Anti-Viral Drug Therapy Market Definition

The anti-viral drug therapy market consists of sales of branded and generic anti-viral drugs and related services by entities (organizations, sole traders and partnerships) that manufacture branded or generic anti-viral drugs to treat microbial infections. The anti-viral drug therapy industry includes establishments that manufacture anti-viral drugs, which are used to treat diseases or illnesses caused by viral infections. Examples of antiviral drugs include idoxuridine, famiciclovir, cidofovir, amantadine, zanamivir, tenofovir, adefovir and ribavirin. Viruses are infective agents comprising of a core of nucleic acids, either RNA or DNA, and are surrounded by a layer of protein. These are not living organisms, and can reproduce only inside a living cell. Anti-viral drugs decrease the ability of viruses to reproduce. These drugs enter the cells infected with virus, and interfere with the ability of the virus to bind to the cell, and stimulate the immune system of the host.

Biophotonics Market Definition And Segments

Biophotonics is the combination of photonics and biology and is a multidisciplinary research field embracing all light-based technologies applied to life sciences and medicine. It is used to examine, control, and track biological processes at various levels of biology: cellular, tissue, molecular, and organism level. The main product technologies in biophotonics are in-vitro and in-vivo. In vitro studies examine microorganisms, cells, and biological molecules outside of their natural biological framework. These studies in biology and its subdisciplines are generally done in labware such as test tubes, flasks, Petri dishes, and microtiter plates, and are referred to as test-tube investigations. The different applications include see-through imaging, inside imaging, spectromolecular, surface imaging, microscopy, light therapy, biosensors, and others and are used by various sectors such as diagnostics, therapeutic, tests, and others. The biophotonics market covered in this report is segmented – 1) By Product Technology: In-Vitro, In-Vivo 2) By Application: See-Through Imaging, Inside Imaging, Spectromolecular, Surface Imaging, Microscopy, Light Therapy, Biosensors, Other Applications 3) By End Use: Diagnostics, Therapeutic, Tests, Other End Uses The biophotonics market size has grown rapidly in recent years. It will grow from $74.36 billion in 2023 to $82.74 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to medical imaging advancements, disease diagnosis and monitoring, life sciences research, optical sensing and spectroscopy, laser and light source innovations. The biophotonics market size is expected to see rapid growth in the next few years. It will grow to $130.07 billion in 2028 at a compound annual growth rate (CAGR) of 12.0%. The growth in the forecast period can be attributed to personalized medicine, precision agriculture, global health initiatives, wearable and mobile health devices, environmental monitoring and safety. Major trends in the forecast period include miniaturization and point-of-care devices, multimodal imaging, optogenetics, machine learning and data analytics, smart imaging probes.

Rising Demand For Minimally Invasive Surgeries Boosts Biophotonics Market

The increasing demand for minimally invasive surgeries is contributing to the growth of the biophotonics market. Optical engineering and imaging technologies are playing a vital role in the evolving field of minimally invasive surgeries by enabling to visualize the manipulation of tissue at remote internal sites. According to a report by Intuitive Surgical, Inc., a US-based company specializing in minimally invasive care and the pioneer of robotic-assisted surgery, stated that they performed 10 million surgeries in 2021. Therefore, the surge in the number of minimally invasive surgeries annually worldwide is generating higher revenues for the biophotonics market.

Chronic Conditions Fueling The Biophotonics Market

The increasing prevalence of chronic conditions is expected to propel the growth of the biophotonics market going forward. Chronic conditions, also known as chronic diseases, refer to long-lasting medical conditions that persist over an extended period of time, typically for three months or more. Biophotonics aid in the early detection, monitoring, and treatment of chronic conditions through non-invasive imaging and diagnostics, improving patient outcomes and reducing healthcare costs. For instance, in September 2022, according to the World Health Organization (WHO), a Switzerland-based intergovernmental organization, each year there are 41 million deaths worldwide, accounting for 74% of all fatalities attributed to chronic diseases. This includes 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Therefore, the increasing prevalence of chronic conditions is driving the growth of the biophotonics market. Major companies operating in the biophotonics market include Thermo Fisher Scientific Inc., OpGen Inc., NU Skin Enterprises Inc., IPG Photonics Corporation, Idex Corporation, Toshiba Corporation, Horiba Ltd., Precision Photonics Corp, Roche Group, General Electric Company, Koninklijke Philips NV, Affymetrix Inc., Andor Technology Ltd., Becton Dickinson & Co, Carl Zeiss AG, FEI Company, Hamamatsu Photonics KK, Lumenis Ltd., Olympus Corporation, PerkinElmer Inc., Zecotek Photonics Inc., Zenalux Biomedical Inc., Glenbrook Technologies Inc., Oxford Instruments PLC, Lumicks BV, Creoptix AG, ThinkCyte Inc., PhotoPharmics Inc., Impedimed Ltd., Bioptics Inc.

Price Challenges Hampering Biophotonics Market Growth

High prices of biophotonic-based devices or instruments are anticipated to limit the growth of the biophotonics market. The price of biophotonics is comparatively higher than that of conventional instruments. They are considered as more complex attributing to the integration of biological units and the generation, manipulation, and detection of light units, thereby rising their price. This will negatively impact the biophotonics market growth.

Advanced Biotechnology Techniques

The launch of new advanced techniques in the field of biotechnology is a major trend shaping the biophotonics market. For instance, a team of scientists at the University of St. Andrews (Scotland) developed a fluorescence microscopy technique that allows imaging of delicate biological samples with low damage in neuroscience and biomedicine. This low-damage optical technique is projected to transform the world of biomedicine in the forthcoming years. Hence, the development of new and advanced techniques is gaining significant popularity in the biophotonics market.

Innovations In The Biophotonics Market

Major companies operating in the biophotonics market are focusing on developing innovative products such as bronchoscopes for advanced procedures in the medical field. Bronchoscopes are medical instruments used for examining the inside of the respiratory system. For instance, in April 2021, Olympus Corporation, a Japan-based optical and digital precision technology company, launched a new line of five single-use bronchoscopes called H-SteriScope, which are designed for advanced diagnostic and therapeutic procedures. The bronchoscopes are disposable and have premium features that help clinicians target, diagnose, and treat patients. The H-SteriScope single-use bronchoscopes have been developed for tissue biopsy, foreign body retrieval, and other advanced procedures. The bronchoscopes have outer diameters ranging from 2.2 mm to 6.2 mm and a working channel range of 1.2 mm to 3.2 mm.

