The European claim management system market is estimated to grow at a CAGR of 5.3% till 2019 - A Report by MicroMarket Monitor
(PRWEB) December 27, 2014 -- The European claim management system market report defines and segments the concerned market globally with an analysis and forecast of the revenue. This market was valued at $753 million in 2013 that is estimated to grow at a CAGR of 5.3% from 2014 to 2019.
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The digital claims submission significantly reduces administrative costs, improves auto-adjudication rates, and reduces turn-around time to a great extent. These are some of the significant factors that drive the claims management system market in Europe.
Swift and efficient claim management has a great impact on the insurers’ own profitability.
The growing need of the replacement of old and incompatible claim management systems drives the companies to invest more on the development of the software and launch of new products. A key requirement for the improvement of operational efficiency propels the market growth.
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Claim management systems are of two types: Claim Management System and Integrated Claim Management System. In this, the standalone segment has the maximum share that is also expected to grow at a comparatively higher rate. Furthermore, this market is segmented and forecasted on the basis of types, deployments, component, end-users, and geographies. The end-users of the market are office based physicians, hospitals, ambulatory care solutions, medical & diagnostics labs and other end-users.
The maximum revenue of the market is generated from hospitals that are expected to grow at the highest CAGR. The components include hardware-healthcare IT, software-healthcare IT, and services-healthcare IT. As the market is segmented on the basis of deployment, the web-based segment is observed to have the highest share while the cloud-based segment is anticipated to grow at the fastest rate. The market is further segmented and forecasted on the basis of major geographies, such as Germany, the U.K., Spain, Italy, France, and other Geographies. The U.K holds the largest share in the European claim management system market.
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This report comprises the market share, supply chain, and value chain analyses, with market metrics such as drivers, restraints, and upcoming opportunities in the market. In addition, it presents a competitive landscape and company profiles of key players in the market that include major companies that provide claim management systems as a product.
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