Connecting Care: Healthcare Electronic Data Interchange Market Insights 2024

The healthcare electronic data interchange market size has grown rapidly in recent years. It will grow from $4.8 billion in 2023 to $5.36 billion in 2024 at a compound annual growth rate (CAGR) of 11.6%. The growth in the historic period can be attributed to regulatory compliance, administrative efficiency, cost reduction, error reduction, claims processing.

The healthcare electronic data interchange market size is expected to see rapid growth in the next few years. It will grow to $8.38 billion in 2028 at a compound annual growth rate (CAGR) of 11.8%. The growth in the forecast period can be attributed to value-based care models, data standardization, data privacy and security, inter-organizational data sharing, pandemic preparedness. Major trends in the forecast period include real-time claims processing, prior authorization automation, blockchain for secure data exchange, data analytics and predictive modeling, ai for claim scrutiny.

Market Overview -
Healthcare electronic data interchange refers to a secure method of exchanging data between healthcare institutions, insurers, and patients using standardized message formats and standards.

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Rising Prevalence Of Chronic Diseases Fuels Growth In Healthcare Electronic Data Interchange Market
The increasing prevalence of chronic diseases is expected to propel the growth of the healthcare electronic data interchange market in the coming years. Chronic illnesses are long-term problems that cannot be avoided with immunizations, treated with medicine, or simply disappear. They endure over an extended period, usually three months or more. Healthcare EDI plays a critical role in the entire treatment of chronic illnesses by speeding up data sharing, enhancing administrative procedures, and facilitating effective communication. It assists healthcare practitioners and patients in coordinating treatment, monitoring conditions, and improving the general standard of care for those with chronic health issues. For instance, in March 2022, according to the Australian Bureau of Statistics, an Australia-based self-governing statutory institution responsible for data collection and analysis as well as factual recommendations, in Australia, over half of the entire population (46.6%, or 11.6 million people) had at least one chronic illness. Therefore, the increasing prevalence of chronic diseases is driving the healthcare electronic data interchange market.

Competitive Landscape -
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

Integration Of Advanced Technologies Redefining The Healthcare Electronic Data Interchange Market
The incorporation of advanced technologies into EDI systems is expected to be a key trend in the healthcare electronic data interchange market. Major companies are integrating EDI solutions with new technologies such as APIs, AI, and Blockchain. Advanced technologies increase the agility and connectivity of EDI solutions, which further saves cost and time. For instance, in May 2022, NextGen Healthcare Inc., a US-based software firm that creates and sells electronic medical record software and practice administration solutions to the healthcare industry, launched NextGen Health Data Hub Insights. NextGen Health Data Hub Insights is a revolutionary information center and personalized analytics platform. The software is designed to make obtaining data, performing analytics, and report generation simpler for health information exchanges (HIEs) and medical professionals throughout the country, allowing them to give a more comprehensive picture of community and patient health. Based on the NextGen Health Data Hub, which allows clients to exchange community-wide data, this modern technology enables clients to further unlock the value of their information assets by offering tailored, near-immediate visualization capabilities as well as information at the point of care.

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Key Segments -

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

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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