Cellavision's Acquisition Of Fourier Ptychographic Microscopy Patent Portfolio

In April 2021, CellaVision, a Sweden based company that offers digital Morphology Solutions acquired exclusive rights to a patent portfolio on Fourier Ptychographic Microscopy from Clearbridge BioPhotonics for $3.28 million (SEK 28.7 million). Through this acquisition, CellaVision will have access to and control over a promising future technology. CellaVision believes that the Fourier Ptychography Microscopy technology has the capability to be employed in the development of future automated microscopes for use in hematology and related fields. Clearbridge Biophotonics, Inc. is a US-based imaging solutions company. North America was the largest region in the biophotonics market in 2023. Western Europe was the second largest region in the biophotonics market. The regions covered in the biophotonics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the biophotonics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The biophotonics market research report is one of a series of new reports from The Business Research Company that provides biophotonics market statistics, including biophotonics industry global market size, regional shares, competitors with a biophotonics market share, detailed biophotonics market segments, market trends and opportunities, and any further data you may need to thrive in the biophotonics industry. This biophotonics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Laboratory Information System Market Definition And Segments

A laboratory information system (LIS) is a computer system that assists in managing many aspects of a medical laboratory, including the input, processing, and storage of information and data. The main product types in laboratory information systems are standalone LIS and integrated LIS. Stand-alone LISs use data models that are developed exclusively for managing laboratory data and activities, and they are fundamentally different from electronic health record (HER) data models. The different components include software, services and are used by various sectors such as hospital laboratories, independent laboratories, physician office laboratories, others. The laboratory information system market covered in this report is segmented – 1) By Product: Standalone LIS, Integrated LIS 2) By Component: Software, Services 3) By End User: Hospital Laboratories, Independent Laboratories, Physician Office Laboratories, Other End Users The laboratory information system market size has grown strongly in recent years. It will grow from $2.43 billion in 2023 to $2.63 billion in 2024 at a compound annual growth rate (CAGR) of 8.1%. The growth in the historic period can be attributed to technological advancements, growing demand for healthcare services, data management and integration, quality assurance and reporting. The laboratory information system market size is expected to see strong growth in the next few years. It will grow to $3.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.6%. The growth in the forecast period can be attributed to digital transformation, personalized medicine, artificial intelligence (AI) and machine learning, point-of-care testing (poct). Major trends in the forecast period include integration with electronic health records (ehr), cloud-based lis, data security and privacy, laboratory automation.

Rising Demand For Lab Automation Drives The Laboratory Information System Market

The rising demand for lab automation is a major factor driving the growth of the laboratory information system market. A growing number of people are undergoing a series of tests, which in turn, increases the burden on the laboratories. The clinical laboratories are hiring more healthcare personnel to reduce the amount of workload on existing staff and minimize the number of errors associated with it in order to increase the efficiency and efficacy of the lab’s functioning for accurate results. According to the Bureau of Labor Statistics, around 12,000 additional clinical laboratory professionals are required every year to meet the demand, however, only half of the number is entering the field. Thus, laboratories opt for automation to ease the work. For instance, TriCore Reference Laboratories in Albuquerque, MexiCo., introduced automation in its 20% of instrumentation, which performs almost 80% of the lab’s samples and displays helping the lab in managing and optimizing its functions for faster and accurate results.

Surge In Chronic Diseases Fuels The Laboratory Information System Market

Rising chronic diseases is expected to propel the growth of the laboratory information system market going forward. Chronic diseases, also known as non-communicable diseases (NCDs), are long-term health conditions that persist over an extended period. Laboratory information systems are an integral part of managing chronic diseases by improving the efficiency and accuracy of diagnostic tests, facilitating data integration, and supporting decision-making processes. For instance, in September 2023, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rising chronic diseases drives the laboratory information system market. Major companies operating in the laboratory information system market include Cerner Corporation, McKesson Corporation, Epic Corporation Inc., Medical Information Technology Inc., SCC Soft Computer Inc., Sunquest Information Systems Inc., CompuGroup Medical AG, Computer Programs and Systems Inc., Merge Healthcare Inc., Orchard Software Corporation, Abbott Laboratories, LabWare Inc., Thermo Fisher Scientific Inc., LigoLab LLC, Clinisys Group Ltd., Labvantage Solutions Inc., Labgen LIS, Polytech LIS, Avalon GloboCare Corp, NovoPath Inc., LABTRACK LIMS, Dendi Inc., Agilent Technologies Inc., QA Studio, Cirdan Imaging Ltd., Ovation Services Private Ltd., BioData Inc., Technidata AG, Psyche Systems Corporation, Data Innovations LLC

High Implementation And Maintenance Costs Challenge The Growth Of The Laboratory Information System Market

High costs associated with implementing and maintenance of laboratory information systems are anticipated to limit the growth of the laboratory information system market. The cost of a laboratory information system ranges from $4,000 and $100,000 and also an additional annual operating cost of $1000 to $5000. The operating costs comprise cost related to the software license, training of the healthcare personnel, maintenance, and service cost. The laboratories may opt for the lower-cost version owing to the high cost of software even when the requirement is for a higher-cost version to reduce the burden of the laboratories, causing operational instability. Therefore, the high cost of a laboratory information system is expected to hinder the market.

Rising Adoption Of Cloud-Based Laboratory Information Systems

A cloud-based laboratory information system is expected to become the leading trend in the laboratory information systems market. Cloud computing is associated with the sharing of computer resources and services including storage and servers over the internet for a reduced cost, increased speed, productivity, and security of the system in the network. The cloud system in laboratory information systems offers various advantages such as cost-efficiency, better results, and progress without space constrain. For instance, APEX laboratory information system by Apex HealthWare, LLC., Arxspan Laboratory Software? by Bruker Software Solutions, Orchard laboratory information system by Orchard Software Corporation are cloud-based systems, which improve efficiency, reduce errors, and enhance patient care. Thus, a cloud-based laboratory information system is expected to gain significant traction in the laboratory information system market.

