Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global healthcare Electronic Data Interchange (EDI) market size was USD 4.56 Billion in 2022 and is expected to register a rapid revenue CAGR of 9.8% during the forecast period. Rising adoption of EDI, and rapid technological advancements in Healthcare EDI are key factors driving market revenue growth.
A key trend in the market is rapid technological advancements in the healthcare EDI. Among the most significant advancements in healthcare EDI market over the past year is the development of bio-Cloud based EDI solution. This is a significant development because it helps to improve the efficiency and interoperability of EDI transactions. A few new technologies are beginning to be included in healthcare EDI market including Artificial Intelligence (AI), blockchain technology, Application Programming Interfaces (API), Natural Language Processing (NLP). These advancements are helping to improve patient care, reduce costs, and strengthen the healthcare ecosystem.
In addition, leading companies are investing and making partnerships and collaborations with other companies, which is also expected to drive market revenue growth during the forecast period. For instance, on 1 December 2020, Castleford Capital announced technological partnership with US Orthopedic Alliance (USOA), a leading provider of practice management and support services to orthopedic surgeons. This partnership provides Castleford Capital with a platform to enhance its investment portfolio in the orthopedic sector, while also providing USOA with access to Castleford Capital's deep expertise in healthcare investing. Similarly, on 26 May 2022, NextGen Healthcare unveiled NextGen Health Data Hub Insights, a modern and extensible data warehouse and bespoke analytics solution. This tool is designed to simplify data access, analytics, and report generation for Health Information Exchanges (HIEs) and healthcare providers across the U.S., providing a more comprehensive understanding of community and patient health. This enhanced solution empowers users to further unlock the value of their data assets, delivering customized, near real-time reporting capabilities and providing insights at the point of care.
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However, high implementation cost of EDI is a key factor, which could restrain market revenue growth. EDI solutions integrate with a wide variety of healthcare systems and applications, including Electronic Health Records (EHRs), practice management systems, and billing systems. This is a complex and expensive process; as healthcare organizations may need to modify or replace existing systems to accommodate EDI. This makes it difficult for healthcare organizations to communicate with each other electronically, as they need to support multiple different EDI formats. In addition, security concerns regarding data integration is another factor, which could restrain market revenue growth.
Segment Insights
Component Insights:
On the basis of component, the global healthcare EDI market segmented into service and solution. The service based segment accounted for largest revenue share in the global healthcare EDI market in 2022 due to rising demand for personal care. Service-based EDI providers offer specialized expertise in EDI implementation, maintenance, and support, allowing healthcare organizations to focus on their core competencies. Service-based EDI solutions offer greater scalability and flexibility compared to on-premises solutions. Healthcare organizations easily scale their EDI services up or down as their needs change, and these access EDI services from anywhere with an Internet connection.
Delivery Insights:
On the basis of delivery, the global healthcare EDI market is segmented into web and cloud based EDI, EDI VAN, and Mobile EDI. The web and cloud based EDI segment is expected to account for significantly large revenue share in the global healthcare EDI market during the forecast period. This is because web and cloud-based EDI solutions offer healthcare organizations the ability to scale their EDI infrastructure up or down as needed, without the need to invest in additional hardware or software. This flexibility is crucial for healthcare organizations that experience fluctuating transaction volumes.
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Regional Insights:
The North America market accounted for largest revenue share in the global healthcare EDI market in 2022 due to increasing number of medical emergencies. North America has a highly developed healthcare infrastructure with a strong emphasis on technology adoption, which has led to early and widespread adoption of EDI solutions in the healthcare industry. North America has a well-established regulatory framework that promotes the use of EDI in healthcare. This includes legislation such as Health Insurance Portability and Accountability Act (HIPAA) and Health Information Technology for Economic and Clinical Health Act (HITECH), which mandate the use of secure and standardized electronic data exchange methods.
