DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "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), Geography - Global Forecast to 2021" report to their offering.
The global revenue cycle management market is projected to reach USD 80.56 Billion by 2021 from USD 45.52 Billion in 2016, growing at a CAGR of 12.1% during the forecast period.
Growth in the market is driven by the regulatory compliance encouraging the use of RCM solutions, government support, increasing number of patients, and process improvements in healthcare organizations brought about by RCM. In addition, vendor consolidation to provide end-to-end solutions, cloud-based solutions, and potential RCM markets for IT vendors are expected to offer growth opportunities for market players. However, high cost of deployment, dearth of trained IT personnel, and infrastructural loop holes in developing markets are restraining the growth of this market.
The market is segmented on the basis of product, component, deployment, end user, and region. Based on product, the market is segmented into integrated RCM and standalone RCM. Based on component, the market is divided into services and software. Based on deployment, the market is segmented into web-based, on-premise, and cloud-based systems.
Based on end user, the market is divided into physicians, hospitals, laboratories, and other end users. In 2016, the services segment is expected to account for the largest share of the market, by component. The large share of this segment can be attributed to the dependence of healthcare organizations on consulting, training, maintenance services, and regular updating of software.
North America is expected to account for the largest share of the revenue cycle management market in 2016. Regulatory compliance encouraging the use of RCM solutions and presence of a large number of market players are propelling the growth of the North American market. However, the Asian region is estimated to witness the highest growth during the forecast period. In recent years, the Asian market is witnessing significant growth owing to the rising elderly population and increasing prevalence of chronic diseases showing a subsequent growth in demand for healthcare insurance, and 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.
Major players operating in the revenue cycle management market include
- McKesson Corporation (U.S.)
- Cerner Corporation (U.S.)
- Quest Diagnostics Incorporated (U.S.)
- athenahealth, Inc. (U.S.)
- eClinicalWorks LLC (U.S.).
For more information about this report visit http://www.researchandmarkets.com/research/78dclc/revenue_cycle