Collaborative Innovation In Laboratory Information Systems Boosts Market Growth

Major companies operating in laboratory information systems are collaborating to provide innovative laboratory information systems to drive the revenues in the market. The collaboration enables to offer scalable and flexible laboratory information systems, allowing them to adapt to the needs of different healthcare settings, from community hospitals to large health systems. For instance, in November 2022, Oracle Cerner Technology, a US-based healthcare information technology company partnered with Labcorp, a US-based healthcare company. The collaboration aims to manage hospital-based laboratories in 10 states of the USA, streamlining operations and enhancing patient experiences. Oracle Cerner's lab information systems help in streamlining lab operations, enabling efficient sample tracking, test ordering, and result reporting.

Clinisys Acquires Horizon Lab Systems And Joins Forces With Sunquest To Lead Global Diagnostic And Laboratory Informatics

In January 2022, CliniSys, a US-based informatics software company, acquired HORIZON Lab Systems and combined it with Sunquest Information Systems for an undisclosed amount. The acquisition aimed to make CliniSys the largest company in the world devoted to diagnostic and laboratory informatics. HORIZON Lab Systems is a US-based company specialized in laboratory information management systems. Sunquest Information Systems Inc. is a US-based developer of medical laboratory and diagnostic information solutions. North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the laboratory information system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the laboratory information system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The laboratory information system market consists of revenues generated by offering of software and services that helps in the efficient managing of a clinical laboratory for storing, processing, and tracking data, which the hospitals, laboratories, physician offices and clinics use to optimize their workflow. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The laboratory information system market research report is one of a series of new reports from The Business Research Company that provides laboratory information system market statistics, including laboratory information system industry global market size, regional shares, competitors with a laboratory information system market share, detailed laboratory information system market segments, market trends and opportunities, and any further data you may need to thrive in the laboratory information system industry. This laboratory information system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

3D Diagnostic Imaging Services Market Definition And Segments

3D diagnostic imaging services include optical imaging of body to visualize internals of body in 3D. These services are used for diagnostic purposes. 3D Diagnostic imaging enables medical professionals to probe within your body in search of signs of a disease. The main techniques of 3D diagnostic imaging services are ultrasound, MRI, X-ray, computed tomography, and others. An ultrasound is a type of imaging test that utilizes sound waves to create images of organs, tissues, and other structures within the body. The various applications include oncology, cardiology, orthopedics, and others that are used by diagnostic centers, hospitals and research centers. The 3D diagnostic imaging services market covered in this report is segmented – 1) By Technique: Ultrasound, MRI, X-ray, Computed Tomography, Other Techniques 2) By Application: Oncology, Cardiology, Orthopedic, Other Applications 3) By End User: Diagnostic Centers, Hospitals, Research Centers The 3D diagnostic imaging services market size has grown strongly in recent years. It will grow from $207.38 billion in 2023 to $219.96 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to increase in need for point-of-care imaging systems, rise in incidence of chronic diseases, surge in demand for optical imaging, increase in usage of 3d imaging and rising healthcare expenditure. The 3D diagnostic imaging services market size is expected to see strong growth in the next few years. It will grow to $279.17 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to growing need for early diagnosis and preventive medicine, increasing investments in healthcare infrastructure, increasing demand for 3d accelerometers in smartphones and gaming consoles, growing demand for 3d image sensors from verticals and increasing geriatric population. Major trends in the forecast period include advancements in technology, use of artificial intelligence (AI), increasing investments, product innovation and collaborations and acquisitions.

Point-Of-Care Testing Driving Growth Of 3D Diagnostic Imaging Services Market

The demand for point-of-care testing (PoCT) has been steadily increasing over the years. The growth in demand is likely to continue and drive the market for 3D diagnostic imaging services market. This is because PoCT allows physicians and medical staff to accurately achieve real-time, lab-quality diagnostic results within minutes rather than hours. Also, the changing healthcare delivery system is aimed at delivering cost effective care at a patient’s home. In most countries, especially developing countries, more effective care for infectious diseases is needed. PoCT technologies provide effective care with easy-to-use devices and improved analytical performance and recent improvements in the speed, usability, and affordability of medical imaging with 3D integration have greatly expanded the capabilities of PoCT testing systems. These advances are greatly driving the growth of 3D diagnostic imaging services market.

Rising Prevalence Of Chronic Diseases Fuels Growth In The 3D Diagnostic Imaging Services Market

The prevalence of chronic diseases is expected to drive the 3D diagnostic imaging services market. Chronic diseases are long-lasting medical conditions that persist over an extended period and often require ongoing management and treatment. 3D diagnostic imaging services aid in chronic disease management by providing detailed visualization of affected organs and tissues, enabling more precise monitoring of disease progression and treatment efficacy, ultimately improving patient care and outcomes. For instance, in January 2023, according to the National Center for Biotechnology Information (NCBI), a US-based National Library of Medicine, it is projected that by the year 2050, the number of individuals aged 50 years and older who have at least one chronic illness will surge by 99.5%, rising from 71.522 million in 2020 to 142.66 million. Therefore, the prevalence of chronic diseases is expected to drive the growth of the 3D diagnostic imaging services market. Major companies operating in the 3D diagnostic imaging services market include Laboratory Corporation of America Holdings, Quest Diagnostics Inc., Alere Inc., Bio-Reference Laboratories Inc., DaVita Healthcare Partners Inc., Genomic Health Inc., Myriad Genetics Inc., NeoGenomics Inc., Sonic Healthcare Limited, Spectra Laboratories Inc., SYNLAB International GMBH, Accurate Imaging Inc., Atlantic Medical Imaging Inc., Cobalt Health Pty Ltd., Digirad Corporation, Del Medical Systems Group Inc., Front Range Mobile Imaging Inc., Inhealth Group Ltd., RadNet Inc., Teleradiology Solutions, TridentCare LLC, Koninklijke Philips NV, Siemens Healthcare GmbH, GE Healthcare Technologies Inc., Shenzhen Mindray Bio-Medical Electronics Co Ltd., Ambra Health Inc., Arterys Inc., NDS Surgical Imaging LLC, NerveVision Inc., Olympus Corporation

Shortage Of Skilled Workforce Constrains 3D Diagnostic Imaging Services Market

The 3D diagnostic imaging services market is constrained by the shortage of qualified and skilled healthcare resources. The main reasons are the aging workforce, the complexity of the latest procedures and their reluctance towards learning the new procedures, and shrinking number of accredited training programs. According to the WHO, there will be a shortage of 18 million health workers by 2030, with the majority of this personnel coming from low- and lower-middle-income countries. The shortage of skilled workforce is expected to affect the 3D diagnostic imaging services market. Therefore, there is an urgent need to train more healthcare professionals in the latest procedures and technologies including 3D imaging to enable accurate diagnosis and treatment in the most efficient manner.

