The Healthcare Electronic Data Interchange Global Market To Reach $8.38 Billion By 2028
Healthcare Electronic Data Interchange Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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What Recent Trends In The Healthcare Electronic Data Interchange Market Signal Future Growth?
The healthcare electronic data interchange market has seen swift growth in recent years, with the market size projected to rise from $4.8 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate CAGR of 11.6%. This historical growth is due to factors such as regulatory compliance, administrative efficiency, cost reduction, improved error detection, and streamlined claims processing.
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What Will Drive Market Growth To $8.38 Billion By 2028?
Looking ahead, the healthcare electronic data interchange market size is expected to continue expanding, reaching $8.38 billion in 2028 with a CAGR of 11.8%. This anticipated growth stems from shifts towards value-based care models, standardization of data handling processes, enhanced data privacy and security, inter-organizational data sharing, and advanced preparedness for pandemics. Key market trends for this period include real-time claims processing, automation of prior authorization, blockchain technology for secure data exchange, predictive data analytics and modeling, and AI applications in claim scrutiny.
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How Is The Increasing Prevalence Of Chronic Diseases Driving The Market?
The upswing in chronic diseases worldwide is expected to propel the growth of the healthcare electronic data interchange market in the coming years. Chronic illnesses are long-term problems that cannot be prevented with immunizations, treated with medication, or simply dissolved; they persist for an extended period, usually three months or more. As such, Healthcare EDI is critical in managing chronic illnesses by accelerating data sharing, enhancing administrative procedures, and fostering effective communication. It facilitates healthcare practitioners and patients in coordinating treatment, monitoring conditions, and improving the overall quality of care for those with chronic health issues.
Which Companies Are Leading The Healthcare Electronic Data Interchange Market?
Major companies operating in the healthcare electronic data interchange market include McKesson Corporation, Optum Inc., Allscripts Healthcare Solutions Inc., Athenahealth Inc., NextGen Healthcare Inc., Experian plc, Cognizant Technology Solutions, Cerner Corporation, Synnex Corporation, The SSI Group LLC, Waystar Health, Comarch SA., Axway Software, PLEXIS Healthcare Systems Inc., Archer Software, TrueCommerce B2BGateway, DiCentral Corporation, 123 EDI, Quadax Inc., Dell Technologies Inc., GE Healthcare, Quality Systems Inc., Epic Systems Corporation, eClinicalWorks, Practice Fusion, MEDITECH Inc., Care360 Pty Ltd., Vitera Ltd., IBM Corporation, Siemens Healthcare GmbH, Oracle Corporation, Infor Global Solutions.
What Role Does Technology Play In The Market's Growth?
The incorporation of advanced technologies into EDI systems is anticipated to be a key trend in the healthcare electronic data interchange market. Major companies are integrating EDI solutions with new technologies such as APIs, AI, and Blockchain. These advanced technologies improve the agility and connectivity of EDI solutions, resulting in cost and time savings.
How Is The Healthcare Electronic Data Interchange Market Segmented?
The healthcare electronic data interchange market in this report is segmented as follows:
1 By Component: Services, Solution
2 By Delivery Mode: Web and Cloud-based EDI, EDI Value Added Network VAN, Direct Point-to-Point EDI, Mobile EDI
3 By End-Use: Healthcare Payers, Healthcare Providers, Pharmaceutical and Medical Device Industries, Other End-Uses
Which Region Leads In The Healthcare Electronic Data Interchange Market?
In 2023, North America held the largest share in the healthcare electronic data interchange market. However, Asia-Pacific is expected to be the fastest-growing region in the forecast period. The report covers several regions including Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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