| The global medical billing market is projected to grow significantly, reaching USD 27.7 billion by 2029 from USD 16.8 billion in 2024, growing at a CAGR of 10.5% from 2024 to 2029, driven by factors such as increasing patient numbers, the complexity of billing procedures, expanding healthcare insurance coverage, and rising healthcare expenditure. Key trends include the integration of electronic health records (EHR), adoption of AI and automation, and the shift towards cloud solutions. Challenges like high deployment costs and data security concerns are prevalent, while opportunities lie in AI-driven solutions and cloud-based deployments. The market is segmented by component (software and services), facility size (large, mid, small), end users (hospitals, specialty centers, ambulatory surgical centers), and region (North America leading in market share). Major players include Oracle, McKesson Corporation, and Athenahealth, Inc., with recent developments focusing on enhancing patient support and operational efficiencies through technology integration. |
