Revenue Cycle Management Market to Reach $367.7 Billion, Globally, by 2031 at 13.2% CAGR: Allied Market Research
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.
- " 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 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, 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.
- Additionally, medical billing complexity and rising healthcare expenses resulted in a significant increase in the demand for global outsourcing revenue cycle management systems.