Healthcare Electronic Data Interchange (EDI) Market worth $1,681.1 Million by 2018
06 May, 2014, 18:00 BST
DALLAS, May 6, 2014 /PRNewswire/ --
According to new market research report the "Healthcare EDI Market by Component (EDI Software, EDI Services), by Transactions (Claim Status, Eligibility Verification) by Mode of Delivery (Web-based EDI, Mobile EDI, EDI Van) by End-users (Healthcare Payers, Providers) - Global Forecast to 2018", published by MarketsandMarkets, The global Healthcare EDI Market is expected to grow at a CAGR of 13.7% in the forecast period to reach $1,681.1 Million by 2018.
Browse 58 market data Tables and 32 Figures spread through 215 Pages and in-depth TOC on "Healthcare EDI Market"
http://www.marketsandmarkets.com/Market-Reports/healthcare-edi-market-130571438.html
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This report studies the global healthcare EDI market, with forecast to 2018.
The global healthcare EDI market is expected to grow at a substantial rate in the next five years. Various factors are responsible for this growth, which includes reduction of the overall administration costs for claims transactions, reduction of the time and complexity of managing the entire claims management process, and initiatives by various governments for supporting healthcare IT. However, problems associated with the security of data, high cost of software installations, and lesser insurance coverage of citizens of the BRIC nations restrains the market to a certain extent.
This report analyzes the global market for healthcare EDI based on components (EDI software, and EDI services), transactions (claim status, eligibility verification, payment remittance, referral certification authorization, enrolment/disenrollment transactions, and premium payments), end-users (healthcare payers, healthcare providers, and medical equipment and accessories suppliers/ pharmacies), mode of delivery (web-based EDI, point-to-point EDI, mobile EDI, EDI VAN, and EDI via AS2), and geography (North America, Europe, Asia, and Rest of the World).
The global Healthcare EDI Market is expected to grow at a CAGR of 13.7% in the forecast period to reach $1,681.1 Million by 2018 from $916.5 Million in 2013. Factors such as rising healthcare and administration costs, strong government support and initiatives, and growing need for easy conduction of claims management, have increased the demand for healthcare EDI. However, high cost of software, restricted investment in healthcare IT, less insurance coverage of people across the BRIC nations, and compliance with the regulatory standards are factors that restrain the growth of the market.
By 2018, North America will continue to dominate the Healthcare Electronic Data Interchange Market, followed by Europe, Asia, and RoW. The U.S. has been a frontrunner in the development of IT infrastructure for the healthcare industry and is a well-established market for healthcare IT solutions. However, there lies a further growth opportunity for the healthcare EDI market in the U.S considering the presence of large hospitals in the country demanding innovative IT solutions to streamline the processes and availability of government funding for healthcare providers towards the development of health services.
As the Asian market is relatively new to healthcare EDI, the market share of this region is not expected to change significantly in the next five years. However, the increasing number of government initiatives towards implementation of IT in the healthcare industry will propel the demand for healthcare IT solutions, which in turn will drive the healthcare EDI market at a greater than average CAGR during 2013 and 2018.
The prominent players in the global healthcare EDI market include Emdeon Inc. (U.S.), Allscripts (U.S.), Mckesson (U.S.), Optum Health (U.S.), GE Healthcare (U.K.), Siemens Healthcare (Germany), SSI Group (U.S.), ZirMed (U.S.), Passport Health communications (U.S.), and Capario (U.S.).
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