The Global Medical Billing Market is growing with the sound pace. According to a recent study report published by the Market Research Future, the Global Medical Billing Market is booming and expected to gain prominence over the forecast period and is projected to grow a sound pace. The market is projected to demonstrate a sound growth by 2023, surpassing its previous growth records in terms of value with a sound CAGR during the anticipated period (2017-2023).
The Global Medical Billing Market is expected to grow at a CAGR of 6.5% during forecasted period 2017-2023.
Medical sector is continuously evolving sector. New technologies like information technology are being continuously being exploited for the ease in workflow. All these provided favourable 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 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.
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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 Medical Billing Market 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.
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 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.
In July, 2016 – Cognizant acquired 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 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.
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Global Medical Billing Market – Segmentation
Global Medical Billing Market is segmented by its type, by applications and by process. On the basis of type, it is segmented into professional billing and institutional billing. On the basis of applications, it is segmented into database management, financial, infrastructure, operational. And on the basis of process, it is segmented into electronic billing, payment and medical billing services.
Some Brief Table of Content of Report
Chapter 1 Report Prologue
Chapter 2 Market Introduction
2.2 Scope Of Study
2.3 Research Objective
2.4 Assumptions & Limitations
Chapter 3 Research Methodology
3.1 Research Process
3.2 Primary Research
3.3 Secondary Research
Chapter 4 Market Dynamics
Chapter 5 Market Factor Analysis
5.1 Porter’s Five Forces Model
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