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Global Healthcare Electronic Data Interchange (EDI) Market is expected to grow rapidly, with a market value of roughly USD 925.0 million by 2025.
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Electronic data exchange services / solutions, such as web-based EDI, have improved technologically to handle challenges of confidentiality, authentication, and data integrity. Business-to-business (B2B) transactions are now useful for electronic data interchange due to advancements in the American National Institute of Standards (ANSI) X12 EDI formatting standard. The advent of Extensible Markup Language (XML) and Web-based standards in electronic data transmission has slowed the growth of this industry. Electronic data exchange services and solutions such as online and cloud-based EDI, EDI Value Added Network (VAN), direct (point-to-point) EDI, mobile EDI, Applicability Statement Version 2 (AS2), Virtual Private Network File Transfer Protocol (FTP / VPN), Secure File Transfer Protocol (SFTP), or Secure File Transfer Protocol (FTPS) are all supported via various methods or delivery methods. Additionally, it is anticipated that an increasing number of end users would increase the demand for electronic data exchange services/solutions during the market's lifespan.
Among the market, the Top Players are Allscripts Healthcare Solutions Inc., Cognizant, Experian Information Solutions, Inc., GE Healthcare, McKesson Corporation, Optum, Inc., Schreiner Group, Siemens Healthineers, The SSI Group, LLC, and ZirMed Inc.
Electronic Data Interchange (EDI) in the Healthcare market is separated by component, delivery mode, end-user, and geography. The market is split by components into Solutions and Services. The services segment is predicted to dominate the industry due to increasing rates of healthcare facilities outsourcing electronic data interchange services and increased demand for scalability and dependability in EDI systems. Due to the increasing demand for electronic data exchange solutions such as e-invoicing, the solutions segment is expected to grow at a favorable rate over the forecast period, as it reduces administrative costs, ensures data integrity, accelerates information processing, eliminates certain business transactions, streamlines business processes, and strengthens customer and seller ties.
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The market is segmented into Delivery Modes as follows: EDI Value Added Network (VAN), Direct (Point-to-Point) EDI, Mobile EDI, and Web and Cloud-based EDI. The online and cloud-based EDI sector is predicted to lead the market, owing to the growing need for inexpensive solutions from small and medium-sized healthcare providers, as well as enhanced elasticity and scalability. During the forecast period, the mobile EDI segment is expected to see significantly higher CAGRs. This is due to developments in healthcare technology and an increasing acceptance of mobile solutions by healthcare providers.
Regional segmentation includes present and forecast demand for Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa, as well as sub-segments for important countries. North America maintained a sizable market share in 2018 due to increased use of Healthcare Information Technology (HCIT) and the engagement of key industry players such as McKesson Corporation, Optum, Inc., the SSI Group, LLC, and Experian Information Solutions, Inc. Given the growing demand for electronic data exchange services/solutions between pharmaceutical companies and medical device manufacturers in Europe, Europe is also expected to maintain a sizable market share during the forecast period in order to combat rising competition, price pressure, and declining profit margins.
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