The substantial need for managing varied healthcare data in electronic formats is a key factor driving the demand for various types of electronic data interchange (EDI) mechanism across the healthcare sector world over. The staggering demand for managing patient medical records, insurance reimbursement details, and healthcare claims is boosting the healthcare EDI market. A comprehensive insight into these trends and various other key factors forms the crux of a recent report by Transparency Market Research (TMR) titled “Healthcare EDI Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016–2024”. The burgeoning number of clinical trials, especially in emerging economies and developed regions, is providing a robust impetus to the growth of the market over the forecast period.
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The demand for healthcare EDI is riding on the back of the growing digitization of the industry. The rising demand for electronic system for managing healthcare regulatory data and patient insurance claims is expected to bolster the uptake. In particular, the market significantly benefited from the digitization of insurance claim documentation.
The global market garnered profound momentum with the enactment of Health Insurance Portability and Accountability Act (HIPPA) in the U.S. among healthcare payers and providers. The HIPPA paved way for a unified electronic health care transactions across the nation. Industry efforts to make computer-processed healthcare data more secure is also catalyzing the market’s growth. Furthermore, advancements in various modes of delivery for healthcare EDI transactions delivery are helping in the rapid expansion of the market.
The need for reducing the time and handling costs of processing healthcare documents is a notable factor propelling the demand for healthcare EDI. The rising number of clinical trials pertaining to development of new therapies and drugs has accentuated the demand for healthcare EDI systems. Constant advancement brought about by players in the software bodes well for the market. In addition, considerable progress made in the healthcare data management platforms in recent years has provided a shot in the arm, fueling the growth of the market.
However, the high cost of deployment of healthcare EDI systems may dissuade many healthcare payers and provider to make the transition. Nevertheless, recognizing the undeniable benefits of digitization for the healthcare industry, the market will find a sweet spot for growth.
Regionally, North America is a potentially lucrative market and is currently witnessing widespread adoption of healthcare EDI systems. The growing complexity of the healthcare ecosystem in countries such as the U.S. is behind the extensive uptake. Meanwhile, Asia Pacific market is expected to rise at a healthy clip driven by the swelling patient population and the intensifying focus by government and private players in accepting the merits of healthcare digitization.
Some of the players expected to hold a substantial share in the global healthcare EDI market are Optum Inc., Passport Health Communication Inc., Siemens Healthineers, SSI Group Inc., Capario Inc., and GE Healthcare.