Healthcare EDI Market to Grow at a CAGR of 13.7 Percent to reach $1,681.1 Million by 2018
FREMONT,CA: Healthcare Electronic Data Interchange (EDI) Market is expected to grow at a CAGR of 13.7 percent to reach $1,681.1 Million by 2018, reveals a report by MarketsandMarkets, the Market Research and consulting firm.
The report analyzes the global market for healthcare EDI on various angles like 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).
According to the report, various factors that influence EDI growth are reduction of the overall administration costs and time for managing claims transactions and initiatives by various governments to support healthcare IT.
However, high cost of software, restricted investment in healthcare IT, less insurance coverage of people across the BRIC (British, Russia, India, and China) nations, and compliance with the regulatory standards restrain the growth of EDI market.
Researchers found that by 2018, America will continue to dominate the Healthcare Electronic Data Interchange Market, followed by Europe, Asia, and RoW. The U.S. healthcare EDI market is expected to grow in the coming years due to the presence of large hospitals in the country demanding innovative IT solutions and availability of government funding for healthcare providers towards the development of health services.