Healthcare Claims Management Solutions Market Overview:
Global Healthcare Claims Management Solutions Market was valued at $3,644 million in 2015, and is expected to reach $5,213 million by 2022, registering a CAGR of 5.1% during the forecast period. Healthcare claims management process involves various tasks such as organization, billing, filling, updating, and processing of medical claims related to the diagnosis, treatment, and medication of patients.
The global market is driven by factors such as increase in ageing population, rise in incidence of chronic diseases, improved focus on healthcare quality services, and advent of innovative treatments & technologies. Moreover, increase in the number of patients covered under medical insurance, rise in premium costs, expensive care for chronic diseases, and surge in the number of medical claims have boosted the growth of the healthcare claims management solutions market.
Healthcare Claims Management Solutions Market Segmentation
The global healthcare claims management solutions market is segmented based on type, deployment mode, and geography. Based on type, the market is segmented into software, hardware, and services. In 2015, the software segment accounted for the largest share in the global market, owing to the technological advancements in software and increased use of software for accurate and faster processing of claims. Based on deployment mode, the market is segmented into web-based mode, cloud-based mode, and on-site deployment mode. The web-based deployment segment holds the largest share in the global market, as it covers a vast array of claims business systems that help in saving both time and money.
Top Investment Pockets
Software is the highest revenue contributor to the healthcare claims management solutions market, owing to increasing adoption of advanced claims management software by healthcare payers to facilitate easy, accurate, and faster processing of claims.
Top Investment Pockets in Healthcare Claims Management Solutions Market
Top Impacting Factors
The healthcare claims management solutions market is driven by increase in aging population, rise in incidence of chronic diseases, growth in awareness for care provision, proactive government initiatives to improve insurance coverage among citizens, and surge in use of cloud-based services. However, increase in concerns about patient data safety & security and rise in cybercrime cases are expected to hamper the market growth. The Asia-Pacific region is expected to offer lucrative potential for the healthcare claims management solution providers in the near future. India and China are the two rapidly growing economies in the Asia-Pacific region, followed by South Korea. The government in these countries have taken several efforts to provide better healthcare services and improve healthcare infrastructure. Healthcare IT related services bridge the gap between healthcare entities by curtailing manual errors and plummeting healthcare expenditure. However, the healthcare IT industry in India is at its nascent stage. Therefore, the demand for healthcare IT solutions in the region is expected to increase during the forecast period, owing to increasing incidence of chronic disorders, improving healthcare infrastructure, and increasing demand for better healthcare services. Thus, heavy inflow of investments by various government agencies to improve healthcare IT infrastructure in emerging markets is expected to create opportunities for healthcare claims management solutions providers.
The North American and European markets hold significant share in the global market, owing to the increased use of software and hardware for processing claims and presence of top insurance companies in these regions. The North America accounted for four-ninths share of the global market in 2015, and is expected to maintain this lead throughout the forecast period. The growth is attributed to the presence of well-established healthcare system in the region, increase in insurance coverage, rise in prevalence of chronic diseases, and technological advancements in the sector.
However, Asia-Pacific region is projected to grow at the highest CAGR of 7.3% from 2016 to 2022, owing to increase in geriatric population and improvement in healthcare infrastructure. In addition, proactive government initiatives to spread awareness about the benefits of this technology among the masses have supplemented the market growth.
The key players profiled in the report include Cerner Corporation, Avaya Inc., Oracle Corporation, Infor Inc., Allscripts Healthcare Solutions, Inc., Athenahealth Inc., Accenture plc., IBM Corporation, Cognizant Technology Solutions Corporation, and Genpact Limited.
The other players operating in the industry are Quest Diagnostics, McKesson Corporation, eClinicalWorks LLC, CareCloud Corporation, The SSI Groups Inc., GE Healthcare, and Siemens Healthcare
Healthcare Claims Management Solutions Market Key Benefits:
- The study provides an in-depth analysis of the global healthcare claims management market along with current trends and future estimations to elucidate the imminent investment pockets.
- The report provides a quantitative analysis of the industry for the period of 2014‐2022 to enable the stakeholders to capitalize on the prevailing market opportunities.
- Extensive analyses of the market based on product type, & deployment mode help in understanding the various trends and prevailing opportunities across geographies.
- The key market players operating in the market along with their strategies have been profiled to determine the competitive outlook of the industry.
Healthcare Claims Management Solutions Market Key Segments:
By Deployment Mode
- North America