Asia Pacific Healthcare Electronic Data Interchange (EDI) Market is expected to reach US$ 1,208.20 million by 2030

Publisher: The Insight Partners

According to our new research study on “Asia Pacific Healthcare EDI Market Forecast to 2030 – Regional Analysis – by Component, Delivery Mode, Application, and End User,” the healthcare EDI market size is expected to grow from US$ 409.35 million in 2022 to US$ 1,208.20 million by 2030; it is estimated to register a CAGR of 14.5% during 2022–2030.

Key factors driving the Asia Pacific healthcare EDI market growth include growing need for seamless processing of healthcare claims and administrative transactions, and increasing adoption of healthcare EDI platform in supply chain tracking. However, the high implementation cost of healthcare EDI hinders the market growth.

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Increasing Adoption of Healthcare EDI Platform in Supply Chain Tracking

Hospitals face unprecedented pressure to improve the traditional supply chain process, ultimately reducing cost, quality, and customer experience. Three of the most common issues in the healthcare industry's supply chain are inadequate inventory management, manual data entry errors, and regulatory compliance and reporting. For example, when medical product suppliers do not utilize healthcare EDI, the healthcare organizations need help in delivering quality patient care, and suppliers lose competitive advantage over other suppliers, spoiling business relationships. Therefore, incorporating healthcare EDI in the supply chain offers the best solution to mitigate supply chain errors. For example, healthcare EDI enables real-time communication of maintaining inventory levels in the medical device industry.

EDI also provides more accurate demand forecasts and allows healthcare suppliers to maintain inventories with the products their customers need and ultimately optimize inventory levels. Further, EDI reduces manual data entry errors across the supply chain by automating the exchange of information between trading partners and ensuring the accurate and consistent transmission of data across the supply chain, keeping the order fulfillment process streamlined and accurate. The EDI also manages regulatory compliance and reporting across the supply chain. For example, by properly utilizing the healthcare EDI transactions, healthcare product suppliers can take advantage of the automatic generation and exchange of necessary documents related to regulatory compliance and build an electronic audit record demonstrating compliance. Furthermore, medical product suppliers can take advantage of cloud-based EDI managed services, EDI value-added networks (VANs), and EDI training and consulting services. "Cloud-Based EDI Managed Services" and "EDI Value-Added Network (VAN)" solutions offered by the GraceBlood LLC. company are among such examples. EDI Managed Services automates the process in order to help the business grow in less time. Cloud-based EDI-managed services utilize fewer resources and help meet the ever-changing demand of the supply chain, resulting in growing business more than ever before. Additionally, EDI VAN has proven the scalability and service levels through features such as Open Web Services, APIs, and Fully Cloud-Enabled Architecture with minimum supply chain-associated cost. Therefore, the utilization of healthcare EDI in supply chain processes ultimately drives market growth through limited resource utilization and cost.

Market Opportunity

Outsourcing Healthcare EDI Services

EDI implementation through third-party/outsourced solutions saves time, internal resources, and implementation costs. For example, EDI, through outsourced solutions, provides a wide range of pricing models to the organization, with the majority being subscription models. Therefore, the majority of the providers are charged based on the volume of data transmitted through EDI networks.

Subscription Models to the Organization

Source: The Insight Partners Analysis

Although an in-house solution provides the advantage of complete internal management, security, and control, it incurs high cost of EDI implementation. Therefore, a majority of organizations choose to utilize a third-party EDI provider that addresses all the electronic data interchange within the departments with less cost of implementation. A minimal EDI cost through third-party providers helps small and medium-sized businesses manage EDI implementation costs and launch in-house EDI infrastructure with a minimum budget. Therefore, the calculation of EDI implementation cost is critical to determine the actual financial and business benefits to the organization. If any organization fails to calculate the finance related to healthcare EDI cost implementation, it significantly affects the revenue side of the organization. Therefore, utilizing outsourcing EDI services provides a lucrative opportunity for the market growth.

Siemens Healthineers AG, GE Healthcare Technologies Inc., Wipro Ltd., athenahealth Inc., PNORS Technology Group Pty Ltd, International Business Machines Corp, Cognizant Technology Solutions Corp, Veradigm Inc, Oracle Corp, McKesson Corp, and Optum Inc are among the leading companies operating in the healthcare EDI market.    

Strategic Insights

• In Jun-2023, Cognizant announced an expansion of their healthcare collaboration with Microsoft to provide healthcare payers and providers easy access to streamlined claims management, advanced technology solutions, and improved interoperability to enhance business operations and offer better patient and member experiences.
• In Jun-2023, US Orthopedic Alliance (USOA), a Southern California-based supplier of orthopedic management services, and Allscripts announced a strategic technological agreement to assist USOA's expansion and seek out new partnerships with top orthopedic providers around the country.

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