Growing Improved Data Storage And Information Sharing Enhance 3D Diagnostic Imaging Market

The introduction of improved data storage and information sharing systems such as medical cloud technology is creating more growth opportunities for 3D diagnostic imaging. This is because medical imaging requires adequate resources to process, store, exchange and use large quantities of medical data for appropriate diagnostic and treatment decisions, and advanced cloud computing in medical imaging addresses these concerns. Cloud computing is an emerging solution for questions related to delivering complex services and data interchange over the internet. Cloud computing technology enables medical data sharing across regions, allowing more patients to obtain the medical resources they need. It allows easy retrieval of data and provides doctors with more convenient clinical image data services (clear and informative images). Medical cloud imaging has become an important field of cloud computing.

3D Diagnostic Imaging Market Develop Advanced Solutions To Expand Global Presence

Major companies in the 3D diagnostic imaging services market are developing advanced imaging solutions and expanding their global presence to gain a competitive edge in the growing healthcare sector. The new Ultrasound Compact System 5000 Series delivers the premium image quality needed to aid in a confident diagnosis in a portable unit. For instance, in November 2022, Koninklijke Philips N.V., a Netherlands-based diversified technology company, launched the next-generation compact portable ultrasound solution. Philips’ new Compact 5000 Series aims to bring the diagnostic quality associated with premium cart-based ultrasound systems to more patients. Designed for portability and versatility without compromising image quality or performance, the Compact 5000 series facilitate first-time-right ultrasound exams for more patients.

Molecular Devices Acquires Interim Diagnostic Imaging To Expanding Mobile Medical Imaging Offerings

In April 2023, Molecular Devices, a US-based provider of mobile cardiac catheter and angiography lab solutions, acquired Interim Diagnostic Imaging for an undisclosed amount. The addition of interim diagnostic imaging significantly increases Modular Devices’ fleet while providing diversification and improving our product offering. The combined company will now offer our customers a full range of medical imaging labs, including catheterization, cleanroom, PET or CT, MRI, and CT. Interim Diagnostic Imaging is a US-based mobile imaging company that offers both long- and short-term rentals of mobile CT scanners, mobile MRI scanners, and mobile PET scanners. North America was the largest region in the 3D diagnostic imaging services market in 2023. Western Europe was the second largest region in the 3D diagnostic imaging services market. The regions covered in the 3d diagnostic imaging services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the 3d diagnostic imaging services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The 3D diagnostic imaging services market includes revenues earned by entities by providing PET, sonography, and mammography services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The 3D diagnostic imaging services market research report is one of a series of new reports from The Business Research Company that provides 3D diagnostic imaging services market statistics, including 3D diagnostic imaging services industry global market size, regional shares, competitors with a 3D diagnostic imaging services market share, detailed 3D diagnostic imaging services market segments, market trends and opportunities, and any further data you may need to thrive in the 3D diagnostic imaging services industry. This 3D diagnostic imaging services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Healthcare Reimbursement Market Definition And Segments

Healthcare reimbursement is a system in which medical expenses of a patient is paid by the insurance company. It is very useful in costlier medical treatments. The main claims types of healthcare reimbursement are underpaid, and full paid. The underpaid healthcare reimbursement includes payment for healthcare that is partially reimbursed by the government or insurance companies. The various types of payers include private payers, public payers and involves several service providers such as physician offices, hospitals, diagnostic laboratories, others. The healthcare reimbursement market covered in this report is segmented – 1) By Claims: Underpaid, Full Paid 2) By Payers: Private Payers, Public Payers 3) By Service Provider: Physician Office, Hospitals, Diagnostic Laboratories, Other Service Providers The healthcare reimbursement market size has grown rapidly in recent years. It will grow from $11.33 billion in 2023 to $13.33 billion in 2024 at a compound annual growth rate (CAGR) of 17.7%. The growth in the historic period can be attributed to fee-for-service model, health insurance expansion, third-party payers, cost containment efforts. The healthcare reimbursement market size is expected to see rapid growth in the next few years. It will grow to $23.36 billion in 2028 at a compound annual growth rate (CAGR) of 15.0%. The growth in the forecast period can be attributed to value-based care, telehealth expansion, healthcare policy and reform, alternative payment models. Major trends in the forecast period include telehealth reimbursement, alternative payment models (apms), medicare access and chip reauthorization act (macra), preauthorization and utilization management.

Rising Costs And Supportive Government Initiatives

The increasing cost of healthcare and supportive government programs are the key factors that are driving the healthcare reimbursement market growth. According to the Journal of the American Medical Association (JAMA), US healthcare costs are expected to reach $6 trillion, which is $17,000 per person by 2027. According to Centers for Medicare & Medicaid Services, a Federal agency of the US government administering the Medicaid program, healthcare costs in 2021 touched $4.3 trillion. The rising healthcare cost and supportive government policies increase the number of people opting for payer services and thereby contribute to the growth of the healthcare reimbursement market.

