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Healthcare EDI (Electronic Data Interchange) Market Size,

Pune, Sept. 15, 2022 (GLOBE NEWSWIRE) — The Global Healthcare EDI Market includes a global opportunity analysis and industry forecasts for the period 2023-2032. The global market was valued at USD 3.96 Billion in 2022 and is registering a CAGR of 11.45% from 2023 to 2032. The base year considered for the study is 2021, and the forecast has been provided for the period, 2023 to 2032.
The exchange of healthcare data that is processed using computer software and presented in a standardised manner is made easier by healthcare electronic data interchange (EDI). The healthcare industry handles a lot of paperwork, including patient medical data, insurance claims, and reimbursement records.
Healthcare organisations, experts, and patients can communicate this data more easily thanks to healthcare EDI. Using healthcare EDI promotes the accuracy, boosts productivity, aids in error detection more quickly, takes less time, protects information transmission, and makes life easier for pharmacists, healthcare payers, and suppliers of healthcare services. Healthcare EDI is used for managing patient databases for medical and dental treatment; managing clinical trial and regulatory data, and managing insurance and reimbursement data.

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Impact of Covid-19 On The Healthcare EDI Market:

  • The healthcare market is still experiencing a slowdown as a result of the global COVID-19 outbreak and the mandated lockout. In addition to communities, COVID-19 was a catastrophe for the major world economies, particularly the healthcare industry.
  • The situation is evolving quickly, and prominent stakeholders are still adjusting their tactics. In the healthcare sector, COVID-19 is expected to have major long-term effects. Until the problem is resolved, significant players and nations will need to make important healthcare adjustments.
  • Future healthcare improvements will be heavily reliant on technological development, cost control, and expanded access. Telehealth and digital health have assumed a prominent role in the continuing outbreak. Remote diagnosis, care, and consultation were once again highlighted by COVID-19.
  • Numerous patients attend medical facilities on a daily basis as a result of the current COVID-19 outbreak. As of November 30, 2020, there were 62.3 million verified COVID-19 cases worldwide and 1.4 million fatalities. The quantity of patient records has expanded globally as a result of the COVID-19 outbreak.

Healthcare EDI Market, By Component:

  • In this study’s component analysis, services and solutions are included. Due to the increasing rate at which healthcare businesses are outsourcing electronic data interchange services and the increased demand for scalability and integrity of EDI solutions, the services sector is predicted to dominate the market.
  • The demand for solutions for electronic data interchange, such as e-invoicing, EDIFACT manifests, and others, is expected to increase over the course of the forecast period. These solutions reduce administrative costs, speed up information processing, ensure data accuracy, do away with some business transactions, streamline business processes, and improve relationships with clients or suppliers.

Healthcare EDI Market, By Delivery Mode:

In this study, the delivery methods of direct EDI, mobile EDI, and EDI VAN are all examined. The market for healthcare electronic data interchange (EDI) is expected to be led by the online and cloud-based EDI segment due to the increasing demand from small and medium-sized healthcare providers for its inexpensive solutions and enhanced flexibility and scalability. Over the projected period, the mobile EDI segment is anticipated to see a CAGR that is noticeably higher. This is a result of the healthcare sector’s technical improvements and healthcare providers’ growing use of mobile solutions.

Healthcare EDI Market, By Transaction Type:

  • The healthcare EDI market is divided into two categories based on transaction type: claims management and healthcare supply chain. During the projected period, the claims management segment is anticipated to hold the highest market share in the healthcare EDI sector.
  • The significant market share of this sector can be ascribed to the increasing use of EDI services by payers and healthcare providers as well as the requirement to satisfy regulatory requirements.

Global Healthcare EDI Market, Based On Regional Analysis:

  • Due to the increasing adoption of Healthcare Information Technology (HCIT) and the presence of significant market participants like McKesson Corporation, Optum, Inc., The SSI Group, LLC, etc., North America held a commanding proportion of the market in 2021.
  • Due to the increasing demand for electronic data interchange services and solutions among pharmaceutical companies and medical device manufacturers to combat rising competition, downward pressure on prices, and shrinking profit margins, Europe is also anticipated to hold a sizable market share during the forecast period.
  • The Asia-Pacific region’s market is anticipated to be driven by economic growth, policy reforms, and the expanding IT sector.

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Recent Developments In The Global Healthcare EDI Market:

  • In 2020 – Mulesoft LLC unveiled module X12, which effectively communicates with trading partners. The module aids in the support of fundamental operations such as message writing, reading, and validation between trading partners.
  • In 2020 – SSI Group and rcxrules collaborated to launch HCC Coding Edit Suite.
  • In 2020 – The Waystar Analytics software was introduced by Waystar Health.
  • In 2019 – is DiCentral Corporation, a major player in the market, has collaborated with Nippon Information and Communication Corporation to improve overall performance, interchangeability, and B2B supply chain automation.

Some Key Points Of The Healthcare EDI Market Report Are:

  • An in-depth global healthcare edi market analysis by the segments, along with an analysis of trend-based insights and factors.
  • Major companies operating in the global healthcare edi market, which include mckesson corporation (us), optum (us), allscripts healthcare solutions inc. (us), athenahealth (us), nextgen healthcare (us), cognizant technology corporation (us), ssi group, llc (us), cerner corporation (us), comarch sa (poland), axway software sa (france), optum inc. (us), dell technologies inc. (us), nextgen healthcare (us), synnex corporation (us), comarch (poland), axway solutions (us), and plexis healthcare systems (us).
  • Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global healthcare edi market.
  • Impact of covid-19 on the global healthcare edi market.

Find more insights on this topic from this report, “Healthcare EDI (Electronic Data Interchange) Market by Component (Solution, Service), Delivery Mode (On-premise Solution & Cloud, Mobile), Transaction Type (Claims Management, Payment Remittance, Payments, Healthcare Supply Chain), By Region (North America, Europe, Asia Pacific, Middle East & Africa, and South America)” — Market Size and Forecasting to 2032

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