Global Healthcare EDI Market to Grow at a CAGR of ~11% during 2023-2033; Market to Expand on the Back of the Growth in the Healthcare Industry across the Globe – Kenneth Research – GlobeNewswire

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| Source: Kenneth Research Kenneth Research
New York, New York, UNITED STATES
New York, Oct. 20, 2022 (GLOBE NEWSWIRE) — Kenneth Research has published a detailed market report on ‘Global Healthcare EDI Market’ for the forecast period, i.e. 2023 – 2033, which includes the following factors:
Global Healthcare EDI Market Size:
The global healthcare EDI market is estimated to garner a revenue of nearly USD 10 billion by the end of 2033 by growing at a CAGR of ~11% over the forecast period. Further, the market generated a revenue of around USD 4 billion in the year 2022. The worldwide growth in the healthcare industry is thought to be the prime factor driving the expansion of the global healthcare EDI market. For instance, there is a significant presence of hospitals in countries worldwide. As of 2020, the number of hospitals in Japan was more than 8200, while the count in the United States (U.S.) came up to 7000. The global market is further expected to be propelled by factors, such as, increasing use of big data in healthcare to meet revenue goals, rising healthcare expenditure, increase in the smartphone users, and rise in the population across the world over the forecast period.
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Global Healthcare EDI Market: Key Takeaways
Enormous Upsurge in Big Data in the Healthcare Sector to Propel Market Growth
Healthcare EDI is the automated transfer of data in a specific format following specific data content rules between a health care provider and Medicare, or between Medicare and another health care plan. Using this system of storing patient data gives the data more security and easy access from anywhere. It was noticed that, from 2005 to 2019, the total number of individuals affected by healthcare data breaches was 249.09 million.  Out of these, 157.40 million individuals were affected in the last five years alone and it is anticipated to increase more over the forecast period.  Hence, backed by providing more security to sensitive data, this is estimated to be a major factor to drive the growth of the global healthcare EDI market.
In addition to this, for the last few years there healthcare sector is facing enormous upsurge in big data. With that, adoption of healthcare EDI systems is increasing across the globe. This is also estimated to propel the market growth. Additionally, the rising investments in the R&D activities to continuously bring up more feasible solutions across the healthcare sector are predicted to propel the global healthcare EDI market during the forecast period. According to research reports, global research and development spending has more than tripled in real terms since 2000, rising from approximately USD 680 billion to over USD 2.5 trillion in 2019. With that, increasing expenditure for healthcare around the globe is also expected to significantly contribute to the market growth.
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Global Healthcare EDI Market: Regional Overview
The global healthcare EDI market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Rising Prevalence of Chronic Diseases throughout the Region Drove Market in the North America Region
The market in the North American region is projected to hold the largest market share by the end of 2033 on the back of surging investment by the government for the better health of the people, and rising regulatory requirements. Additionally, non-communicable or chronic diseases have become one of the leading causes of deaths in the region along with the high diagnosis rate of the diseases. It was observed that, in 2018, 51.8% (129 million) of civilian, noninstitutionalized adults had been diagnosed with at least 1 of 10 selected chronic conditions. More specifically, 24.6% (61 million) of adults had one chronic condition, and 27.2% (68 million) had more than two chronic conditions. Hence, this is expected to be a major factor to propel the growth of the healthcare EDI market.
Rapid Development in Healthcare Infrastructure to Favor Market Growth in the Asia Pacific Region
On the other hand, market in the Asia Pacific region is estimated to witness a significant growth during the forecast period. The market growth can be majorly attributed to rapid development in healthcare infrastructure, along with the government’s support services and initiatives to create awareness regarding EDI systems among the mass. Moreover, increasing funding in healthcare infrastructure, rising awareness about treatment among patients, and increasing health expenditure in regional GDP are expected to influence the growth of the healthcare EDI market. As per The World Bank, in the year 2019, share of global health expenditure in East Asia & Pacific region accounted to 6.67% of GDP.
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The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in:
Global Healthcare EDI Market, Segmentation by End User
The healthcare payers segment is estimated to hold a substantial market share in the healthcare EDI market during the forecast period. The growth of the segment can be accredited to the existence of a huge patient pool requiring reimbursement facilities from the payers. Furthermore, rising healthcare expenditure per capita worldwide is also estimated to propel the growth of this segment. According to the data by The World Bank, as of 2019, current health expenditure per capita among the global population was USD 1,121.97.
Global Healthcare EDI Market, Segmentation by Delivery Mode
The web & cloud segment is anticipated to hold a notable share over the forecast period in the market. This can be accredited to the lower cost and high rate of awareness among different sectors related to the cloud, increasing internet penetration among individuals across the globe. According to The World Bank, individuals using the internet was 40% of global population in 2015, and in 2020, the percentage had increased to 60% of global population.
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Global Healthcare EDI Market, Segmentation by Component
Global Healthcare EDI Market, Segmentation by Transaction Type
Few of the well-known market leaders in the global healthcare EDI market that are profiled by Kenneth Research are Athenahealth, Inc. (Veritas Capital Fund Management, L.L.C.), Axway, Cognizant Technology Solutions Corporation, Comarch S. A., HDX (Cerner Corporation), Dell Technologies, Inc., McKesson Corporation, Optum, Inc., NXGN Management, LLC., Allscripts Healthcare, LLC, and others.
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Recent Developments in the Global Healthcare EDI Market
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About Kenneth Research
Kenneth Research is a leading service provider for strategic market research and consulting. We aim to provide unbiased, unparalleled market insights and industry analysis to help industries, conglomerates and executives to take wise decisions for their future marketing strategy, expansion and investment, etc. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds. Our out of box thinking helps our clients to take wise decision so as to avoid future uncertainties.
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