Devices, Medical Devices, Pharmaceutical Industry, and Others) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :HC-2004
| 4.1 Rating
| 65 Reviews
| 174 Pages
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Report Description
Healthcare Electronic Data Interchange Market Outlook
The global healthcare electronic data interchange market size was valued at USD 4.41 Billion in 2022 and is likely reach to USD 10.06 Billion by 2031, expanding at a CAGR of 9.6% during the forecast period, 2023–2031.
The growth of the market is attributed to the formulation of transaction process rules, increasing demand to reduce healthcare costs, and government support for the implementation of HCIT. In addition, healthcare professionals are expected to need to effectively manage electronic claims and reimbursement transactions.
Electronic health data interchange (EDI) can be defined as a structured method of transmitting health data between a computer and data management system. The recent government support for the health sector has provoked efforts and concerns about the implementation of the EDI system, especially in developed countries.
In addition, other factors, such as the emergence of big data analysis, implementation of preferential policies, and initiatives and incentives of organizations to further develop healthcare & IT segment, are driving market.
Managing data such as patient records, emergency records, and medication records is critical in the healthcare industry: healthcare professionals are familiar with systems that can manage large amounts of data efficiently, systematically, and easily.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing adoption of healthcare electronic data interchange system for smooth process of claims management is expected to boost the market during the forecast period.
- Rapid growth of the financial services industry owing to introduction of regulations on transaction process for health insurance settlements is major factors fueling the market in the coming years.
- High installation cost of EDI software is projected to restrict the market growth.
- Lack of skilled labor for data management and lack of government initiatives in policies and insurance sector act as major factors that can hamper the market growth during the forecast period.
- R&D investment and technological advancement for efficient transaction process and development of software for real-time and automated data handling is expected to offer lucrative opportunities for the market players.
Scope of Healthcare Electronic Data Interchange Market Report
The report on the global healthcare electronic data interchange market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Healthcare Electronic Data Interchange Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Components (Hardware, Software, and Services), Transactions (Claim Management, Healthcare Supply Chain, and Others), Mode of Delivery (Web-based & Cloud Electronic Data Interchange, Mobile Electronic Data Interchange, Electronic Data Interchange Van, and Others), and End Users (Healthcare Providers, Medical Devices, Pharmaceutical Industry, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
SSI Group Inc.; McKesson Corp.; Cognizant; Optum Inc.; and Quadax Inc. |
Healthcare Electronic Data Interchange Market Segment Insights
The software segment is projected to represent a major market share
Based on components, the healthcare electronic data interchange market is divided into hardware, software, and services. The software segment is expected to hold a key share of the market during the forecast period. Software is an integral part of the entire electronic data exchange process, which includes several items for managing healthcare facilities on a global scale.
EDI software is usually used to convert existing data into a machine-readable form and read the data exchanged between business partners. On the other hand, the services segment is anticipated to expand at a rapid pace during the forecast period owing to growing preference for electronic data interchange solutions.
The service sector is projected to grow positively during the forecast period as it moderates management costs, guarantees data accuracy& speeds up information processing, eradicate certain business transactions, simplify business processes, and strengthen relationships with customers and suppliers.
The claims management is expected to grow at a high CAGR
On the basis of transactions, the healthcare electronic data interchange market is segregated into claim management, healthcare supply chain, and others. The claim management segment is expected to represent a key share of the market during the forecast period owing to the increasing acceptance of EDI services by healthcare providers and payers and the need to comply with laws and regulations.
The mobile electronic data interchange segment is expected to grow at a rapid pace
In terms of mode of delivery, the healthcare electronic data interchange market is fragmented into web-based & cloud electronic data interchange, mobile electronic data interchange; electronic data interchange van, and others.
The mobile electronic data interchange segment is expected to hold a key share of the market during the forecast period owing to technological innovation in the healthcare industry.
On the other hand, the web-based & cloud electronic data interchange segment is anticipated to expand at a rapid pace during the forecast period due to the growing demand for cloud EDI systems from healthcare providers.
The healthcare providers segment is projected to expand at a substantial CAGR
On the basis of end users, the healthcare electronic data interchange market is divided into healthcare providers, medical devices, pharmaceutical industry, and others.
The healthcare providers segment is expected to represent a key share of the market during the forecast period due to increasing demand for insurance plans, health risk assessments, fraudulent claims prevention and detection, and payers’ assessment of insurance claims before payment.
As doctors and clinicians, hospitals, clinics, and health assessment centers increasingly use EDI for operational analysis, performance management, and financial management the segment is estimated to boost during the forecast period.
