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(Medical-NewsWire.com, October 10, 2018 ) According to the new market research report "Healthcare EDI Market by Component (Solution, Service), Delivery Mode (Web & Cloud, Mobile) Transaction Type (Claims Management, Remittance, Payments, Healthcare Supply Chain), End User (Healthcare Provider, Payer, Pharmacies) - Global Forecast to 2022", The healthcare EDI market is expected to reach USD 2.45 Billion by 2022 from an estimated USD 1.65 Billion in 2017, at a CAGR of 8.1%. The growth of the market is mainly driven by the rising need to curtail healthcare costs, mandatory regulations for transaction processes, and government support for HCIT.
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“By component, the services segment accounted for the largest share of the market in 2016.”
On the basis of component, the services segment accounted for the largest share of the global healthcare EDI market. This is primarily attributed to the increasing complexity and scale of EDI solutions, as they require extensive training programs, and rise in outsourcing activities. The services segment is also expected to grow at the highest CAGR during the forecast period.
“By delivery mode, the web & cloud-based EDI segment held the largest market share in 2016.”
Based on delivery mode, the web & cloud-based EDI segment accounted for the largest share of this market. The low cost of web and cloud-based EDI, non-requirement of software installations, compatibility with mobile devices, and high scalability are the major factors driving the use of web & cloud-based EDI, which has boosted the demand for effective EDI implementation.
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“North America dominated the market in 2016.”
North America accounted for the largest share of the healthcare EDI market in 2016, followed by Europe and Asia-Pacific. Factors such as the high adoption rate of HCIT technologies, regulatory requirements regarding patient safety, the presence of a large number of HCIT companies in the region, and growing demand for innovative IT solutions to streamline workflows are contributing to the large share of North America. The rising adoption of EDI services by hospitals in supply chain management and government efforts to improve healthcare coverage & streamline healthcare delivery & reimbursement processes are majorly contributing to the growth of the European healthcare EDI market, which holds the second-largest market share.
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The prominent players in the global healthcare EDI market are McKesson Corporation (U.S.), GE Healthcare (U.S.), Allscripts Healthcare Solutions Inc. (U.S.), Cognizant Technology Corporation (U.S.), SSI Group, LLC (U.S.), Cerner Corporation (U.S.), Comarch SA (Poland), Axway Software SA (France), Optum Inc. (U.S.), Dell Technologies Inc. (U.S.), Quality Systems Inc. (U.S.), and Synnex Corporation (U.S.).
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Mr. Shelly Singh