The medical billing market is expected to grow at a CAGR of 11.90% and market value is expected to grow USD 31,020 Million during forecasted period 20202-2030
Medical Billing Market Overview:
Medical Billing Market is projected to reach USD 31,020 Million by 2030 at 11.90% CAGR during the forecast period 2022-2030.
Healthcare personnel had to concentrate more on the frantic non-medical duties, one of the issues the RCM faced. However, the usage of medical billing outsourcing has been prompted by the development of technology, an increase in governmental rules, and uncollectible debts. Outsourcing the medical billing service entails a healthcare practitioner hiring a medical billing service provider other than their practice to handling all the billing tasks in exchange for a typical percentage cut of the overall income made throughout the process.
The rigorous regulation and compulsion over the deployment of digital record-keeping by the healthcare providers, which is predicted to accelerate the market, are the significant factors that are anticipated to impact the growth of the medical billing outsourcing market. The industry would see growth throughout the projection period due to the quick change and regulatory framework's unpredictability. The Medical billing outsourcing is expected to overgrow shortly due to the sharp increase in attention paid to generating profitability and increased income from the healthcare industry. However, the growing risk of data breaches may impede the industry's expansion in the years to come.
The major market participants concentrate on product launches and developing fresh Revenue Cycle Management solutions. For instance, Waystar has introduced Hubble, a platform for robotic process automation and artificial intelligence that aims to increase the size of billing teams by automating tasks that previously required human labour.
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
On regional basis, the Medical billing outsourcing 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.
|Market Size||2030: USD 31,020 Million|
|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||
Medical Billing Market is expected to expand at 11.90% CAGR from 2022-2030.
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.