The global healthcare electronic data interchange market size is anticipated to reach USD 5.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is expected to witness a CAGR of 9.4% over the forecast period, owing to increasing government support for healthcare IT coupled with a surge in the number of end-users and increasing adoption of EDI.
In 2010, the ObamaCare Act (the Affordable Care Act) was passed in the U.S., which mandated the use of enrolled/dis-enrolled transactions between the payers and providers in the U.S. Implementation of favorable policy such as Health Insurance Portability & Accountability Act (HIPAA) to provide data privacy and security provisions to protect medical information is anticipated to propel the market growth. Increasing government funding for the EDI-Special Project congressional grants is befitting hospitals and non-profit organizations, thereby expected to foster market growth.
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A surge in the number of end-users such as payers, providers, pharmaceutical & medical device industries, and others are anticipated to fuel the demand for the EDI services or solutions during the market period. The healthcare payers use EDI for the evaluation of insurance claims before their payment settlement, prevention & detection of fraudulent claims to provide rapid services through collaborating with providers in order to gain a competitive advantage.
Further Key Findings From the Study Suggest:
• The services segment held lucrative market share in 2016 and is expected to grow at a significant rate over the forecast period, owing to growing demand from healthcare and insurance providers for healthcare claims filing, its verification, and accounts receivables
• The mobile EDI segment is expected to be the fastest-growing segment over the forecast period due to technological developments in the healthcare industry and the rising adoption of mobile solutions from healthcare providers
• North America is expected to dominate the healthcare EDI market over the forecast period due to rising demand for innovative IT solutions to streamline workflows coupled with increasing regulatory requirements regarding patient safety
• Some of the key players in this market are GE Healthcare; McKesson Corporation; Cognizant; Allscripts Healthcare Solutions Inc.; Siemens Healthineers; Optum, Inc.; Schreiner Group; The SSI Group, LLC; ZirMed Inc.; and Experian Information Solutions, Inc.
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Grand View Research has segmented the global healthcare EDI market on the basis of product, end-use, and region:
Healthcare EDI Component Outlook (Revenue, USD Million, 2014 - 2025)
• Services
• Solutions
Healthcare EDI Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)
• Web and Cloud-based EDI
• EDI Value Added Network (VAN)
• Direct (Point-to-Point) EDI
• Mobile EDI
Healthcare EDI End-use Outlook (Revenue, USD Million, 2014 - 2025)
• Healthcare Payers
• Healthcare Providers
• Pharmaceutical & Medical Device Industries
• Others
Healthcare EDI Regional Outlook (Revenue, USD Million, 2014 - 2025)
• North America
o The U.S.
o Canada
• Europe
o Germany
o The U.K.
o France
o Italy
o Spain
• Asia Pacific
o Japan
o China
• Latin America
o Brazil
o Mexico
• The Middle East and Africa (MEA)
o South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.