11 Dec, 2020, 09:30 ET
CHICAGO, Dec. 11, 2020 /PRNewswire/ -- According to the new market research report "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 & Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is projected to reach USD 4.4 billion by 2025 from USD 3.0 billion in 2020, at a CAGR of 7.8% during the forecast period.
Browse in-depth TOC on "Healthcare EDI Market"
129 – Tables
44 – Figures
195 – Pages
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The growth of this market is majorly attributed to the development of regulations for transaction processes, the rising need to curtail healthcare costs and government support for HCIT implementation. Also, the need for the efficient management of electronic claims and reimbursement transactions (for healthcare providers) is expected to drive demand growth in the healthcare EDI market during the forecast period.
By delivery mode, the mobile EDI segment is expected to grow at the highest growth rate during the forecast period
Among the delivery mode segment, the mobile EDI segment is expected to grow at the highest CAGR during the forecast period. The factors attributing to the high growth of this segment include the technological upgrades in the healthcare industry and growing acceptance of mobile solutions among healthcare providers.
By component, the services segment is expected to record the highest CAGR during the forecast period
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 transaction type, the claims management segment is expected to account for the largest share of the healthcare EDI market
On the basis of the transaction type, the EDI market is segmented into claims management and healthcare supply chain. The claims management segment is expected to account for the largest share of the market during the forecast period. The large share of this segment can be attributed to the rising adoption of EDI services by healthcare providers and payers and the need to meet regulatory requirements.
By end user, the healthcare payers segment to record the highest CAGR 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.
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North America dominates the Healthcare EDI market during the forecast period.
North America is expected to hold the largest market size in the global market during the forecast period, followed by the European region. 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 EDI market.
McKesson Corporation (US), Optum (US), Allscripts Healthcare Solutions Inc. (US), athenahealth (US), and Nextgen Healthcare (US) are the key players operating in the healthcare EDI market. Other prominent players in this market include Cognizant Technology Corporation (US), SSI Group, LLC (US), Cerner Corporation (US), Comarch SA (Poland), Axway Software SA (France), Optum Inc. (US), Dell Technologies Inc. (US), Nextgen Healthcare (US), Synnex Corporation (US), Comarch (Poland), Axway Solutions (US), and Plexis Healthcare Systems (US).
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