U.S. Healthcare Electronic Data Interchange (EDI) Market – Industry Trends and Forecast to 2030

U.S. Healthcare Electronic Data Interchange (EDI) Market Analysis and Size

Rising healthcare costs and technological advances in electronic data interchange (EDI) are expected to drive market growth. Furthermore, an increase in the number of end-users, combined with increased EDI adoption, is expected to support market growth during the forecast period. Healthcare EDI aids in the automation of business processes such as claim submission and payment, insurance eligibility verification, and data reporting. According to the Maryland Healthcare Commission, claim submissions are the most common electronic transaction in health care. Thus, EDI finds notable applications in this sector.

Data Bridge Market Research analyses that the healthcare electronic data interchange (EDI) market which is USD 1385.088 million in 2022, is expected to reach USD 2904.89 million by 2030, at a CAGR of 9.7% during the forecast period 2023 to 2030. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

U.S. Healthcare Electronic Data Interchange (EDI) Market Scope and Segmentation  

Market Definition

EDI, or electronic data interchange, facilitates the exchange of business documents in a standard format. EDI is a standard electronic format that replaces paper-based documents such as purchase orders and invoices. By automating paper-based transactions, organizations can save time and eliminate costly errors caused by manual processing. In EDI transactions, information is transferred directly from one organization's computer application to another's computer application. Electronic data interchange is a concept in electronic business communication. Healthcare electronic data interchange enables the exchange of computer-processable electronic healthcare data in a user-friendly format among healthcare institutions, healthcare professionals, and patients.

U.S. Healthcare Electronic Data Interchange (EDI) Market Dynamics

Drivers

• Growing number of end-users

To deliver electronic data interchange services/solutions, various methods or delivery modes are used, such as web and cloud-based EDI, EDI Value Added Network (VAN), direct (point-to-point) EDI, mobile EDI, Applicability Statement version 2 (AS2), File Transfer Protocol over Virtual Private Network (FTP/VPN), Secure File Transfer Protocol (SFTP), or File Transfer Protocol Secure (FTPS). Furthermore, a growing number of end-users is expected to drive demand for electronic data interchange services/solutions during the forecast period.

Opportunities

• Technological Advancements

Electronic data interchange services/solutions that have been technologically innovated, such as web-based EDI, have advanced to address issues such as confidentiality, authentication, and data integrity. The American National Standards Institute (ANSI) X12 EDI formatting standard has made electronic data interchange useful for Business-to-Business (B2B) transactions. The emergence of Extensible Markup Language (XML) and web-based standards in electronic data interchange is propelling the industry forward.

Restraints/Challenges

• High cost

The high costs of electronic data interchange solutions hamper the market growth. The availability of low-cost cloud solutions is expected to create opportunities for the growth of the healthcare electronic data interchange (EDI) market in the United States. Technological advancements may create a difficult environment for electronic data interchange.

This healthcare electronic data interchange (EDI) market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the healthcare electronic data interchange (EDI) market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on the Healthcare Electronic Data Interchange (EDI) Market

COVID-19 was a disaster for the major world economies, particularly the healthcare industry, in addition to communities. The situation is rapidly changing, and key stakeholders are still adjusting their strategies. COVID-19 is expected to have significant long-term effects in the healthcare sector. Significant players and nations must make significant healthcare changes until the problem is resolved. Future healthcare advancements will rely heavily on technological advancement, cost containment, and increased access. Telehealth and digital health have become increasingly important in the ongoing outbreak. COVID-19 emphasized remote diagnosis, care, and consultation once more.

Recent Developments

• In 2021, McKesson Corporation expanded its integrated pharmacy services for specialty clinics business with Vanderbilt Health Rx Solutions. This step will aid in tailoring pharmaceutical services to the needs of hospitals and health systems. The collaboration will streamline all business services activities. This will contribute to the company's service quality improving. The market will benefit from an improved process system and a faster solution.
• In 2020, Athenahealth, Inc. launched its gamify solution for the healthcare industry. The goal of this solution was to improve the company's revenue cycle performance. The company's performance was subpar due to uncertainties; thus, the product was launched to improve productivity and track revenue.
• In 2019, Epicor Software Corporation acquired 1 EDI Source, Inc., a company that specializes in business visibility software and electronic data interchange (EDI) solutions. This bolstered Epicor's Business Services portfolio and contributed to the company's goal of becoming the cloud vendor of choice in target markets.

U.S. Healthcare Electronic Data Interchange (EDI) Market Scope

The healthcare electronic data interchange (EDI) market is segmented on the basis of application, distribution channel, components, transaction type, delivery mode, end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Components

• Services
• Solutions

 Transaction Type

• Claim Management
• Healthcare Supply Chain Management

 Delivery Mode

• Web and Cloud Based EDI
• EDI VAN
• Point to Point EDI
• Mobile EDI

 Application

• Practice Management
• Patient Management
• E-prescription
• Population Health Management
• Referral Management
• Others

End User

• Hospitals
• Healthcare Payers
• Pharmacies and Laboratories
• Clinics
• Ambulatory Surgery Centers
• Medical Devices and Pharmaceuticals
• Others

Distribution Channel

• Direct Tender
• Third Party Distribution

Healthcare Infrastructure Growth Installed base and New Technology Penetration

The healthcare electronic data interchange (EDI) market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for healthcare electronic data interchange (EDI) market impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the healthcare electronic data interchange (EDI) market. The data is available for historic period 2011-2021.

Competitive Landscape and Healthcare Electronic Data Interchange (EDI) Market Share Analysis

The healthcare electronic data interchange (EDI) market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to healthcare electronic data interchange (EDI) market.

Some of the major players operating in the healthcare electronic data interchange (EDI) market are:

• MCKESSON CORPORATION (U.S.)
• Optum, Inc. (U.S.)
• athenahealth, Inc. (U.S.)
• Allscripts Healthcare, LLC (U.S.)
• NXGN Management, LLC (U.S.)
• Experian Information Solutions, Inc. (Ireland)
• Cerner Corporation (U.S.)
• SYNNEX Corporation (U.S.)
• Cognizant (U.S.)
• Boomi, LP (U.S.)
• Waystar (U.S.)
• Comarch SA (Poland)
• Axway (France)
• PLEXIS Healthcare Systems Inc. (U.S.)
• Software AG (Germany)
• TrueCommerce B2BGateway (U.S.)
• HEALTHASYST (India)
• Quadax, Inc. (U.S.)
• General Electric (U.S.)

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