WASHINGTON, Aug. 30, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Revenue Cycle Management Market finds that the mandates for the adoption of EHR/EMR and increasing healthcare-related expenses are expediting market growth. In addition, the growing number of hospitals and clinics, government initiatives, and rising demand for cloud-based solutions is expected to expand the development of the Global Revenue Cycle Management Market during the forecast period.
The Global Revenue Cycle Management Market revenue is expected to reach a value USD 450.1 Billion in 2028.
The Global Market revenue was valued at USD 238.1 Billion in 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.2% during the forecast period; states Vantage Market Research, in a report, titled " Revenue Cycle Management Market Size, Share & Trends Analysis Report by Product (Software, Services), by Type (Integrated, Standalone), by Delivery Mode (On-Premise, Web-based, Cloud-based), by End Use (Physician Offices, Hospitals, Diagnostic Laboratories, Other Uses), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Key Industry Findings & Insights from the report:
- The global Revenue Cycle Management Market was valued USD 238.1 Billion in 2021 and is all set to surpass USD 450.1 Billion by 2028, exhibiting a CAGR of 11.2% during the forecast period 2022-2028.
- In terms of revenue, the application segment held the largest revenue share of in 2021 and is estimated to maintain its dominance for the forecast period.
- In terms of revenue, the product segment held the second largest market share of in 2021 and is estimated to grow rapidly during the forecast period.
- The growth can be attributed to rapid urbanization, technological advancement, an increase in investment by developing countries.
- North America captured the lion share in 2021 and is projected to retain its position over the forecast period. This can be attributed to the existence of a significant number of Revenue Cycle Management industry companies and the high adoption rate owing to government measures that stimulate this industry in this region. The growth is primarily due to the increasing collaborations.
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Market Dynamics:
Driver:
Mandates for Adoption of EHR/EMR to Stimulate Market Growth
Revenue Cycle Management Market system is the data management system that improves patient revenues and collection rates. It is an Electronic Health Records (EHRs) management system that is accountable for providing accurate data to consumers. The introduction of electronic health records developed healthcare organizations for collecting, analyzing, and reporting patient data. Also, the obligation of mandates for adopting electronic revenue management will likely increase the demand. Furthermore, the wide-ranging adoption of the management system augmented its market from numerous healthcare administrations with the help of reducing manual errors. As a result, there is high growth in the adoption of the EHR/EMR systems by healthcare administrations. All these aspects are projected to propel the Revenue Cycle Management Market expansion.
Rising Healthcare Expenses to Drive the Market Growth
Recently, the healthcare sector has been experiencing high growth in healthcare and its management and services-related spending, which is anticipated to drive in the forthcoming years. Moreover, the expansion of healthcare expenses is attributed to the increasing medical cost, surging demand for highly developed healthcare services, and increase relating to the insured population. In addition, the growing expenditure patterns of hospitals and physicians in emerging economies will fuel the demand for Revenue Cycle Management Market during the forecast period.
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Segment Analysis:
- Product
- Software
- Services
- Type
- Integrated
- Standalone
- Delivery Mode
- On-Premise
- Web-based
- Cloud-based
- End Use
- Physician Offices
- Hospitals
- Diagnostic Laboratories
- Other Uses
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
The report on Revenue Cycle Management Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- Historic Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
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Regional Analysis:
North America Dominated the Global Revenue Cycle Management Market
North America dominated the Global Revenue Cycle Management Market in 2021 and is likely to continue the same trend in the coming years period owing to the presence of big well-known hospitals and well-established healthcare facilities, presence of top market players, and the high use of the software or service. In addition, the growing adoption of software in the United States region will strengthen its demand, propelling the regional market growth. Moreover, the increase in physician's offices in the U.S. Regulatory reforms like amendments in ICD-10 in 2015 is leading to the digital transformation in healthcare structures. With this, there is significant rising demand for healthcare IT solutions like Revenue Cycle Management Market systems to increase efficiency and enhance care delivery.
List of Prominent Players in Revenue Cycle Management Market:
- The SSI Group Inc.
- All Scripts Healthcare LLC
- Experian Health
- R1 RCM Inc
- McKesson Corporation
- Athena Health Inc
- Epic Systems Corporation
- NXGN Management LLC
- Care Cloud Corporation
- Quest Diagnostics Inc.
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Revenue Cycle Management Market Size, Share & Trends Analysis Report by Product (Software, Services), by Type (Integrated, Standalone), by Delivery Mode (On-Premise, Web-based, Cloud-based), by End Use (Physician Offices, Hospitals, Diagnostic Laboratories, Other Uses), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Recent Developments:
September 2021: Azalea Health Company, which offers a health IT solution &Cloud-Based patient management in the healthcare sector, announced its acquisition of dashboard MD, a cloud provider of healthcare analytics & business intelligence reporting solutions. Through this acquisition, the company focuses on growing its industry in the Revenue Cycle Management Market.
May 2021: Optum Inc., a part of UnitedHealth Group, teamed up with Bassett Healthcare Network, an integrated health care system, to offer Revenue Cycle Management Market services to Bassett's clinics along with developing patient care in Central New York.
Key Questions Answered in The Report:
- Which region will show the fastest and highest growth in the near future?
- Which are the top five players and their weakness and strength of the Market?
- What will be the future innovation in the upcoming six years?
- Which application and product will lead the largest share of the Market?
- What are the growth drivers, restraints and challenges of the industry?
- What will be the CAGR and size of the Revenue Cycle Management Market for the base year and forecast period?
This market titled “Revenue Cycle Management Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered | • Product ° Software ° Services • Type ° Integrated ° Standalone • Delivery Mode ° On-Premise ° Web-based ° Cloud-based • End Use ° Physician Offices ° Hospitals ° Diagnostic Laboratories ° Other Uses • Region ° North America ° Europe ° Asia Pacific ° Latin America ° Middle East & Africa |
| Region & Counties Covered | • North America ° U.S. ° Canada ° Mexico • Europe ° U.K ° France ° Germany ° Italy ° Spain ° Rest Of Europe • Asia Pacific ° China ° Japan ° India ° South Korea ° South East Asia ° Rest Of Asia Pacific • Latin America ° Brazil Argentina ° Rest Of Latin America • Middle East & Africa ° GCC countries ° South Africa ° Rest Of Middle East & Africa |
| Companies Covered | • The SSI Group Inc. • AllScripts Healthcare LLC • Experian Health • R1 RCM Inc • McKesson Corporation • Athena Health Inc • Epic Systems Corporation • NXGN Management LLC • CareCloud Corporation • Quest Diagnostics Inc. |
| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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