Westford, USA, Sept. 02, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the global revenue cycle management market will reach a value of USD 709.18 billion by 2031, with a CAGR of 11.10% during the forecast period (2024-2031). The growth of revenue cycle management is majorly supported by value-based care, strength of patient-centric care, and the use of big data among others. RCM is a vital component of healthcare today that assures operational efficiency and financial stability. The RCM industry is set to experience major transformation owing to changing patient dynamics, policy changes, and key advances in technology. These changes significantly impact the delivery of patient care besides impacting how healthcare staff manage finances.
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Browse in-depth TOC on the "Revenue Cycle Management Market"
- Pages – 157
- Tables – 203
- Figures – 80
Revenue Cycle Management Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | USD 305.53 billion |
| Estimated Value by 2031 | USD 709.18 billion |
| Growth Rate | Poised to grow at a CAGR of 11.10% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product and Services, Type, Delivery Mode and End User |
| Geographies Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa |
| Report Highlights | Growing number of patent filings by major market players |
| Key Market Opportunities | Mounting Demand for Cloud and AI-Based Deployment |
| Key Market Drivers | Regulations to Adopt EMR/EHR to Support the Market Growth |
Services Segment to Lead the Market Owing to Growing Trend of Outsourcing
By product type, the services segment registered for a maximum market share owing to the increasing need to outsource such services to medical facilities. Recently, the trend of outsourcing services has been widely witnessed as numerous medical services compulsorily need skills and resources to adopt revenue cycle management solutions. They either outsource the whole process, or some portion belongs to the long-term agreement. This trend is notably fueling the segment growth. The software segment is anticipated to grow at a considerable rate over the forecast period since these software tools effectively manage huge data quantities and the process of assessing information and planning useful mitigation tasks. This enables the healthcare staff to quickly document and study the performance and make wise decisions regarding treatment selection, thus impacting the segment growth.
Web-Based Segment to Hold Maximum Market Share Owing to the Benefits Offered
By delivery mode, the web-based segment led the market in the past years and will continue dominance owing to rising adoption of web-based services. These solutions are gaining popularity due to their benefits like streamlined installation. Compared to on-premises, the web-based services need no extra storage or hardware and can be managed by a 3rd party and installed off-site. Conversely, the cloud-based segment is projected to grow at a faster pace in the coming years owing to its cost-effectiveness and better flexibility for users. These solutions simplify and secure healthcare sharing of data, effectively automate backend tasks, and allow the protection of telehealth applications. They are aimed at improving infrastructure dependability, resource procurement, and reinforcing operations.
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North America to Lead the Market Due to Growing Need to Control Healthcare Costs
Region-wise, North America registered for a larger market share in 2023 owing to the presence of bigger hospitals equipped with superior facilities, favorable regulations, and rising demand to reduce healthcare prices. Moreover, growing launches by the leading players in the region are also supporting the growth of the revenue cycle management market. Companies are continuously engaged in strategies like collaborations to introduce more innovations and expand global reach. This focus of enhancing care delivery and efficiency is propelling the market growth in the region.
Asia Pacific is predicted to be the fastest-growing segment in the market owing to supportive government initiatives and rising demand to enhance the quality-of-care delivery, increasing adoption of healthcare IT services, rising healthcare funding, improving healthcare infrastructure, and growing unmet demands of developing economies. Moreover, the market in the region offers less production costs and accessibility of economic labor that helps in business. These factors are assisting market growth in Asia-Pacific.
Revenue Cycle Management Market Insight
Drivers:
- Growing Need to Manage Unstructured Medical Data
- Rising Preference for Outsourcing Models for Better Financial Performance
- Increasing Healthcare Funding for the Development of RCM
Restraints:
- Growing Adoption of Integrated Type RCM by Medical Professionals
- Risks Concerned with Healthcare IT Solutions
- High Deployment Costs
Prominent Players in Revenue Cycle Management Market
The following are the Top Revenue Cycle Management Companies
- Cerner Corporation
- Epic Systems Corporation
- Allscripts Healthcare Solutions Inc.
- Athenahealth Inc.
- eClinicalWorks
- GE Healthcare
- McKesson Corporation
- NextGen Healthcare Information Systems LLC
- Optum Inc.
- Siemens Healthineers
Key Questions Answered in Global Revenue Cycle Management Market Report
- What is the projected size of Global Revenue Cycle Management Market by 2031, as per SkyQuest Technology?
- Which are the main driving factors in the Revenue Cycle Management Market?
- Who are the leading players in the Revenue Cycle Management Market?
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This report provides the following insights:
Analysis of key drivers (technological improvements, mounting healthcare costs, inclination towards value-based care), restraints (complicated regulatory environment, high maintenance costs, privacy and data security concerns), opportunities (rising adoption of ML and AI in RCM, expanding developing economies, rise of telemedicine), and challenges (issues with integration, complex coding and billing, lack of skilled labor) influencing the growth of revenue cycle management market
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the revenue cycle management market
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the revenue cycle management market
Market Development: Comprehensive information on lucrative emerging regions
Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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