Global Healthcare Reimbursement Driven By Rising Chronic Diseases

Increasing prevalence of chronic diseases is driving the healthcare reimbursement market going forward. Chronic diseases are long-term health conditions that often require ongoing medical attention and treatment. These include diseases like diabetes, heart disease, cancer, respiratory disorders, and various others. Chronic diseases often require continuous medical care, including doctor visits, hospitalizations, medications, and medical procedures. As the number of individuals with chronic conditions rises, so does the overall healthcare expenditure. For instance, as per National Library of Medicine, US Government journal on chronic diseases, the number of people in the United States aged 50 years and older will increase by 61.11% from 137.25 million in 2020 to 221.13 million in 2050. Of the population 50 years and older, the number with at least one chronic disease is estimated to increase by 99.5% from 71.522 million in 2020 to 142.66 million by 2050. Therefore, rising cases of chronic diseases across the globe is expected to boost the demand for the healthcare reimbursement market . Major companies operating in the healthcare reimbursement market include UnitedHealth Group Incorporated, Aviva PLC, Allianz SE, CVS Health Corporation, BNP Paribas Group, Aetna Inc., Nippon Life Insurance Company, WellCare Health Plans Inc., AgileHealthInsurance, Blue Cross Blue Shield Association, Kaiser Foundation Health Plan Inc., Anthem Inc., Centene Corporation, Humana Inc., Health Care Service Corporation, Cigna Corporation, Molina Healthcare Inc., Independence Health Group Inc., Health Net LLC, Universal American Corporation, Blue Shield of California, Tufts Health Plan Inc., Fallon Community Health Plan Inc., CareSource, Health Alliance Plan (HAP), Geisinger Health Plan, SelectHealth

Challenges In Healthcare Reimbursement Market

Several incidences of fraud related to federal and state government health care programs hamper the growth of the healthcare reimbursement market. Medical insurance fraud and Medicare/Medicaid insurance fraud make up the majority of false claims in the USA. The National Health Care Anti-Fraud Association (NHCAA) reveals that unnecessary and duplicate tests and procedures, hacking into a patient’s medical records to submit false claims, billing services never rendered, falsifying diagnosis are some common situations that occur. According to the Department of Justice, one of the largest health care fraud enforcement actions across seven federal districts in the Northeastern United States, involved more than $800 million in loss and the distribution of over 3.25 million pills of opioids in ''pill mill'' clinics. The rise in healthcare fraud related to federal and state government programs create huge loss for the business restraining the growth of the healthcare reimbursement market.

Value-Based Care Models In Healthcare Reimbursement

Companies in the healthcare reimbursement market are providing options of value-based care models to cater to better experiences for the patients. Value-based care models are based on the quality of patient's treatment and how well healthcare providers can improve their quality by adhering to certain metrics such as reducing hospital readmissions, improving preventative care, and using particular kinds of certified health technology and help lower healthcare costs. For instance, UnitedHealth stated that revenue per consumer served increased by 29% in 2022, driven by growth in patients served under value-based arrangements .

AI Integration In Health Reimbursement, Transforming Efficiency And Accuracy

Major companies operating in health reimbursement market are integrating AI with the health reimbursement process to drive the revenues in the market. AI can enhance health reimbursement by enabling predictive fraud detection through data analysis and automating claims processing, ensuring accuracy and efficiency. For instance, in August 2023, Codoxo, a USA-based company that specializes in AI launched ClaimPilot. ClaimPilot is a generative AI product aimed at making healthcare cost containment and payment integrity programs exponentially more efficient while easing healthcare workforce constraints. Additionally, the AI will initially focus on automating in-patient and facility claim audits. ClaimPilot aims to drive an exponential increase in audit turnaround times and clinician audits per day, while eliminating dollar thresholds that restrict claims analysis to higher dollar ranges .

Greenberg Advisors Acquired Medical Reimbursement

In July 2021, Greenberg Advisors, a US-based provider of strategic M&A services provider, acquired Medical reimbursement for an undisclosed amount. The acquisition would strengthen the capabilities of company and help it better serve the patients. Medical Reimbursement is a US-based medical billing services provider providing reimbursement services to healthcare patients. North America was the largest region in the healthcare reimbursement market in 2023. Western Europe was the second largest region in the healthcare reimbursement market. The regions covered in the healthcare reimbursement market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa The countries covered in the healthcare reimbursement market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada The healthcare reimbursement market includes the revenues earned by entities by providing discount from billed charge services, fee-for-service, value based reimbursement services, and bundled payment services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The healthcare reimbursement market research report is one of a series of new reports from The Business Research Company that provides healthcare reimbursement global market statistics, including healthcare reimbursement industry global market size, regional shares, competitors with a healthcare reimbursement global market share, detailed healthcare reimbursement market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare reimbursement industry. This healthcare reimbursement market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Healthcare Services Market Definition And Segments

Healthcare services are the medical services provided to the people who are in need by healthcare professionals, organizations and healthcare workers. These services are provided to patients, families and communities. The main types of healthcare services are medical and diagnostic laboratory services, dental services, home health care and residential nursing care services, residential substance abuse and mental health facilities, hospitals and outpatient care centers, physicians and other health practitioners, all other ambulatory health care services, and ambulance services. The hospitals and outpatient care centers are engaged in providing diagnostic and medical treatment to patients with a wide range of medical conditions. The different expenditure types include public and private which are used by male and female. The healthcare services market covered in this report is segmented – 1) By Type: Medical And Diagnostic Laboratory Services, Dental Services, Home Health Care And Residential Nursing Care Services, Residential Substance Abuse And Mental Health Facilities, Hospitals And Outpatient Care Centers, Physicians And Other Health Practitioners, All Other Ambulatory Health Care Services, Ambulance Services 3) By Type of Expenditure: Public, Private 3) By End User Gender: Male, Female Subsegments Covered: Medical Laboratory Services, Diagnostic Imaging Centers, General Dentistry, Oral Surgery, Orthodontics And Prosthodontics, Other Dental Services, Home Health Care Providers, Nursing Care Facilities, Orphanages & Group Homes, Retirement Communities, Residential Mental Health & Intellectual Disability Facilities, Substance Abuse Centers, Hospitals, Outpatient Care Centers, Specialist Doctors, Primary Care Doctors, Physical Therapists, Optometrists, Chiropractors, Podiatrists, Ground Ambulance Services, Air Ambulance Services, Water Ambulance Services The healthcare services market size has grown strongly in recent years. It will grow from $8,348.44 billion in 2023 to $8,963.64 billion in 2024 at a compound annual growth rate (CAGR) of 7.4%. The growth in the historic period can be attributed to medical advancements, aging population, health insurance expansion, government healthcare programs, healthcare regulations. The healthcare services market size is expected to see strong growth in the next few years. It will grow to $10,908.99 billion in 2028 at a compound annual growth rate (CAGR) of 5.0%. The growth in the forecast period can be attributed to telehealth and digital health, healthcare workforce shortages, health equity initiatives, value-based care, the potential shifts in reimbursement models. Major trends in the forecast period include telemedicine integration, patient-centered care, preventive care and wellness, personalized medicine, healthcare consolidation.

