Healthcare EDI Market to Exhibit High Growth Rate due to Rising Research and Development Activities
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.
The tremendous expansion of the technological scenario and its applications in the healthcare market is one of the major factors that is driving the overall healthcare EDI market. In addition, the increasing incidence of chronic diseases and several other disorders and rising awareness regarding a healthy lifestyle are other factors that are expected to fuel the growth of the global healthcare EDI market through the forecast period. The high growth rate of the global market is further supported by research and development activities, increasing clinical trials, the growing base of end users including private players and hospitals, and increasing emphasis on insurance claims and reimbursement. As a result, in recent years, time and money that was wasted in healthcare management have been saved tremendously, resulting in the growth of the overall market
On the other hand, limited technological access in underdeveloped and rural areas across the globe and the risk of loss of system database are some of the major factors that are estimated to hamper the growth of the global healthcare EDI market in the next few years. In addition, financial limitations are also acting as a major restraint on further penetration of healthcare EDI.
Furthermore, the global healthcare EDI market has been segmented on the basis of end use into pharmacies and medical devices, suppliers and distributors, healthcare service providers, equipment manufacturers, and healthcare financers including private and government financers. The healthcare service providers segment is further sub-segmented into clinics, medical infrastructure, hospitals, and other medical assessment centers. On the basis of geography, the market has been divided into Asia Pacific, North America, Europe, and Rest of the World. The market shares and estimates of every segment have been discussed in the scope of the research report.
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The research study further covers the competitive landscape of the global healthcare EDI market, providing insights into company profiles, inception details, contact information, business policies, financial overview, mergers and acquisitions if any, and SWOT analysis. Some of the prominent players operating in the global healthcare EDI market are Optum Inc., Passport Health Communication, GE Healthcare, Ssi Group, Siemens Healthcare, and Capario Inc.