Dublin, Aug. 30, 2024 (GLOBE NEWSWIRE) -- The "Global Medical Billing Market Size, Share & Trends by Product (Software, Service), Application (RCM, EHR, Practice Management), Type (Account Receivable, Claim, Coding, Analytics), Service (Managed, Professional), End User (Hospital, Speciality), & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global Medical Billing market is projected to reach USD 27.7 billion by 2029 from USD 16.8 billion in 2024, at a CAGR of 10.5% from 2024 to 2029
The market is growing because of factors like rising healthcare costs worldwide, improvements in healthcare IT, such as electronic health records and billing software, stricter laws like HIPAA, a rise in the number of people receiving health insurance, and an increasing focus on revenue cycle management optimization. The aforementioned causes propel the need for effective billing solutions that optimize workflows, boost precision, guarantee adherence, and bolster financial outcomes for healthcare providers. 
Service segment by component to witness the highest CAGR during the forecast period.
Based on component type, the medical billing market is divided into software and services segments. Over the course of the forecast period, the service segment is anticipated to post the highest CAGR rate. the expanding need for specialized outside solutions among healthcare practitioners. These services offer comprehensive billing process management, including coding, claim filing, revenue cycle management, and denial management. By boosting revenue collection, decreasing administrative expenses, streamlining procedures, and reducing billing errors, outsourcing helps healthcare organizations perform financially better.
On-premise model held the largest market share in the Medical Billing Market .
The medical billing market is divided into three segments based on deployment: on-premise, cloud-based, and SaaS-based approaches. In 2023, the on-premise deployment mode accounted for most of the market. The on-premise solution has dominated the medical billing market because it can meet strict data security requirements and give healthcare companies more control over their sensitive patient information. Healthcare providers who maintain patient data on their physical premises can better comply with legislation such as HIPAA, which requires stringent requirements for patient data protection, and apply tailored security measures.
RCM segment to register the highest CAGR in the Medical Billing market during the forecast period.
The medical billing industry is divided into RCM, practice management software, patient engagement software, EHR, and other categories based on application. Over the projection period, the Medical Billing market in RCM is anticipated to grow at the fastest rate. Modern healthcare IT systems streamline and automate billing processes, reducing errors and increasing revenue collection. These solutions can be integrated with electronic health records (EHR) and billing systems.
APAC is estimated to register the highest CAGR during the forecast period.
In this report, the Medical Billing market is segmented into segments, namely, North America, Europe, Asia Pacific, Latin America and Middle East, and Africa. APAC's medical billing market is anticipated to grow at the fastest rate possible throughout the forecast period. The growing use of cloud-based billing systems and electronic health records in the Asia Pacific promotes scalability and improves operational efficiency. Efficient billing processes are in high demand due to the expanding middle-class population seeking healthcare services and expanding health insurance coverage
This report also includes.
- Analysis of key drivers (growing regulatory environment and government initiatives, growth in health insurance and increasing healthcare expenditure), restrain (IT infrastructural constraints in emerging economies, high deployment costs), challenges (billing errors and denials, resistance towards transitioning from traditional approaches), opportunities (rise in AI demand, cloud-based solutions to represent high-growth opportunities) are contributing the growth of the Medical Billing Market.
- Product Development/Innovation: Detailed insights on upcoming trends, research & development activities, and new software launches in the Medical Billing Market.
- Market Development: Comprehensive information on lucrative emerging markets, components, facility size, end-users, and regions.
- Market Diversification: Exhaustive information about the software portfolios, growing geographies, recent developments, and investments in the Medical Billing Market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, company evaluation quadrant, and capabilities of leading players in the global Medical Billing Market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 506 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $16.8 Billion |
| Forecasted Market Value (USD) by 2029 | $27.7 Billion |
| Compound Annual Growth Rate | 10.5% |
| Regions Covered | Global |
List of Companies Profiled in the Report
- Oracle (US)
- Mckesson Corporation (US)
- Veradigm LLC (US)
- Athenahealth, Inc. (US)
- Quest Diagnostics Incorporated (US)
- eClinicalWorks (US)
- CureMD (US)
- DrChrono (US)
- NextGen Healthcare, Inc. (US)
- CareCloud, Inc. (US)
- AdvancedMD, Inc. (US)
- Kareo, Inc. (US)
- TherapyNotes LLC. (US)
- RXNT (US)
- WebPT (US)
- CentralReach LLC (US)
- Epic Systems Corporation (US)
- CollaborateMD Inc. (US)
- Advanced Data Systems Corporation (US)
- ChartLogic (US)
- Meditab (US)
- EZClaim (US)
- RevenueXL Inc. (US)
- Ambula Health (US)
- AllStars Medical Billing (US)
- Apero Health, Inc. (US)
- TotalMD (US)
- Proclaim Billing Services (US)
For more information about this report visit https://www.researchandmarkets.com/r/lpibit
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