Advancements In Medical Technology And Improved Patient Outcomes

Survival rates and quality of life have improved tremendously over the past decade. Medical and technological advances have played an important role in their progress. High technology diagnostics and therapeutic equipment integrating doctors’ practice patterns have improved healthcare services delivery. According to a report by TrendWatch, medical advances are responsible for a 70% improvement in survival rates for heart attack patients and a two-thirds reduction in mortality rates for those suffering from cancer. These factors contribute to the potential growth of the market.

Increasing Healthcare Expenditures Boosting The Healthcare Services Market

The rise in healthcare expenditures is expected to propel the growth of the healthcare services market going forward. Health expenditures refer to all costs associated with providing health services, family planning activities, nutrition programs, and emergency help with a focus on health. Increased healthcare expenditures improve access to healthcare services, reducing barriers to care and potentially benefiting a larger portion of the population. For instance, in March 2023, according to the American Medical Association, a US-based professional organization, spending on health care in the United States increased 2.7% to $12,914 per person in 2021, or $4.3 trillion. Therefore, the rise in healthcare expenditures is driving the growth of the healthcare services market. Major companies operating in the healthcare services market include UnitedHealth Group Incorporated, Kaiser Permanente, HCA Healthcare, Fresenius Medical Care AG & Co. KGaA, Tenet Healthcare, Mayo Clinic, Community Health Systems, Laboratory Corporation of America, Cleveland Clinic, Davita Inc., CVS Health, McKesson Corporation, AmerisourceBergen Corporation, Cardinal Health Inc., Cigna Corporation, Elevance Health, Centene Corporation, Pfizer Inc., Johnson & Johnson, Humana Inc., Merck & Co. Inc., AbbVie Inc., Bristol-Myers Squibb Company, Abbott Laboratories, Molina Healthcare Inc., Danaher Corporation, Eli Lilly and Company, Gilead Sciences Inc., Regeneron Pharmaceuticals Inc., Zoetis Inc., Stryker Corporation, Baxter International Inc., Boston Scientific Corporation, Quest Diagnostics Incorporated, Agilent Technologies Inc., West Pharmaceutical Services Inc., Align Technology Inc.

Implications Of Government-Backed Healthcare For The Private Healthcare Services

Many federal and state governments are either offering subsidized or free healthcare services to their citizens. Since most of the governments are offering quality healthcare services for free or subsidized rates, patients tend to opt for government healthcare services thereby, limiting the scope for private healthcare service providers. For example, the NHS (National Health Service) of the UK offers free healthcare services to all legal residents and visitors. Going forward, federal and state provisions are expected to be a major restraint on the healthcare services market.

Shared Medical Appointments A Collaborative Approach To Patient Care

The shared medical appointments (SMA) model is being increasingly adopted globally to optimize resources and reduce costs. This is a model generally defined as multiple patients being seen as a group by a multi-disciplinary medical care team for follow-up or routine care. It is being adopted by hospitals to create awareness and counsel individual patients dealing with similar medical conditions. The SMA supplements the traditional physician-patient appointment. SMAs provide individual evaluation and disease management for each patient at the same time that they provide counseling to the patient within a group setting. SMAs are currently used to address diabetes, asthma, ulcerative colitis, MS, cancer, HIV, menopause, insomnia and stress.

Transforming Healthcare Documentation With Generative Artificial Intelligence (AI) Solutions

Major companies operating in the healthcare services market are increasing their focus on developing advanced solutions, such as generative artificial intelligence (AI) solutions to maximize profit in the market. Generative AI solutions refer to artificial intelligence systems and algorithms designed to generate content, such as text, images, audio, or video, that is often creative, coherent, and contextually relevant. For instance, in July 2023, Amazon Web Services, a US-based IT service management company, launched a new healthcare-focused service, AWS HealthScribe, powered by generative AI and designed to create clinical documentation automatically. The service uses speech recognition and generative AI to analyze patient-clinician conversations and generate clinical notes, which can expedite documentation turnaround time and improve clinical productivity. Additionally, the service is Health Insurance Portability and Accountability Act (HIPAA) eligible and can be used for telehealth and in-clinic consultations. North America was the largest region in the healthcare services market in 2023. Western Europe was the second largest region in the healthcare services market. The regions covered in the healthcare services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the healthcare services market report are Australia, China, India, Indonesia, Japan, South Korea, Bangladesh, Thailand, Vietnam, Malaysia, Singapore, Philippines, Hong Kong, New Zealand, USA, Canada, Mexico, Brazil, Chile, Argentina, Colombia, Peru, France, Germany, UK, Austria, Belgium, Denmark, Finland, Ireland, Italy, Netherlands, Norway, Portugal, Spain, Sweden, Switzerland, Russia, Czech Republic, Poland, Romania, Ukraine, Saudi Arabia, Israel, Iran, Turkey, UAE, Egypt, Nigeria, South Africa The healthcare services market includes revenues earned by entities by providing human healthcare services such as medical and diagnostic laboratory services, dental services, nursing care, residential substance abuse and mental health facilities and other healthcare services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The healthcare services market research report is one of a series of new reports from The Business Research Company that provides healthcare services market statistics, including healthcare services industry global market size, regional shares, competitors with a healthcare services market share, detailed healthcare services market segments, market trends and opportunities, and any further data you may need to thrive in the healthcare services industry. This healthcare services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Payer Services Market Definition And Segments

Payer services help the payers to streamline their business processes and deliver better services to their customers. Organizations that determine service prices, collect payments, handle claims, and pay provider claims are known as payers in the healthcare sector. Examples of payers include Medicare, Medicaid, and health plan providers. The main outsourcing services in payer services are business process outsourcing services, knowledge process outsourcing services and information technology outsourcing services. The practice of contracting a specific work process or procedures to an external service provider is known as business process outsourcing (BPO). The different applications include revenue cycle management, healthcare reimbursement, medical billing outsourcing, others and is used by various sectors such as public payers, private payers. The payer services market covered in this report is segmented – 1)By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services 2)By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Other Applications 3)By End-User: Public Payers, Private Payers The payer services market size has grown rapidly in recent years. It will grow from $134.92 billion in 2023 to $156.72 billion in 2024 at a compound annual growth rate (CAGR) of 16.2%. The growth in the historic period can be attributed to growing demand for cost containment, healthcare complexity, rising need for data analytics, rising demand for member engagement, aging population, increased chronic conditions. The payer services market size is expected to see rapid growth in the next few years. It will grow to $277.68 billion in 2028 at a compound annual growth rate (CAGR) of 15.4%. The growth in the forecast period can be attributed to population health management, value-based care models, expansion of telehealth, demand for personalized healthcare. Major trends in the forecast period include data analytics and ai, telehealth integration, consumer-centric approaches, health equity and inclusivity, remote monitoring and wearables.

