Global Medical Billing Market - overview
The Global Medical Billing Market is growing at a healthy pace. According to a recent study report published by the Market Research Future, the Global Medical Billing Market Size is booming and expected to gain prominence over the forecast period and is projected to grow at a sound pace. The market is projected to demonstrate a sound growth by 2030, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2023-2030).
Medical sector is a continuously evolving sector. New technologies like information technology are continuously being exploited for ease in workflow. All these provided favorable backgrounds for the market growth. Factors such as increasing healthcare expenditure, rising use of the internet, growing need for risk and compliance management followed by the increasing digitalization in the healthcare industry, and others are driving the market growth. Moreover, increasing patient population due to various diseases fuels the global medical billing market. However, privacy concerns are the major factor which may hinder the growth of the market.
Global Medical Billing Market - competitive analysis
Accenture (US), TCS (India), AGS Health (India), Cognizant Technology Solutions (US), GeBBS Healthcare (US), Genpact (US), HCL Technologies (India), Medusind (India), and others are some of the prominent players at the forefront of competition in the Global Medical Billing Market and are profiled in MRFR Analysis.
Characterized by the presence of several well-established and small players, the global market of medical billing appears to be highly competitive and fragmented. International players are increasingly expanding their footprint in the developing economy, making it difficult for regional vendors to compete with them, especially in terms of features such as product differentiation, product portfolios, quality, and pricing. The market is witnessing intensified competition which is expected to get more intensified further during the forecast period. The intense competition prevalent in the market dictates the consolidation among marketers.
Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position.
In January, 2018- Accenture entered into an agreement to acquire Germany-based Mackevision, a leading global producer of 3D-enabled and immersive product content. The acquisition will add state-of-the-art visualization capabilities to Accenture Interactive digital services portfolio – strengthening its ability to create compelling, next-generation customer experiences and industrial, extended reality applications. However, financial terms of the transaction are not disclosed.
In July- 2016- Cognizant acquires Idea Couture, a privately-held firm that offers a broad range of digital innovation, strategy, design and technology services. However, the terms of the transaction were not disclosed.
In September, 2017- Genpact, a global professional services firm focused on delivering digital transformation for clients, acquired TandemSeven, a Boston-headquartered company that delivers customer and digital experience innovation consulting using design thinking at its core. TandemSeven’s ability to design better customer experiences complements Genpact’s digital capability aimed at transforming business processes end-to-end. Terms of the deal were not disclosed.
In April, 2016- HCL Technologies Limited signed an agreement to acquire all of the business of Geometric Limited, except for the 58% stake that Geometric owned in the joint venture- 3DPLM Software Solutions Ltd., with Dassault Systèmes. In consideration of this acquisition, HCL issued 10 equity shares of Rs. 2 each to Geometric shareholders for every 43 equity shares of Geometric of Rs. 2 each held by them. In total, HCL will issue 15,640,546 equity shares of Rs. 2 each. Geometric is one of India’s leading PLM consulting, mechanical engineering and manufacturing engineering services providers.
Global Medical Billing Market - regional analysis
The Global Medical Billing Market Outlook is segmented on the basis of regions, into North America, Europe, Asia-Pacific, and the Middle East Africa. North America accounts for the largest market share of the Global Medical Billing Market by region in 2016. High per capita healthcare expenditures followed by increasing global burden of the diseases and presence of the developed healthcare sector are the major drivers for the market growth during the forecast period. Following the similar trends, Europe holds the second largest market. Asia pacific is estimated to be the fastest growing region in the presence of the developing economies like India and China. Moreover, rapidly growing information technology fuels the market within the region. However, the Middle East and Africa region holds the least share of the global market, especially due to the presence of the poor economies and stringent government policies within the African region. In the Middle East African region, the Middle East holds the largest market share.
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