Key Drivers and Opportunities in the Healthcare Electronic Data Interchange Market: Insights into Trends and Growth
Updated 2025 Market Reports Released: Trends, Forecasts to 2034 – Early Purchase Your Competitive Edge Today!
What Long-Term Growth Rate is Expected for the Healthcare Electronic Data Interchange Market Between 2025 and 2034?
In recent times, there has been a significant expansion in the market size of the healthcare electronic data interchange. It is projected to escalate from $5.39 billion in 2024 to approximately $6 billion in 2025, with a compound annual growth rate (CAGR) of 11.2%. The growth experienced in the past years is predominantly due to factors such as regulatory compliance, improved administrative efficiency, reduction in costs, decrease in errors, and processing of claims.
Expectations are high for the healthcare electronic data interchange market, as it is primed to experience significant expansion in the coming years. Its valuation is projected to reach $9.55 billion by 2029, with a compound annual growth rate (CAGR) of 12.3%. Key forces driving this predicted growth during the forecast period are the adoption of value-based care models, standardization of data, data privacy and security, intra-organizational data exchange, and readiness for pandemics. The forecast period will also witness certain prevailing trends including, real-time processing of claims, automation of prior authorization, utilization of blockchain for the safe exchange of data, data analytics and predictive modeling, and the application of artificial intelligence in claim examination.
Which Major Market Drivers Are Expected to Boost the healthcare electronic data interchange Market’s Growth Potential?
The rise in chronic diseases is likely to fuel the expansion of the healthcare electronic data interchange market in the future. Chronic diseases are persistent, long-lasting issues that can’t be prevented by vaccinations, remedied with medication, or just vanish. They last for an extended duration, commonly three months or more. The role of Healthcare EDI is pivotal in the comprehensive treatment of chronic diseases as it accelerates data exchange, optimizes administrative practices, and enables efficient communication. It aids healthcare providers and patients in managing treatment, monitoring conditions, and elevating the overall care quality for individuals with chronic health problems. For example, the Australian Bureau of Statistics, an independent Australian institution responsible for collecting and analyzing data and providing factual recommendations, reported in March 2022 that over half (46.6 percent, or 11.6 million individuals) of Australia’s entire population had at least one chronic illness. As a result, the surge in chronic diseases prevalence is propelling the healthcare electronic data interchange market forward.
Request Your Free Healthcare Electronic Data Interchange Market Report Sample Now!
https://www.thebusinessresearchcompany.com/sample.aspx?id=6940&type=smp
Who Are the Dominant Players Pushing the Boundaries of the Healthcare Electronic Data Interchange Market?
Major companies operating in the healthcare electronic data interchange market include:
• McKesson Corporation_x000D_
• Optum Inc._x000D_
• Allscripts Healthcare Solutions Inc._x000D_
• Athenahealth Inc._x000D_
• NextGen Healthcare Inc._x000D_
How Are Market Trends Revolutionizing the Healthcare Electronic Data Interchange Industry in Recent Times?
One promising trend in the healthcare electronic data interchange market is the integration of cutting-edge technologies with EDI systems. Major players in the market are merging EDI solutions with next-generation technologies like APIs, AI, and Blockchain to enhance their flexibility and interconnectivity. Such technological enhancements can result in significant cost and time savings. For instance, NextGen Healthcare Inc., a notable American firm known for developing and marketing electronic medical records software and practice management solutions, unveiled the NextGen Health Data Hub Insights in May 2022. This groundbreaking informational hub and personalized analytics platform aim to simplify data acquisition, analytics, and report creation for health information exchanges (HIEs) and healthcare providers nationwide. This aids in delivering a holistic view of patient and community health. This novel technology, based on the NextGen Health Data Hub that facilitates the exchange of community-wide data, empowers clients to maximize the potential of their data assets by providing custom, near-instant visualization options and data availability at the point of care.
Pre-order Your Report for Quick and Easy Delivery!
What Are the Core Categories and Segments in the Healthcare Electronic Data Interchange Market Driving Demand and Growth?
The healthcare electronic data interchange market covered in this report is segmented –
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
Subsegments:
1) By Services: Consulting Services, Implementation Services, Maintenance And Support Services
2) By Solution: EDI Software, EDI Gateway Solutions, EDI Translation Tools
Which Geographic Areas Are Influencing the Growth of the Healthcare Electronic Data Interchange Market?
North America was the largest region in the healthcare electronic data interchange market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the healthcare electronic data interchange market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
What Are the Core Features That Define the Healthcare Electronic Data Interchange Market?
Healthcare electronic data interchange refers to a secure method of exchanging data between healthcare institutions, insurers, and patients using standardized message formats and standards.
Browse Through More Similar Reports By The Business Research Company:
Point-of-Care Diagnostics Devices And Equipment Global Market Report 2024
Business Analytics & Enterprise Software Global Market Report 2024
Orthopedic Braces And Support Devices And Equipment Global Market Report 2024
About The Business Research Company:
With over 15000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Armed with 1,500,000 datasets, the optimistic contribution of in-depth secondary research, and unique insights from industry leaders, you can get the information you need to stay ahead in the game.
Contact us at:
The Business Research Company: https://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at [email protected]
Follow us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Found this article helpful? Share it on:
