Revenue Cycle Management Market by Product type (Integrated RCM, Standalone RCM), Component (Services, Software), Deployment (Web-based, on premise, Cloud-based), End-User (Hospital, Physician, Laboratory, Pharmacy), Geography - Global Forecast to 2021
The global revenue cycle management market is projected to reach USD 80.56 billion by 2021 from USD 45.52 billion in 2016, at a CAGR of 12.1% from 2016 to 2021. Factors such as regulatory compliance encourage the use of RCM solutions, government support, process improvements in health organizations brought about by RCM, and the increasing number of patients and subsequent growth in insurance coverage are expected to drive the growth of the revenue cycle management market.
The Asian market has witnessed significant growth due to the increasing prevalence of chronic diseases showing a subsequent growth in demand for healthcare insurance, increasing demand for better healthcare services in developing economies such as India and China, process improvements in healthcare organizations, and increasing focus of international players on emerging markets.
In this report, the global revenue cycle management market is segmented on the basis of product, component, deployment, end user, and region. On the basis of component, the revenue cycle management market is divided into services and software. The services segment is expected to account for the largest share of the revenue cycle management component market in 2016. Factors such as the dependence of healthcare organizations on consulting, training, maintenance services, and regular updating of software are contributing to the growth of this segment.
On the basis of product, the revenue cycle management market is segmented into integrated RCM and standalone RCM. The integrated segment is expected to account for the largest share of the global revenue cycle management product market in 2016. The shift in the healthcare industry from volume-based payment to value-based payment systems; and streamlined and coordinated multiple financial functions through a single platform with the use of integrated RCM are the factors attributing to the growth of this segment.
Based on deployment, the revenue cycle management market is segmented into web-based, on-premise, and cloud-based systems. The cloud-based segment is expected to account for the largest share of the market in 2016. This growth can be attributed to its affordability and real-time storage of data from remote locations.
Based on end user, the revenue cycle management market is segmented into physicians, hospitals, laboratories and other end users (pharmacies and ambulatory care centers). The physicians segment is expected to account for the largest share of the market in 2016 and is projected to grow at the highest CAGR during the forecast period. Increasing number of geriatric population with chronic diseases leading to a subsequent rise in the insurance coverage has probed the regulatory framework to manage the increasing demand of healthcare insurance with RCM is one of the major factor driving the growth of this segment.
Partnerships, collaborations, and agreements were some of the strategies adopted by key players operating in the market.
From an insight perspective, this research report focuses on qualitative data, market size, and growth of various segments and subsegments, competitive landscape, and company profiles. The qualitative data covers various levels of industry analysis such as market dynamics (drivers, restraints, opportunities, and threats), winning imperatives, and burning issues. The report also offers market sizes and data on the growth of various segments in the industry. It focuses on emerging and high-growth segments, high-growth regions, and initiatives of governments. The competitive landscape covers growth strategies adopted by industry players in the last three years. The company profiles comprise basic views on key players in the revenue cycle management market and the product portfolios, developments, and strategies adopted by market players to maintain and increase their market shares in the near future. The abovementioned market research data, current market size, and forecast of future trends will help key players and new entrants to make the necessary decisions regarding product offerings, geographical focus, change in approach, R&D investments for innovations in products and technologies, and levels of output in order to remain successful.
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From an insight perspective, this research report focuses on various levels of analysis—industry analysis (industry trends) and company profiles, which together comprise and discuss the basic views on the competitive landscape; emerging and high-growth segments of the RCM market; high-growth regions; and market drivers, restraints, and opportunities.
The report provides insights on the following pointers:
Market Penetration: Comprehensive information on products offered by the top players in the revenue cycle management market
Product Development/Innovation: Detailed insights on the upcoming technologies, research & development activities, and new product launches in the revenue cycle management market
Market Development: Comprehensive information about lucrative emerging markets—the report analyzes the markets for revenue cycle management products across various regions
Market Diversification: Exhaustive information about new products, untapped geographies, and recent developments in the revenue cycle management market
Competitive Assessment: In-depth assessment of market ranking, strategies, products, and manufacturing capabilities of the leading players in the revenue cycle management market