Healthcare Electronic Data Interchange Market Regional Outlook
North America is anticipated to dominate the market
On the basis of regions, the healthcare electronic data interchange market is categorized as Latin America, North America, Europe, Asia Pacific, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period.
Factors such as presence of major market players, comprehensive insurance coverage, use of advanced medical technology, and growing demand for electronic data exchange systems are driving the market.
The demand for electronic data interchange systems by pharmaceutical companies and medical equipment manufacturers has grown at a rapid rate.
Favorable regulatory programs, an increasing number of private healthcare participants, growing demand for healthcare supply chain management solutions, and presence of mature IT companies in the region determine the growth of the North American healthcare industry.
Segments
Components
- Hardware
- Software
- Services
Transactions
- Claim Management
- Healthcare Supply Chain
- Others
Mode of Delivery
- Web-based & Cloud Electronic Data Interchange
- Mobile Electronic Data Interchange
- Electronic Data Interchange Van
- Others
End Users
- Healthcare Providers
- Medical Devices
- Pharmaceutical Industry
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- SSI Group Inc.
- McKesson Corp.
- Cognizant
- Optum Inc.
- Quadax Inc.
Competitive Landscape
Key players competing in the healthcare electronic data interchange market include SSI Group Inc.; McKesson Corp.; Cognizant; Optum Inc.; and Quadax Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Healthcare Electronic Data Interchange Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Healthcare Electronic Data Interchange Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Healthcare Electronic Data Interchange Market - Supply Chain
4.5. Global Healthcare Electronic Data Interchange Market Forecast
4.5.1. Healthcare Electronic Data Interchange Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Healthcare Electronic Data Interchange Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Healthcare Electronic Data Interchange Market Absolute $ Opportunity
5. Global Healthcare Electronic Data Interchange Market Analysis and Forecast by End Users
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by End Users
5.2.2. Y-o-Y Growth Projections by End Users
5.3. Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
5.3.1. Healthcare Providers
5.3.2. Medical Devices
5.3.3. Pharmaceutical Industry
5.3.4. Others
5.4. Absolute $ Opportunity Assessment by End Users
5.5. Market Attractiveness/Growth Potential Analysis by End Users
6. Global Healthcare Electronic Data Interchange Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Healthcare Electronic Data Interchange Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
7. North America Healthcare Electronic Data Interchange Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Healthcare Electronic Data Interchange Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
7.4.1. Healthcare Providers
7.4.2. Medical Devices
7.4.3. Pharmaceutical Industry
7.4.4. Others
7.5. Basis Point Share (BPS) Analysis by End Users
7.6. Y-o-Y Growth Projections by End Users
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
8. Latin America Healthcare Electronic Data Interchange Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Healthcare Electronic Data Interchange Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
8.4.1. Healthcare Providers
8.4.2. Medical Devices
8.4.3. Pharmaceutical Industry
8.4.4. Others
8.5. Basis Point Share (BPS) Analysis by End Users
8.6. Y-o-Y Growth Projections by End Users
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
9. Europe Healthcare Electronic Data Interchange Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Healthcare Electronic Data Interchange Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
9.4.1. Healthcare Providers
9.4.2. Medical Devices
9.4.3. Pharmaceutical Industry
9.4.4. Others
9.5. Basis Point Share (BPS) Analysis by End Users
9.6. Y-o-Y Growth Projections by End Users
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
10. Asia Pacific Healthcare Electronic Data Interchange Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Healthcare Electronic Data Interchange Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
10.4.1. Healthcare Providers
10.4.2. Medical Devices
10.4.3. Pharmaceutical Industry
10.4.4. Others
10.5. Basis Point Share (BPS) Analysis by End Users
10.6. Y-o-Y Growth Projections by End Users
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
11. Middle East & Africa Healthcare Electronic Data Interchange Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Healthcare Electronic Data Interchange Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Healthcare Electronic Data Interchange Market Size and Volume Forecast by End Users
11.4.1. Healthcare Providers
11.4.2. Medical Devices
11.4.3. Pharmaceutical Industry
11.4.4. Others
11.5. Basis Point Share (BPS) Analysis by End Users
11.6. Y-o-Y Growth Projections by End Users
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Healthcare Electronic Data Interchange Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Healthcare Electronic Data Interchange Market: Market Share Analysis
12.2. Healthcare Electronic Data Interchange Distributors and Customers
12.3. Healthcare Electronic Data Interchange Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. SSI Group Inc.
12.4.2. McKesson Corp.
12.4.3. Cognizant
12.4.4. Optum Inc.
12.4.5. Quadax Inc.
Methodology
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