Rising Healthcare Frauds Fuel Demand For Robust Security Systems Is Driving Growth In The Payer Services Market

The increase in healthcare frauds is expected to drive the payer services market for tightening its security systems. Healthcare fraud includes malpractices such as individuals obtaining subsidized or fully-covered prescription pills that are actually unneeded and then selling them on the black market for a profit billing by practitioners for care that they never rendered, filing duplicate claims for the same service rendered, altering the dates and modifying medical records. The healthcare industry continues to suffer losses attributed to frauds and errors. For instance, according to the National Health Care Anti-Fraud Association, in the USA the loss from healthcare fraud was estimated to be $300 billion. Therefore, increasing healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payer services market.

Telehealth Expansion Fueling Growth In The Payer Services Market

The increasing demand for telehealth is expected to propel the growth of the payer services market going forward. Telehealth refers to the use of telecommunications and digital technologies to deliver remote healthcare services to patients and healthcare providers. Telehealth services offer that the payers can enhance the quality of care, increase member satisfaction, and better manage healthcare costs, ultimately benefiting both payers and their members. For instance, in April 2023, according to FAIR Health Inc., a US-based non-profit organization, National telehealth use increased by 7.3%, from 5.5% of medical claim lines in December 2022 to 5.9% in January 2023. Therefore, the increasing demand for telehealth is driving the growth of the payer services market . Major companies operating in the payer services market include United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, Group Health Cooperative, Accenture PLC, Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Xerox Holdings Corporation, WNS (Holdings) Limited., NTT Data Corporation, IQVIA Holdings Inc., Mphasis Limited., Genpact Limited., Wipro Limited., Infosys BPM Limited., Firstsource Solutions Limited., International Business Machines Corporation, HCL Technologies Limited., Lonza Group AG, Omega Healthcare Investors Inc., R1 RCM Inc., Invensis Technologies Pvt Ltd., PAREXEL International Corporation, Optum Inc., Humana Inc., McKesson Corporation, Change Healthcare Inc., Conifer Health Solutions LLC., Experian Health Inc.

Data Breaches And Privacy Loss Impacts On The Payer Service Market

The rising incidences of data breaches and loss of confidentiality have always been a major challenge in the payer service industry. In recent years, the healthcare sector has always been at the forefront in cases of breaching privacy and the resulting loss of confidential data. For instance, according to Hippa Journal, the official publication of the American Health Information Management Association, the Office for Civil Rights (OCR) of the Department of Health and Human Services (HHS) received 347 reports of healthcare data breaches involving 500 or more records between January 1, 2022, and June 30, 2022. Rising incidences of data breaches and loss of confidentiality are thus hampering the growth of the payer service market.

Technological Advancements Transforming The Payer Services Market For Improved Efficiency And Member Satisfaction

Increased adoption of technologically advanced products is gaining substantial popularity in the payer services market. This has led to improved price transparency, affordable payer services, higher utilization of resources, increasing quality reach, and member satisfaction and loyalty towards the service provider. For instance, in January 2022, Jopari, a US-based customer-focused health information technology company supplying advanced medical EDI solutions to payers, launched an All-Payer Attachments model. This is a cost-effective solution that allows a standardized, efficient, and compliant approach that enables providers to deliver electronic Attachments to All Payers, regardless of the payer's preference for electronic or paper submission. This has led to greater transparency and economical alternatives for payers.

Increasing Focus On Innovative Solutions To Provide Reliable Services To Their Customers

Major companies operating in the payer services market are focusing on innovative solutions such as automating vendor integrations to drive revenues in their market. Automating vendor integrations refers to the process of using technology and software solutions to streamline and simplify the connection between a business or organization and its vendors or suppliers. For instance, in March 2023, Flume Health, a US-based healthcare technology and insurance company launched a solution to automate vendor integrations, Flume Relay. Flume Relay serves as a global translation layer for data transfer between payers and vendors. Flume claims that due to its simplicity, anyone can set up and manage data transactions using solutions. The payers might more readily accommodate the variety of configurations that self-insured consumers require .

Zelis Enhances Healthcare Offerings Through Acquisition Of Payer Compass

In September 2022, Zelis, a US-based healthcare and financial technology company acquired Payer Compass for an undisclosed amount. With the acquisition, Zelis would be able to improve and broaden our best-in-class solutions for providing clients with healthcare outside of a network. This acquisition supplies cutting-edge claims management solutions and has a stronger influence on the complexity and rising costs of healthcare, assisting payers, providers, and members . North America was the largest region in the payer services market in 2023. Western Europe was the second-largest region in the global payer services market share. The regions covered in the payer services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the payer services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The payer services market includes revenues earned by entities by providing BPO services, ITO services, and KPO services. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The payer services market research report is one of a series of new reports from The Business Research Company that provides payer services market statistics, including payer services industry global market size, regional shares, competitors with a payer services market share, detailed payer services market segments, market trends and opportunities, and any further data you may need to thrive in the payer services industry. This payer services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

Revenue Cycle Management Software Market Definition And Segments

Revenue cycle management is the financial process, utilizing medical billing software, that healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. The main types of products in revenue cycle management software are integrated and standalone. The degree of coordination of leadership, operational teams, and business support systems across the many business divisions that enable the continuum of care is referred to as integrated revenue cycle. The different functions include claim and denial, medical billing and coding, patient insurance eligibility check, payment remittance, electronic health record (EHR), clinical documentation improvement (CDI), others and involves various deployment types such as web based, on premise, cloud based. The revenue cycle management software market covered in this report is segmented – 1) By Product: Integrated, Standalone 2) By Function: Claim And Denial, Medical Biling And Coding, Patient Insurance Eligibility Check, Payment Remittance, Electronic Health Record (EHR), Clinical Documentation Improvement (CDI), Other Functions 3) By Deployment: Web based, On premise, Cloud based The revenue cycle management software market size has grown rapidly in recent years. It will grow from $51.04 billion in 2023 to $56.64 billion in 2024 at a compound annual growth rate (CAGR) of 11.0%. The growth in the historic period can be attributed to growing demand for healthcare services, growing popularity of cloud-based solutions, increased healthcare spending, industry consolidation. The revenue cycle management software market size is expected to see rapid growth in the next few years. It will grow to $86.88 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%. The growth in the forecast period can be attributed to continued growth of the healthcare industry, increasing adoption of value-based care, healthcare digitization, complex billing procedures, increasing patient financial responsibility, global expansion. Major trends in the forecast period include ai and automation, patient engagement and self-service, machine learning and predictive analytics, blockchain for billing and claims, advancements in technology.

