Dublin, Dec. 21, 2020 (GLOBE NEWSWIRE) -- The "Global Healthcare EDI Market by Component (Solution, Service), Delivery Mode (On-premise & Cloud, Mobile) Transaction Type (Claims Management, Payment Remittance, Payments, Healthcare Supply Chain), End-user and Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The global healthcare EDI market is projected to reach USD 4.4 billion by 2025 from USD 3 billion in 2020, at a CAGR of 7.8% during the forecast period.
The key factors driving the growth of this market include the development of regulations for transaction processes, the rising need to curtail healthcare costs and government support for HCIT implementation. However, the high implementation cost and data security concerns are expected to restrict market growth to a certain extent. Hesitancy to switch from conventional methods may also challenge market growth in the coming years.
The mobile EDI segment will grow at the highest rate during the forecast period
Based on delivery mode, the global Healthcare EDI market is segmented into web & cloud-based EDI, EDI VAN, point-to-point EDI, and mobile EDI. The factors attributing to the high growth of the mobile EDI segment include the technological upgrades in the healthcare industry and the growing acceptance of mobile solutions among healthcare providers.
By transaction type, the claims management segment accounted for the largest share of the Healthcare EDI market in 2019
On the basis of the transaction type, the global healthcare EDI market is segmented into claims management and supply chain management in 2019. The rising adoption of EDI services by healthcare providers and payers and the need to meet regulatory requirements are driving the increased uptake of healthcare EDI solutions for claims management.
By-products & services, the services segment accounted for the largest share of the healthcare EDI market in 2019
The services segment is expected to witness a faster growth rate in this market due to factors such as, the increasing claims volume, increasing complexity, and scale of EDI solutions, as they require extensive training programs. Similarly, a growing trend of outsourcing activities, such as revenue cycle management, claims handling and management, and partner management services, is also expected to propel the growth of the services market.
By end-user, the healthcare payers segment will grow at the highest rate during the forecast period
Based on end user, the healthcare EDI market is segmented into healthcare providers, healthcare payers, medical device & pharmaceutical industries, and pharmacies. The healthcare payers segment is expected to grow at the highest CAGR during the forecast period due to the increasing number of private insurance players in the market.
The market in North America is projected to witness the highest growth rate during the forecast period (2020-2025)
North America is projected to register the highest growth during the forecast period. This large share can be attributed to factors such as The rising HCIT expenditure, developed healthcare infrastructure, broad insurance coverage, a favorable regulatory scenario, an increasing number of private healthcare players, growing demand for healthcare supply chain management solutions, and the presence of prominent healthcare IT companies in this region, are responsible for the large share of the North American healthcare EDI market.
Research Coverage
The report analyzes the Healthcare EDI market and aims at estimating the market size and future growth potential of this market based on various segments such as product & services, transaction type, delivery mode, end user, and region. The report also includes competitive analysis of the key players in this market along with their company profiles, product and service offerings, recent developments, and key market strategies.
The prominent players in the global healthcare EDI market are McKesson Corporation (US), athenahealth (US), Allscripts Healthcare Solutions Inc. (US), Cognizant Technology Corporation (US), The SSI Group, LLC (US), Cerner Corporation (US), Comarch SA (Poland), Axway Software SA (France), Optum Inc. (US), Dell Technologies Inc. (US), Quality Systems Inc. (US), and Synnex Corporation (US).
Market Dynamics
Key Market Drivers
- Favorable Regulations for Transaction Processes
- Rising Need to Curtail Healthcare Costs
- Government Support for HCIT
Market Restraints
- Data Security - A Major Concern for Patients and EDI Users
- High Implementation Cost of EDI Software
Market Opportunities
- Increase in Outsourcing of EDI Services
- Introduction of ICD-11 Guidelines
Market Challenges
- Integration Between Various HCIT Solutions Within the Healthcare Industry
- End-User Limitations and Requirements
COVID-19 Impact Analysis
Ecosystem
Technology Analysis
Companies Mentioned
- 123 EDI
- AllScripts Healthcare Solutions, Inc.
- Amosoft LLC
- athenahealth, Inc. (A Veritas Capital Company)
- Axway Solutions
- B2BGateway.net
- Cerner Corporation
- Cognizant Technology Solutions Corporation
- Comarch SA
- Dell Technologies Inc.
- Dicentral Corporation
- Experian plc
- McKesson Corporation
- NextGen Healthcare Information Systems, LLC
- Optum, Inc. (A Subsidiary of UnitedHealth Group Inc.)
- Plexis Healthcare Systems, Inc.
- Quadax, Inc.
- SSI Group LLC
- Synnex Corporation
- Waystar Health Company
For more information about this report visit https://www.researchandmarkets.com/r/g44rio
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