The global healthcare electronic data interchange (EDI) market is expected to grow at a CAGR of 8.8% during the forecast period. rising government support for healthcare IT projects, increasing demand to curtail healthcare costs, rising awareness about the benefits associated with EDI software, and increasing adoption of EDI software are expected to drive the market growth over the forecast period. EDI healthcare transactions help in the elimination of all paper trails and digitize all transactions which results in lower handling costs of processing healthcare documents. Based on the Workgroup for Electronic Data Interchange (WEDI) estimations, healthcare players can generate significant savings of USD 1 per claim for health plans, USD 1.49 for physicians, USD 0.86 for hospitals, and USD 0.83 for others, with EDI. However, the high implementation cost of EDI software, data security, hesitancy to switch from conventional methods can restrain the market growth over the assessment period.
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Geographically, the Americas is anticipated to dominate the global healthcare electronic data interchange (EDI) market owing to rising healthcare expenditure, increasing participation of market players and technological advancements in EDI software. Europe is expected to hold the second largest position in the global healthcare electronic data interchange (EDI) market. The market growth in this region is attributed to the government funding and favorable policy implementation. The healthcare electronic data interchange (EDI) market in Asia-Pacific region consists of countries namely China, Japan, Republic of Korea, India, Australia and Rest of Asia-Pacific. The Asia-Pacific region is expected to be fastest growing region owing to the rising spending on information technology in the Asia-Pacific region. According to the data suggested by the India Brand Equity Foundation (IBEF), spending on information technology in India is expected to grow over 9 per cent to reach USD 87.1 billion in 2018. The Middle East & Africa are expected to hold the least share of the market. The market growth in this region is expected to be driven by rising awareness about healthcare electronic data interchange (EDI) software.
The global healthcare electronic data interchange (EDI) market has been segmented into component, delivery mode, transaction, and end user.
The market, on the basis of component, has been segmented into software, and services.
The market, by delivery mode, has been segmented into web and cloud-based EDI, EDI value added network (VAN), direct (Point-to-Point) EDI, and mobile EDI.
The market, by transaction, has been segmented into claims & encounters and payment & remittance advance, eligibility inquiry and response, claim attachments, claim status and response, enrollments, and referral certification and authorization.
The market, by end user, has been segmented into healthcare payers, healthcare providers, pharmaceutical & medical device industries, and others.
Some of the prominent players in the global healthcare electronic data interchange (EDI) market are 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, and others
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