Healthcare Electronic Data Interchange Market Size to Exceed $9.55 Billion by 2029 | Growth and Industry Trends
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How Has the Healthcare Electronic Data Interchange Market Grown from 2024 to 2025?
In recent years, the healthcare electronic data interchange market has seen a significant increase in size. Its expected to expand from its 2024 value of $5.39 billion to $6 billion in the following year, representing a compound annual growth rate (CAGR) of 11.2%. This growth in the past era can be traced back to regulatory compliance, administrative efficiency, cuts in costs, reduction of errors, and claims processing.
What Growth Rate Is Anticipated for the Healthcare Electronic Data Interchange Market in the Coming Years?
In the upcoming years, the market size of healthcare electronic data exchange is projected to experience a swift expansion, surging to $9.55 billion by 2029 with a compound annual growth rate (CAGR) of 12.3%. This growth during the forecast period is attributed to elements such as value-based healthcare models, data standardization, data privacy and security measures, cross-organization data sharing, and readiness for pandemics. Key emerging trends expected during this forecast period are real-time insurance claim processing, automation of prior authorization, usage of blockchain for secure data transfer, advanced data analytics and predictive modeling, as well as AI applications in claim scrutiny.
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Who Are the Leading Companies in 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 Are the Key Drivers of the Healthcare Electronic Data Interchange Market?
The escalating rate of chronic diseases is predicted to fuel the expansion of the market for healthcare electronic data interchange in the forthcoming years. Chronic diseases are persistent ailments that cannot be prevented through vaccination, cured with medicine, or simply vanish. They persist over a long span, typically three months or longer. The role of healthcare EDI in the comprehensive treatment of these diseases is crucial as it accelerates the exchange of data, augments administrative processes, and promotes effective communication. This helps healthcare providers and patients to manage treatment, monitor conditions, and enhance the overall quality of care for those battling chronic health problems. For instance, the Australian Bureau of Statistics reported in March 2022 that over half of the entire population in Australia, which constitutes 46.6%, or 11.6 million individuals had a minimum of one chronic disease. Consequently, the rising prevalence of chronic ailments is propelling the healthcare electronic data interchange market.
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What Are the Key Market Segments in the Healthcare Electronic Data Interchange Industry?
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
What Are the Latest Trends in the Healthcare Electronic Data Interchange Market?
Advanced technology integration into EDI systems is anticipated to be a pivotal trend in the healthcare electronic data interchange market. Numerous prominent companies are merging EDI solutions with cutting-edge technologies like APIs, AI, and Blockchain. These technologies enhance the efficiency and connectivity of EDI solutions, thereby reducing costs and time. For example, in May 2022, NextGen Healthcare Inc., an American software company that designs and markets electronic medical record software and practice management solutions to the healthcare sector, introduced NextGen Health Data Hub Insights. This software, being an innovative information center and personalized analytics platform, simplifies data acquisition, analytics execution, and report creation for Health Information Exchanges (HIEs) and healthcare professionals across the country. The aim is to provide a more holistic view of community and patient health. Derived from the NextGen Health Data Hub, which facilitates community-wide data exchange, this cutting-edge technology lets clients further capitalize on their information assets by providing customized, rapid visualization capabilities and point-of-care information.
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What Are the Key Regional Markets in the Healthcare Electronic Data Interchange Industry?
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.
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This Report Delivers Insight On:
1. How big is the healthcare electronic data interchange market, and how is it changing globally?
2. Who are the major companies in the healthcare electronic data interchange market, and how are they performing?
3. What are the key opportunities and risks in the healthcare electronic data interchange market right now?
4. Which products or customer segments are growing the most in the healthcare electronic data interchange market?
5. What factors are helping or slowing down the growth of the healthcare electronic data interchange market?
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