In today’s world, with the coming up of better healthcare facilities and expansion of the healthcare market with the entry of numerous players, the consumers now have many options to choose the healthcare services based on their perception as well as reputation regarding the key strengths of the respective service providers. Now, due to the entry of players providing a large number of services under the same roof, there is a need for better exchange of data in terms of speed, security, and reliability as these help in reducing the costs and make them less time-consuming for the consumers too. This is solved by the growing electronic data interchange market which is being implemented by most of the healthcare services today.
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The end users are mainly the hospitals which need a more efficient manner of maintaining data for the patients as they are moving towards ensuring the customers hassle-free and less time-consuming services.
The major technologies used in this space are web-based EDI, extensible markup language (XML), direct(point-to-point ) EDI, cloud-based EDI, EDI over VAN(Value Added Network), Secure File Transfer Protocol and so on.
Due to the expansion of healthcare infrastructure as well as the population, it is becoming cumbersome to use the conventional methods of maintaining hard copies of important files. Also, they face major issues while transferring and also have security risks associated with it. The service providers are moving towards EDI to ease the process of managing such large amount of data and hence, the scope for the further growth of this market is expected to show positive signs in the near future.
Healthcare Electronic Data Interchange (EDI) Market
The market can be segmented on the basis of the functions performed by the respective tools, the technology that is used for performing these functions such as cloud-based business intelligence, traditional business intelligence and so on. It is also segmented on the basis of the end user as the technologies are designed mainly on the basis of the respective requirements.
Finally, the market is segmented on the basis of geography, the demographics of the respective regions, to determine the level of existing healthcare infrastructure and hence determine the avenues of growth for this market.
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Currently, North America and Europe regions are dominating this field because of the higher level of existing infrastructure as compared to the global average. However, due to increase in the spending power of people in the developing countries and rapid expansion of healthcare infrastructure, especially in the Asia Pacific region, there is a huge scope for the growth of this markets in many new markets.
The increasing prevalence of newer diseases leading to further expansion of the healthcare field and infrastructure is expected to create better opportunities for this market as the world move towards the target of a hassle-free and affordable healthcare system.
Some prominent players in this market are Microsoft Corporation, IBM Corporation, Oracle Corporation, Accenture Corporation, Tableau Software, Siemens Healthcare and so on.
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