“Healthcare EDI Market (By Component-Hardware, Software and Services. By Transaction Type- Healthcare Supply Chain, Claims Management. By Services- Providers, In-House. By End User- Government, Healthcare Institutions, and Private) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2016 – 2025”, in terms of revenue, the Healthcare EDI market was valued at US$ 2.08 Billion in 2016, and is expected to reach US$ 4.14 Billion by 2025, expected to grow at a CAGR of 8.0% from 2017 to 2025.
Healthcare EDI (Electronic Data Interchange) is the interchange of healthcare data between computer systems. The rising need to minimize healthcare expenditure is the major drivingfactor for healthcare EDI market. Additionally, support of government for HCIT (Health Care Information Technology) is also fuelling the growth of healthcare EDI market. In the healthcare industry, emergency services records, patient history records and all other management of data is of crucial importance. As a result, EDI (Electronic Data interchange) is being executed in almost all healthcare institutes across the globe. The key drivers of healthcare EDI market are patient’s safety, requirement to increase efficiency, adoption of huge data in healthcare and increase in incentives and initiatives programs launched by government. Health Insurance Portability & Accountability Act (HIPAA) is another driving factor for this market. Dental and medical patient database management, reimbursement data management, regulatory data management are some of the few applications of healthcare EDI. Hence, it is assumed that the market growth for healthcare EDI will grow at a rapid pace during the projection period of 2016-2025.