Healthcare Claims Management Market Expected to Behold a CAGR of 5.3% During 2018 – 2023
“The healthcare claims management market is projected to grow at a CAGR of 5.3% during the forecast period.”
The global healthcare claims management market is projected to reach USD 13.93 billion by 2023 from an estimated value of USD 10.77 billion in 2018, at a CAGR of 5.3%. The key factors driving the growth of this market are increasing patient volumes, expanding health insurance market, growing importance of denials management, and declining reimbursement rates. On the other hand, the high cost of deployment of claims management solutions could be a challenging factor for this market.
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“The cloud-based segment is projected to grow at the highest CAGR during the forecast period.”
Based on delivery mode, the healthcare claims management market is segmented into on-premise and cloud-based. The cloud-based segment is expected to grow at the highest CAGR during the forecast period. The high growth of this segment can be attributed to the comparatively lower capital expenses and operational costs incurred along with better scalability, flexibility, and affordability.
“Asia to witness the highest growth during the forecast period.”
Asia is expected to grow at the highest CAGR during the forecast period of 2018–2023. Factors such as the investments to modernize the healthcare infrastructure and growing adoption of healthcare IT solutions in China, measures to boost the quality of healthcare delivery in Japan, rapid growth of the healthcare industry in India, and government initiatives to boost the implementation of healthcare IT in Singapore are contributing to the high growth in Asia during the forecast period.
Break of primary participants was as mentioned below:
• By Company Type – Tier 1- 54%, Tier 2- 34%, Tier 3- 12%
• By Designation – C-level–31%, Director Level–19%, Others–50%
• By Region – North America–46%, Europe–25%, Asia–18%, RoW-11%
Some of the major players in the healthcare claims management include Cerner Corporation (US), McKesson Corporation (US), athenahealth (US), eClinicalWorks (US), Optum, Inc, (US), Conifer Health Solutions (US), and nThrive (US).
Research Coverage:
The report analyzes the healthcare claims management market and aims at estimating the market size and the future growth potential of this market based on various segments such as component, type, delivery mode, end user, and region. The report also includes an in-depth regulatory analysis for various regions across the globe and the competitive analysis of the key players in this market along with their company profiles, recent developments, and key strategies adopted by them to remain competitive in the market.
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This report provides insights on the following pointers:
• Market Penetration: Comprehensive information on the solutions offered by the top players in the global healthcare claims management market. The report analyzes the global bariatric surgery devices market by type, component, delivery mode, end user, and region.
• Product Deployments/Launches: Detailed insights on upcoming trends, new product launches, and deployments in the global healthcare claims management market
• Market Development: Comprehensive information on the lucrative emerging markets by type, component, delivery mode, end user, and region
• Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the global healthcare claims management market
• Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and capabilities of leading players in the global market
Related report:
Healthcare IT Market by Product (EHR RIS PACS VNA CPOE HIE Telehealth Healthcare Analytics Population Health Management Supply Chain Management CRM Fraud Management Claims Management) End User (Provider Payer) - Global Forecast to 2021
The global healthcare IT market is expected to grow at a CAGR of 15.9% from 2016 to 2021 and reach USD 280.25 billion. Growing need to manage regulatory compliance through healthcare IT solutions, government support for healthcare IT solutions, rising need to curtail escalating healthcare costs, high return on investment for HCIT solutions, growing focus on improving quality of care and clinical outcomes, emergence of accountable care organizations, and rising usage of big data analytics are some factors driving growth of the global healthcare IT market. However, factors such as high cost of deployment, reluctance among medical professionals to adopt advanced healthcare IT tools, and shortage of skilled IT professionals in the healthcare industry are restraining the growth of the market. Increasing consolidation in healthcare and availability of mobile platforms and cloud computing for healthcare IT solutions are expected to provide significant growth opportunities for the global healthcare IT market.
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Healthcare software itself is a huge industry with the top 10 Healthcare software vendors accounted for nearly 43% of the global Healthcare applications market which grew 3.3% to approach nearly $17.6 billion in license, maintenance and subscription revenues.