Austin, May 08, 2025 (GLOBE NEWSWIRE) -- Medical Billing Market Size & Growth Analysis:
According to SNS Insider, the global medical billing market was valued at USD 15.43 billion in 2023 and is projected to reach USD 41.32 billion by 2032, growing at a CAGR of 11.58% over the forecast period 2024–2032.
The medical billing market is witnessing robust growth because of expanding healthcare expenditures, rising demand for electronic healthcare services, and the complexity of coding and billing systems. Trends in revenue cycle management (RCM) solutions and outsourcing are also fueling market growth. Technological innovation and regulatory compliance demands are prompting providers to implement effective billing systems, which are supporting steady growth in hospitals, clinics, and ambulatory surgical centers worldwide.
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U.S. Medical Billing Market Trends
The U.S. Medical Billing Market was estimated at USD 4.69 billion in 2023 and is expected to reach USD 12.47 billion by 2032, at a CAGR of 11.50% during the forecast period of 2024-2032. The U.S. dominates the North American medical billing market due to advanced healthcare system and high penetration of outsource billing services. The increasing administrative burden on care providers is also contributing the demand for efficient billing systems nationwide.
Key Medical Billing Companies Profiled in the Report
- Kareo (EHR, Practice Management Software)
- Infinitercm (Revenue Cycle Management, Credentialing Services)
- Cerner (PowerChart, Millennium)
- eClinicalWorks (eClinicalWorks EHR, eClinicalWorks PM)
- R1 RCM (Revenue Cycle Management Services, Physician Advisory Services)
- CureMD (CureMD EHR, Practice Management)
- AdvancedMD (AdvancedMD EHR, Practice Management)
- PracticeSuite (PracticeSuite EHR, Medical Billing Software)
- BillingParadise (Medical Billing Services, Denial Management)
- GeBBS Healthcare Solutions (Revenue Cycle Management, Health Information Management)
- Tebra (Practice Operations Platform, Patient Experience Enhancements)
- Veradigm (Practice Management Solutions, EHR Technology)
- Hyland Software (OnBase, Alfresco)
- McKesson Corporation (Pharmaceutical Distribution, Health Information Technology)
- Abridge (AI-Powered Documentation Platform, Clinical Note Transcription)
- CodaMetrix (AI for Medical Coding, Revenue Cycle Automation)
- Cohere Health (Prior Authorization Automation, Care Coordination)
- Anysphere (AI Coding Assistant, Cursor)
- Attention (CRM Automation, Natural Language Processing Tools)
- Decagon (AI Support Agents, Customer Inquiry Management)
Medical Billing Market Report Scope
| Report Attributes | Details |
| Market Size in 2023 | US$ 15.43 billion |
| Market Size by 2032 | US$ 41.32 billion |
| CAGR | CAGR of 11.58% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
Segmentation Insights
By Component, Services Segment Dominates the Medical Billing Market
In 2023, the services segment dominated the medical billing market by component because the trend of billing processes outsourcing to specialized third-party service providers continues to grow. Physicians, especially small- and medium-sized practices, do not have the experience and resources necessary to handle sophisticated billing and coding requirements in-house. Outsourcing services provide cost savings, decreased administrative burden, and better claims processing accuracy and reimbursement. Regulatory reforms and compliance have also made providers increasingly dependent on seasoned billing service companies, further enhancing the leadership of the segment.
By Facility Size, Large-Sized Facilities Segment Dominates the Medical Billing Market
In 2023, the large-sized facilities segment led the medical billing market with 46% market share because of their high patient volumes, sophisticated administrative structures, and higher financial capabilities. Large health systems and hospitals have strong billing systems to handle high volumes of claims and maintain regulatory compliance. Their capacity to invest in sophisticated revenue cycle management solutions and implement sophisticated billing software improves efficiency and minimizes errors. In addition, larger institutions will find it easier to implement full end-to-end bill services, further propelling their dominance in the market over smaller clinics and medium-sized health providers.
By End User, Hospitals Segment Dominates the Medical Billing Market
In 2023, the hospitals segment led the medical billing market with 45% market share because of its large number of admissions, varied services provided, and complexity of the billing process. Hospitals have large-scale billing functions in various departments, and to simplify the process, they require efficient revenue cycle management for timely reimbursement as well as compliance. Their requirement for integrated billing solutions to process insurance claims, patient data, and regulatory requirements is one of the drivers of increased adoption of complex billing systems. Apart from this, hospitals prefer to partner with veteran billing service providers to ease administrative burdens and improve financial results, and further solidify their market leadership.
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Medical Billing Market Segmentation
By Component
- Software
- Services
- Professional Services
- Managed Services
By Facility Size
- Large-Sized Facilities
- Medium-Sized Facilities
- Small-Sized Facilities
By End User
- Ambulatory Surgery Centers
- Hospitals
- Specialty Centers
- Orthopedic Centers
- Oncology Centers
- Cardiology Centers
- Radiology & Imaging Centers
- Other Specialty Centers
- Other End Users
Regional Market Dynamics
North America Dominates the Medical Billing Market, Asia Pacific Expected to Register Fastest Growth
North America dominated the medical billing market in 2023 because the region has an advanced healthcare infrastructure, high penetration of electronic health records (EHRs), and strict regulatory environments that demand efficient billing mechanisms. The region is home to large industry players and high outsourcing of billing service providers, thereby adding to market share. Sophistication of U.S. healthcare reimbursement programs like Medicare and Medicaid also creates a demand for advanced billing solutions to process claims efficiently.
Asia Pacific is expected to witness the fastest growth in the medical billing market due to increasing healthcare expenditure, increasing digitalization of healthcare systems, and providers' growing awareness of revenue cycle management. Emerging economies such as India and China are investing in healthcare IT infrastructure, which presents great opportunities to expand in the market. In addition, the growing amount of medical tourism and healthcare centers within the region is putting pressure on the necessity for effective and affordable billing services for the processing of higher numbers of patients.
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Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Market Growth & Adoption Trends (2023-2032)
5.2 Claim Processing Trends (2023)
5.3 Billing Errors & Denial Rates (2023)
5.4 Technology & Automation Adoption (2023)
5.5 Revenue Distribution & Payer Mix (2023)
6. Competitive Landscape
7. Medical Billing Market by Component
8. Medical Billing Market by Facility Size
9. Medical Billing Market by End User
11. Regional Analysis
12. Company Profiles
13. Use Cases and Best Practices
14. Conclusion
Related Reports
Healthcare Revenue Cycle Management Market Report
Electronic Health Records [EHR] Market Report
Healthcare Analytics Market Report
Practice Management System Market Report
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