Revenue Cycle Management Market to Reach $367.7 Billion, Globally, by 2031 at 13.2% CAGR: Allied Market Research

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Mar 08, 2023, 10:35 ET

PORTLAND, Ore., March 8, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Revenue Cycle Management Market by Type (Integrated, Standalone), by Component (Software, Services), by Deployment Mode (On-Premise, Cloud), by End-User (Hospitals, Physicians, Diagnostic Laboratories, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031." According to the report, the global revenue cycle management industry generated $109.5 billion in 2021 and is anticipated to generate $367.7 billion by 2031 witnessing a CAGR of 13.2% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

Drivers, restraints, and opportunities:

The rise in demand for cloud-based solutions, the supportive growth through regulatory compliance, increasing demand for workflow optimization in healthcare organizations coupled with innovative synchronized management software systems drive the growth of the global revenue cycle management market. However, high costs associated with RCM deployment and the scarcity of trained professionals restrict the market growth. However, the rise in developments and initiatives towards revenue cycle management and increasing outsourcing services in developing countries are expected to produce ample opportunities to accelerate the revenue cycle management market growth in the coming years.

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COVID-19 Scenario:

The COVID-19 pandemic had an unprecedented impact on a majority of the healthcare sector and brought a significant transformation in the normal functioning of healthcare systems. Many challenges impacted healthcare providers' and payers' revenue profitability and inpatient volume.
Additionally, medical billing complexity and rising healthcare expenses resulted in a significant increase in the demand for global outsourcing revenue cycle management systems. The spike in demand for advanced and innovative RCM solutions led key participants to develop value-added features such as payer connect, remote coding services, reporting, analytics, and audit and compliance to improve revenue generation and productivity.
As a result, the revenue cycle management industry grew significantly throughout the global health crisis.

The hospitals segment to dominate in terms of revenue during the forecast period

By end-user, the hospitals segment contributed to the largest share of nearly half of the global revenue cycle management market revenue in 2021 and is expected to retain its dominance in 2031, owing to the rising number of protocols and guidelines introduced by regulatory bodies with respect to patient safety. On the other hand, the diagnostic laboratories segment would portray the fastest CAGR of 16.7% during the forecast period. This is due to the surge in demand for RCM solutions for smooth operations of processes from patient entry to exit.

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The integrated segment to rule the roost during the forecast period

Based on type, the integrated segment garnered the highest share in 2021, holding more than two-thirds of the global revenue cycle management market, and is expected to retain its dominance in 2031. Also, the same segment would portray the fastest CAGR of 14.8% during the forecast period. This is due to the growing demand for enhancing healthcare system's efficiency, increasing healthcare facilities, and growing healthcare costs.

The software segment to dominate the market during the forecast period

Based on component, the software segment contributed to the largest share of around two-thirds of the global revenue cycle management market in 2021 and is expected to maintain a progressive growth during the forecast period. This is due to the growth in the volume of data generated. However, the services segment would portray the fastest CAGR of 15.0% during the forecast period, owing to a surge in outsourcing services in healthcare.

North America region garnered the major share in 2021:

By region, North America accounted for the highest share in 2021, holding nearly two-fifths of the global revenue cycle management market share. The demand for revenue cycle management in this region is growing due to the growing technological trends in the healthcare sector in the region. However, the Asia-Pacific region is projected to dominate in terms of revenue and portray the fastest CAGR of 16.9% during the forecast period. This is due to the ongoing digital and economic transformation in the region.

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Leading Market Players:

Athenahealth, Inc.
Experian Information Solutions, Inc.
Epic Systems Corporation
Oracle Cerner
Quest Diagnostics Incorporated
GeBBS Healthcare Solutions
Veradigm LLC
GE HealthCare
EClinicalWorks
McKesson Corporation

The report analyzes these key players of the global revenue cycle management market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.

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