A report by Transparency Market Research titled “Healthcare EDI Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”, takes an incisive look at several such trends and factors shaping the various trajectories of the global market during the assessment period of 2016–2024.
A report by Transparency Market Research (TMR) titled “Healthcare EDI Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”, takes an incisive look at several such trends and factors shaping the various trajectories of the global market during the assessment period of 2016–2024. The study also evaluates the impacts of these developments on the evolving the market dynamics.
The drive for the electronic data interchange (EDI) protocols stems from the pressing concerns of protecting and securing vast amount of healthcare data, across the globe. The drive has received substantial traction over rising efforts of healthcare providers to create digitized ways for transmitting healthcare data usually across disparate systems and applications. This is accentuated by the broad focus on improving the effectiveness of healthcare systems world over. The global EDI market is also driven by the need for easy access to staggering volumes of these data that include patient medical records, insurance reimbursement details, and healthcare claims among healthcare payers and providers and patients.
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Against the backdrop of soaring healthcare costs, the rising governments’ concerns, especially in developed regions, to address various security and compliance issues in healthcare data is impelling the adoption of EDI systems in the healthcare industry. The demand for a secure electronic data interchange mechanism for healthcare claims processing and retail pharmacy claim transactions is also boosting the EDI market. The advent and wide implementation of protocols such as HIPAA and ANSI standards in the healthcare industry has bolstered the uptake of EDI systems.
The notably burgeoning volumes of healthcare data arising out of growing number of clinical trials and research and development activities in the healthcare and medical industries is catalyzing the demand for EDI technologies. Moreover, the rising prevalence of chronic diseases is constantly expanding the global patient base fortifying the implementation of electronic data interchange mechanisms by healthcare institutions. This helps them close potential healthcare information gaps across providers and patients.
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The EDI market is also receiving a shot in the arm from the inclination of healthcare providers and payers in developed countries to ease insurance reimbursement claims. Constant technology advances in the EDI software and systems, driven increasingly by regulatory thrust, are supporting the rapid expansion of the global market.
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Of all the various regional markets, North America is expected to be a potentially lucrative one, underpinned by robust healthcare infrastructures in its key economies. Asia Pacific is poised to be emerging at an attractive pace driven by the growing awareness about potential benefits of EDI mechanism among providers, patients, and payers. The rapidly rising number of end users in the region is a notable factor accentuating the global market. Furthermore, the rapidly aging patient populations in various developing and developed countries is catalyzing the growth of these regional markets.
Some of the players expected to hold a sizeable share in the global EDI market are Optum Inc., Passport Health Communication Inc., Siemens Healthineers, SSI Group Inc., Capario Inc., and GE Healthcare.
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