Grand View Research, Inc. - Market Research And Consulting.The global revenue cycle management (rcm) market is expected to reach USD 65.2 billion by 2025, according to report by Grand View Research, Inc. The healthcare system is witnessing a paradigm shift primarily due to the changing dynamics of the business models.
According to a report by Grand View Research, Inc.; global Revenue Cycle Management (RCM) market is projected to reach at USD 65.2 billion by 2025. The market will witness high demand due to growing need for synchronized management systems in healthcare facilities to optimize workflow. Moreover, rising demand to improve the speed of billing cycles coupled with overall development of healthcare sector is likely to fuel the market growth. Growing need to maintain financial stability in healthcare sector for sustenance can also contribute toward the market growth.
Continual growth of analytics sector and healthcare Information Technology (IT) can augment demand for RCM over the forecast period (from 2018 to 2025). Paradigm shift in healthcare system attributed to changing dynamics of business models can involve digitalization of back-end processes. This, in turn, can fuel demand for RCM in the coming years. The RCM market can be segregated on the basis of product, type, delivery mode, end-use, and region. Based on product, the market can be categorized into services and software.
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U.S. RCM market, by product, 2014 - 2025 (USD Million)
Software segment is projected to grow well over the forecast period owing to increased adoption in multiple facilities including healthcare. The services segment is estimated to witness the fastest growth due to rising trend of outsourcing of RCM services. It is projected to expand at a CAGR of 11% from 2018 to 2025. Accounts receivable and denial management services are estimated to be highly outsourced in the near future. Based on type, the market can be classified into standalone and integrated.
Integrated software segment is estimated to witness significant growth over the forecast period. Increasing use of such software in large-sized hospitals and diagnostics laboratories can fuel segment growth. Thus, increasing number of hospitals in emerging economies will help boost the segment demand. Moreover, advantages offered by integrated software including enhanced productivity, low administration costs, and improved speed of revenue cycle are projected to drive the segment further. Based on delivery mode, the market can be divided into web-based, cloud-based, and on-premise.
The cloud-based segment is estimated to register the fastest growth during the forecast period. Growing adoption of integrated systems and higher accessibility are the key factors responsible for the segment development. Web-based RCM solutions do not need additional hardware or storage and allow operations to be executed via internet. Moreover, these software can be installed offsite and supervised by third-party. All these factors are also likely to propel the segment demand.
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Global RCM market, by delivery mode, 2016 (%)
Based on end-use, the market can be segmented into diagnostic laboratories, hospitals, physician office, and others. In 2016, physician office segment led the market and accounted for the largest market share. According to Medscape, majority of the physicians in U.S. provide healthcare services through individually-owned clinics or small-scaled practices. This trend is estimated to have a positive impact on the segment growth. The hospital segment is also estimated to witness significant growth during the forecast period.
Increasing number of hospital-based healthcare providers in countries including India, China, Egypt, Vietnam, and U.S. is the key growth-driving factor for the segment. The diagnostic laboratories segment is likely to grow well over the forecast period owing to high demand for advanced patient care at low costs. Regional segmentation includes Asia Pacific, Europe, North America, Latin America, and Middle East and Africa (MEA). North America is the dominant regional market and will continue the trend even during the forecast years accounting for the highest market share.
Increasing number of hospitals in this region are likely to boost demand for RCM in the coming years. Frequent changes in regulatory guidelines, such as introduction of ICD-10, resulting in higher complexity can also fuel demand for services segment. Moreover, centralization of end-users, rising number of market entrants, technological advancements, and increasing investments to improve infrastructure can propel market growth.
In MEA, countries including Egypt, Abu Dhabi, and Saudi Arabia are the lucrative regions for the market owing to rapid development of IT infrastructure. Some of the leading companies in the global revenue cycle management market are McKesson Corporation, Allscripts, The SSI Group, LLC, Cerner Corporation, and Epic Systems Corporation. Most companies are highly involved in business strategies, such as acquisitions and mergers and product innovation, to maintain industry position.
Grand View Research has segmented the global revenue cycle management market on the basis of product, type, delivery mode, end-use, and region:
Global RCM Product Outlook (Revenue, USD Million, 2014 - 2025)
Software
Services
Global RCM Type Outlook (Revenue, USD Million, 2014 - 2025)
Integrated
Standalone
Global RCM Delivery Mode Outlook (Revenue, USD Million, 2014 - 2025)
On premise
Web-based
Cloud-based
Global RCM End-use Outlook (Revenue, USD Million, 2014 - 2025)
Physician office
Hospitals
Diagnostic Laboratories
Others
RCM Regional Outlook (Revenue, USD Million, 2014 - 2025)
North America
Europe
Asia Pacific
Latin America
Middle East and Africa (MEA)
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