Healthcare EDI Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 – 2019
Electronic Data Interchange, abbreviated as EDI, is an innovative electronic communication technology, that offers exchange data standards, for exchange of data by any kind of electronic technology. Electronic data exchange permits exchange of important data between two or more companies, situated in two or different countries, by application of certain standards of EDI. EDI can be defined as, exchange of data, by using predetermined message terms and standards, from one computer device to another, without any human or mechanical intervention. Electronic data exchange was launched by National Institute of Standards and Technology in 1996.
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Healthcare Electronic Data Exchange (EDI) is the systematic application of EDI in the field of healthcare. EDI has played a valuable role in the healthcare industry. It is been very critical to manage the data in healthcare field, such as, patient history records, medication data, emergency services records and others. However, EDI helped to manage this huge data in very efficient, systematic and easily accessible manner. EDI is implemented in almost all sub-divisions of healthcare industry, since it saves lot of time and money, and ultimately propels the growth of healthcare industry. As of now, major applications of EDI in the healthcare industry include insurance and reimbursement sector, dental and medical patient database management, clinical trials and regulatory data management and others.
The market of healthcare EDI is segmented on the basis of products and end users. In products segmentation, it is further divided on the basis of mode of delivery, such as, P2P EDI, VAN EDI, Cloud EDI, mobile EDI and others. On the basis of transactions, it is sub-divided as, premium payments, eligibility verification, insurance and reimbursement claim status, enrollment related transactions and others. Further, on the basis of end users, it is sub-divided as healthcare service providers (medical infrastructure, clinics, hospitals and other medical assessment centers), pharmacies and medical devices and equipment manufacturers, suppliers, and distributors, and healthcare financers, such as government financers and private financers.
Moreover, the market is segmented on the basis of geography, such as, North America, Europe, Asia-Pacific and Rest of the World (RoW). At present, North America and Europe are the most prominent markets, owing to well developed technological networks. However, Asia-Pacific and some countries in RoW region are expected to show lucrative growth in the upcoming period, owing to enhanced awareness about use of technology to perform day-to-day EDI activities and growth of technological network.
The market of healthcare EDI is driven by many influencing factors, such as, rapidly growing technology and its applications in the healthcare industry, increase in prevalence of chronic diseases and growing awareness. This is supported by rapidly growing clinical trials and R&D, increasing base of end-users such as hospitals and private payers, and strong focus on reimbursement and insurance claims. Rapidly increasing technological applications is considered as the most important driver supporting the growth of this market. Owing to this, a large amount of money and time, which was wasted in healthcare data management, has been saved that ultimately contributes in the growth of the industry.
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However, limited technological access in rural and under developed region of the world, threat of loss of system database due to technical issues are some of the restraints, expected to hinder the growth of market. Furthermore, financial limitations also act as a barrier in the penetration of EDI.
Some of the major players operating in this market include Capario Inc., GE Healthcare, Siemens Healthcare, Ssi Group, Inc., Passport Health Communication Inc., and Optum Inc. amongst others.
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