SAN FRANCISCO, April 5, 2021 /PRNewswire/ -- 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.
Key suggestions from the report:
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
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.
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)
RCM Type Outlook (Revenue, USD Million, 2016 - 2028)
RCM Delivery Mode Outlook (Revenue, USD Million, 2016 - 2028)
RCM End-use Outlook (Revenue, USD Million, 2016 - 2028)
RCM Regional Outlook (Revenue, USD Million, 2016 - 2028)
List of Key Players of Revenue Cycle Management (RCM) Market
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.