In addition, key strategic initiatives as well as partnerships between major market companies developing healthcare EDI especially in the U.S., is another factor driving market revenue growth of this region. For instance, on 31 August 2021, Huntsman Corporation announced to expand its manufacturing facility in Petfurdo, Hungary, to address rising demand for its polyurethane catalysts and specialty amines. This expansion is driven by rising demand for JEFFCAT amine catalysts, which are used in various applications, including foam production for automobile seats, mattresses, and energy-efficient spray foam insulation. Moreover, Huntsman's innovative product portfolio aligns with industry efforts to reduce emissions and odors in consumer products, contributing to global sustainability goals.
The Europe market is expected to register fastest revenue growth rate in the global healthcare EDI market during the forecast period. This is because cloud-based solutions are particularly well-suited for small and medium-sized healthcare organizations with limited IT resources.
Europe has a strong regulatory framework that promotes the use of EDI in healthcare. This includes legislation, such as European Union's (EU) Directive on Patient Safety and Quality of Healthcare (2011/24/EU), which mandates the use of Electronic Patient Records (EPRs) and other electronic healthcare systems. EDI is a key enabler of electronic data exchange between healthcare organizations in Europe. European healthcare organizations are embracing cloud-based EDI solutions due to their scalability, cost-effectiveness, and ease of use.
Scope of Research
| Report Details | Outcome |
| Market Size in 2022 | USD 4.56 Billion |
| CAGR (2023–2032) | 9.8% |
| Revenue Forecast To 2032 | USD 11.41 Billion |
| Base Year For Estimation | 2022 |
| Historical Data | 2019-2022 |
| Forecast Period | 2023–2032 |
| Quantitative Units | Revenue in USD Million and CAGR in % from 2023 to 2032 |
| Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments Covered | Component, delivery, transaction, end-use, and region |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
| Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
| Key Companies Profiled | Optum Inc., OSP, MCKESSON CORPORATION, NXGN Management, LLC., Oracle, Epicor Software Corporation, Effective Data, DataTrans Solutions, GE Healthcare, and Waystar |
| Customization Scope | 10 hours of free customization and expert consultation |
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Major Companies and Competitive Landscape
The global healthcare EDI market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing a more effective healthcare EDI market. Some major players included in the global healthcare EDI market report are:
- Optum, Inc.
- OSP
- MCKESSON CORPORATION
- NXGN Management, LLC.
- Oracle
- Epicor Software Corporation
- Effective Data
- DataTrans Solutions
- GE Healthcare
- Waystar
Strategic Development
- On 20 December 2021, Oracle announced the acquisition with Cerner. This acquisition aligns with Oracle's broader mission to equip healthcare professionals with a new generation of intuitive digital tools that facilitate hands-free voice access to secure cloud applications. This new wave of medical information systems is poised to alleviate the administrative burden on healthcare professionals, improve patient privacy and outcomes, and reduce overall healthcare costs.
- On 6 October 2021, Cerner announced its RevElate Patient accounting platform to streamline its RCM offerings. This platform retains the strengths of Millennium and Soarian while providing improved automation, interoperability, and scalability. Automation reduces manual tasks, but RevElate will still utilize the power of upfront revenue cycle management, from the initial registration to coding and beyond.
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Segments Covered in Report
For the purpose of this report, Emergen Research has segmented the global healthcare EDi market on the basis of component, delivery, transaction, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019-2032)
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- Service
- Solution
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-
- Delivery Outlook (Revenue, USD Billion; 2019-2032)
- Web and Cloud based EDI
- EDI VAN
- Mobile EDI
- Transaction Outlook (Revenue, USD Billion; 2019-2032)
- Claim Management
- Healthcare Supply Chain
- Other Transactions
- End-use Outlook (Revenue, USD Billion; 2019-2032)
- Pharmaceutical and Medical Device Industry
- Healthcare Providers
- Healthcare Payers
- Regional Outlook (Revenue, USD Billion; 2019-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of Middle East & Africa
- North America
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