Surge In Hospital And Outpatient Visits Fuels Revenue Cycle Management Software Market Growth

The rise in the number of hospital and outpatient visits is expected to drive the revenue cycle management software market. Surging healthcare expenditure from an increase in patient visits to the hospital urges the service providers to provide hassle-free services during payment and keep a record of patients’ payments. For instance, in November 2022, according to a report published by the Canadian Institute for Health Information (CIHI), a Canada-based health company, in 2021, Canada's healthcare expenditure was $328 billion, and it increased to $331 billion in 2022.Total health expenditure in 2022 is projected to increase by 0.8%, subsequent to substantial growth of 13.2% in 2020 and 7.6% in 2021. The increase in the number of patient visits impels the healthcare service providers to adopt revenue cycle management software in healthcare facilities that will provide faster and more accurate claims transmission allowing flexibility in arranging patient care.

The Surge In Cloud-Based Solutions Fuels Revenue Cycle Management Software Market Growth

The rising adoption of cloud-based solutions is expected to propel the growth of the revenue cycle management software market going forward. A cloud-based solution refers to the programs, storage spaces, on-demand services, computer networks, and other services that are accessible through another provider's shared cloud computing framework using an internet connection. The adoption of cloud-based solutions for revenue cycle management software enhances scalability, accessibility, and cost-efficiency in healthcare financial operations. For instance, in June 2023, according to the Australian Bureau of Statistics, an Australia-based government agency for statistics, in Australia, 85% of firms reported employing information and communication technologies (ICTs) for the year ended June 30, 2022, up from 69% of enterprises during the year ended June 30, 2020. 59% of these were related to cloud computing. Therefore, the rising adoption of cloud-based solutions is driving the growth of the revenue cycle management software market. Major companies operating in the revenue cycle management software market include Accretive Health Inc., Billing Blues, 3M Health Information Systems, QWay Healthcare, MedSecretery, Medserv, Medical Accounting Services, Patient Billing Ltd., R1 RCM, Australian Medical Billing Service, Epic Systems, GE Healthcare, McKesson Corporation, Cerner Corporation, Allscripts Healthcare Solutions, Quest Diagnostics Inc., Waystar, Kareo, DrChrono, Availity, Optum360 Solutions LLC, Care Cloud Concierge, TriZetto Provider Solutions, Athenahealth, Eclinicalwork, AdvantEdge Healthcare Solutions, AGS Health, Aidéo Technologies, All Right Medical Management Services, BillingParadise, Change Healthcare, Conifer Health Solutions, Craneware, Experian Health

Challenges In Revenue Cycle Management Software Market Growth

The lower adoption rate of automated systems due to the shortage of skilled professionals limits the growth of the revenue cycle management software market. An inefficient revenue cycle management system leads to loss of revenues and productivity. The providers are facing issues in leveraging the technology to drive long-term process improvement. For instance, it was estimated that only 14% of healthcare providers use advanced modeling tools to predict patients’ ability to pay. This limits the ability of front-office staff to have financial discussions at the point of service. Many service providers have not upgraded their technology due to lack of technical knowledge, awareness, and resources restraining the revenue cycle management software market.

Ai Integration In Revenue Cycle Management Software Market

Incorporating artificial intelligence (AI) in revenue cycle management software is shaping the revenue cycle management software market. Major healthcare analytics leaders are actively implementing or planning to execute an AI strategy that will help make decisions faster and reduce operational expenses. For instance, in May 2022, Cerner, a US-based healthcare technology company, collaborated with AKASA. Through the collaboration, Cerner customers had access to AKASA's AI-based Unified Automation platform, which was created specifically for the healthcare industry. AKASA is a US-based AI-powered automation company for revenue cycle management in healthcare.

Strategic Partnerships To Gain A Competitive Edge

Major companies operating in the revenue cycle management software market are focused on developing strategic partnerships to drive revenues in the market. Collaboration between companies can bring several advantages, including access to new technology, increased customer choice, global servicing capabilities, a collaborative global platform, and integration of services. For instance, in April 2023, Accenture PLC, an Ireland-based professional services company, partnered with Conga, a US-based provider of revenue lifecycle management solutions, to help companies transform their revenue lifecycle management (RLM) processes. The collaboration combines Accenture's delivery, advisory, and industry experience with Conga's revenue lifecycle management solutions, with a focus on healthcare, life sciences, financial services, high-tech, and industrial industries.

Ventra Health Inc. Acquired Deras Global Services

In February 2023, Ventra Health Inc., a US-based healthcare revenue cycle management company, acquired Deras Global Services for an undisclosed amount. The acquisition of Deras Global Services is to expand its global footprint and enhance its capabilities in revenue cycle management (RCM), practice management, and advisory services for hospital-based physician specialties. Deras Global Services is a Philippines-based provider of revenue cycle management services for hospital-based physician specialties. North America was the largest region in the revenue cycle management software market in 2023. Western Europe was the second-largest region in the revenue cycle management software market report. The regions covered in the revenue cycle management software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. The countries covered in the revenue cycle management software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada. The revenue cycle management software market consists of sales of solutions and services related to revenue cycle management. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods. The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified). The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products. The revenue cycle management software market research report is one of a series of new reports from The Business Research Company that provides revenue cycle management software market statistics, including revenue cycle management software industry global market size, regional shares, competitors with a revenue cycle management software market share, detailed revenue cycle management software market segments, market trends and opportunities, and any further data you may need to thrive in the revenue cycle management software industry. This revenue cycle management software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.