Revenue Cycle Management Market Size Is Anticipated To Reach $633.6 Billion by 2028

 

Revenue Cycle Management Market Growth & Trends

The global revenue cycle management market size is projected to reach USD 633.6 billion by 2028, according to a new report by Grand View Research, Inc. This market is expected to expand at a CAGR of 11.5% from 2021 to 2028. Increasing technological advancements and rising adoption of revenue cycle management (RCM) tools by various healthcare providers and others have led to development and upgradation of solutions provided by key players are the major factors driving the market.

The integrated type emerged as the largest segment and accounted for significant revenue share of 69.6% in 2020. Integrated solutions provide a coordinated and streamlined format of a variety of financial activities via a single platform, which results in a uniform process of data collection and analysis. Hence, rising adoption of integrated systems is likely to fuel the growth during the forecast period.

Based on product, the software segment is predicted to account for the largest market share valued at USD 159.9 billion in 2020. The growth of the segment is owing to rising adoption and penetration of software-based solutions in the revenue cycle management sector. On the other hand, the service segment is projected to be the fastest-growing segment over the forecast period, owing to the demand of outsourcing services due to the sudden outbreak of the COVID-19 pandemic.

On the basis of delivery mode, the web-based segment dominated the market with the highest revenue share in 2020. Key factors responsible for the augmenting growth are rising installation of integrated solutions, and enhanced accessibility. On the other hand, the cloud-based segment is expected to witness the fastest CAGR over the forecast period.

North America dominated the market in 2020 with the highest revenue share of 52.6%. Strong healthcare infrastructure, government initiatives boosting adoption of RCM solutions, and rising consolidation between vendors offering RCM solutions are some of the major factors driving the demand of RCM tools and services in this region. On the other hand, Asia Pacific is anticipated to be the fastest-growing region during the forecast period. Fast growing economies like South Korea, Singapore, and Australia are investing in RCM healthcare solutions to improve the billing procedures and claim settlements in rural areas which is expected to surge the growth of the RCM services in the region over the forecast period.

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Revenue Cycle Management Market Report Highlights

• The market was valued at USD 261.8 Billion in 2020 and is anticipated to witness a CAGR of 11.5% over the forecast period
• The software segment accounted for the largest revenue share valued at USD 159.9 billion in 2020 owing to the growing market penetration of software-based solutions in the RCM sector
• In 2020, integrated segment accounted for the largest revenue share of 69.6% owing to the rising need to improve the efficiency of healthcare systems and curtail healthcare costs
• The web-based delivery mode segment dominated the market in 2020 in terms of revenue share

Revenue Cycle Management (RCM) Market Segmentation

Grand View Research has segmented the global revenue cycle management market based on product, type, delivery mode, end-use, and region:

RCM Product Outlook (Revenue, USD Million, 2016 - 2028)

• Software
• Services

RCM Type Outlook (Revenue, USD Million, 2016 - 2028)

• Integrated
• Standalone

RCM Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)

• On-premise
• Web-based
• Cloud based

RCM End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Physician Offices
• Hospitals
• Diagnostic Laboratories
• Others

RCM Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • Singapore
  • South Korea
  • Australia
• Latin America
  • Mexico
  • Brazil
  • Argentina
• MEA
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of Revenue Cycle Management (RCM) Market

• The SSI Group, Inc.
• AllScripts Healthcare, LLC
• Experian Health, R1 RCM Inc.
• McKesson Corporation
• athenahealth, Inc.
• Epic Systems Corporation
• NXGN Management, LLC
• CareCloud Corporation
• Quest Diagnostics, Inc.
• R1 RCM Inc.

Access Press Release of Revenue Cycle Management Market @ https://www.grandviewresearch.com/press-release/global-revenue-cycle-management-rcm-market

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.