Medical Billing Market Research Report - Forecast to 2030

Medical Billing Market Share, Trends and Growth Analysis By Type (Professional Billing, Institutional Billing), Application (Database Management, Financial, Infrastructure, Operational) Process (Electronic Billing, Payment And Medical Billing Services) - Forecast Till 2030

ID: MRFR/HCIT/0517-HCR | February 2021 | Region: Global | 80 pages         

Medical Billing Market

The medical billing market is expected to grow at a CAGR of 13.4% and market value is expected to grow USD 26.8 billion during forecasted period 2020-2030

Segmentation

By Type Professional Billing Institutional Billing
By Application Database Management Financial Infrastructure Operational
By Process Electronic Billing Payment And Medical Billing Services

Key Players

  • Accenture (US)
  • TCS (India)
  • AGS Health (India)
  • Cognizant Technology Solutions (US)
  • GeBBS Healthcare (US)
  • Genpact (US)
  • HCL Technologies (India)
  • INFINIT Healthcare
  • Medusind (India)
  • Others

Drivers

  • Increasing expenditure in healthcare
  • increasing use of internet
  • Increased need for risk and compliance management
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Medical Billing Market Scenario:


Medical billing is payment practice which involves receiving payments, submitting bills and following up for payments. Factors that influence the growth of medical billing market are, increasing expenditure in healthcare, increasing use of internet, increased need for risk and compliance management, increasing digitalization in healthcare industry and many more. Increasing use of Information technology in maximum sectors will also boost the growth of medical billing market. Increasing patient population due to various diseases, payment process involved in medical billing will be more efficient which in turn will boost the growth of the market and medical billing improves cash flow resulting increase in the growth of the market. On the other hand, privacy concerns are the major factor which may hinder the growth of the market. The medical billing market is expected to grow at a CAGR of 12.10% during forecasted period 2020-2030.


Market Assessment


 Market Assessment


Annual reports, World Health Organization (WHO), White paper, Company Presentation


Segmentation


Medical billing market is segmented by its type, by applications and by process. On the basis of type, Medical billing market is segmented into professional billing and institutional billing. On the basis of applications, Medical billing market is segmented into database management, financial, infrastructure, operational. And on the basis of process, Medical billing market is segmented into electronic billing, payment and medical billing services


Intended Audience



  • Research and Development (R&D) Companies



  • Government and Independent Research Laboratories

  • Manufacturers and suppliers in billing devices

  • Government and Independent Regulatory Authorities

  • Academic Medical Institutes and Universities


Figure 1- Global Medical Billing Market Share, By Application (%)


 Medical Billing Market Share


Annual reports, Press release, White paper, Company Presentation


Regional Analysis


On regional basis, the Medical billing market is segmented into America, Europe, Asia Pacific and Middle East & Africa. America commands the largest market due to extensive growth of the information technology industry. Increasing industrialization and increase in healthcare industry, are factors driving the growth of the medical billing market. 


Europe is the second largest market for medical billing market followed by Asia Pacific. Owing to the availability of funds for research and development activities and growing emphasis on transparent billing methods.


Asia Pacific shows the fastest growth in medical billing market due to an increase in prevalence of communicable diseases resulting increase in patient population. Particularly, India and China are expected to be emerging and the fastest growing medical billing market.


Middle East & Africa has the lowest market for medical billing market due to lack of technical knowledge and poor medical facilities. 


Key Players for medical billing market


Accenture (US), TCS (India), AGS Health (India), Cognizant Technology Solutions (US), GeBBS Healthcare (US), Genpact (US), HCL Technologies (India), INFINIT Healthcare, Medusind (India) and others.



Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   12.10% (2020-2030)
  Base Year   2019
  Forecast Period   2020-2030
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Type, Application, Process, End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Accenture (US), TCS (India), AGS Health (India), Cognizant Technology Solutions (US), GeBBS Healthcare (US), Genpact (US), HCL Technologies (India), INFINIT Healthcare, Medusind (India) and others.
  Key Market Opportunities   New product launches and R&D Amongst major key Players
  Key Market Drivers

  • Increasing expenditure in healthcare
  • increasing use of internet
  • Increased need for risk and compliance management
  • Increasing digitalization in healthcare industry


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    Frequently Asked Questions (FAQ) :

    Medical Billing Market is expected to expand at 6.5% CAGR from 2021 to 2027.

    Increased digitization in healthcare followed by the increased use of the Internet are major growth drivers of the Medical Billing Market.

    Privacy concerns pertaining to patient data can hamper the Medical Billing Market.

    Database management can hold the largest share in the Medical Billing Market.

    AGS Health, HCL Technologies, GeBBS Healthcare, TCS, Accenture, Cognizant Technology Solutions, Genpact, Medusind, and INFINIT Healthcare are key players of the Medical Billing Market.