(PharmaNewsWire.Com, February 09, 2021 ) According to the new market research report "European Healthcare EDI Market by Supplier (Distributors and Wholesalers, GPOS, Manufacturers), Purchasing Organization (Hospitals, GPOS), Transaction (Orders, Ordersp, Desadv, Recadv, Invoic), Transaction Types and Its Penetration" published by MarketsandMarkets™.
The effective use of electronic data interchange (EDI) is the key to better healthcare supply chain management. In healthcare supply chain management (SCM), EDI primarily focuses on the electronic exchange of business transactions such as purchase orders, shipment authorizations, shipment acknowledgements, advanced shipment notices, or invoices. EDI provides a fast, secure, and easy exchange of information between healthcare organizations. Most of the hospitals in Europe are focusing on deploying a full suite of electronic processes with automated methods to track the complete process of purchase order purchase order acknowledgement, invoice creation/matching, and processing to the accounts payable system.
EDI is increasingly being adopted in the European healthcare industry; this market is expected to register significant growth due to greater uptake of EDI solutions among pharmaceuticals and medical device companies owing to various advantages such as reduction in the administration costs, reduced errors, pricing pressure, and lower profit margins. Moreover, the increasing number of government initiatives toward the implementation of IT in the healthcare industry is estimated to propel the demand for healthcare IT solutions, which in turn will drive the healthcare EDI market. However, high cost of EDI implementation, challenges in management of EDI, security concerns of the data and restricted investments in healthcare EDI by hospitals present challenges to the overall growth of the market. The increasing use of EDI in healthcare manufacturing & distribution industry and gradual acceptance of mobile EDI are the major trends in the European healthcare EDI market.
In this report, the European healthcare EDI market is segmented based on type of transaction, type of purchasing organization, and region. ORDERS was the most preferred transaction type, followed by INVOIC in European healthcare system. In terms of volume, in 2015, approximately 51.2 million purchase orders were generated by hospitals in Germany through EDI. The increasing number of hospitals in Europe adopting EDI solutions especially in supply chain management due reduced errors enabling operational benefits, less errors, faster transaction processing, and various government initiatives are the key factors contributing to the growth of healthcare EDI market in Europe.
The European healthcare EDI market is analyzed at the country level, comprising Benelux, Denmark, France, Germany, Italy, Spain, Sweden, Switzerland, and the U.K. Germany, France, Denmark, Sweden are expected to witness a high penetration rate for healthcare EDI in coming years owing to the rising geriatric population, increasing government funding and initiatives, improving healthcare infrastructure, increasing demand for quality healthcare at low costs, and presence of major companies in these regions.
Global Leaders:
Bayer AG, Pfizer Inc., GlaxoSmithKline PLC, and Abbott Laboratories are the EDI technology leaders in the pharmaceutical and manufacturing sector in Europe.
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