Spain Healthcare Claims Management Market Analysis

Spain Healthcare Claims Management Market Analysis


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Spain's healthcare claims management market is projected to grow from $515.31 Mn in 2022 to $2596.09 Mn by 2030, registering a CAGR of 22.4% during the forecast period of 2022-30. The main factors driving the growth would be the increasing prevalence of chronic diseases, regulatory changes, technological advancements and increasing healthcare spending. The market is segmented by component, type, delivery mode and by end-user. Some of the major players include Hinrichs Software, Veta+, Asitur, GE Healthcare, Cognizant and Allianz Care.

ID: IN10ESHS006 CATEGORY: Healthcare Services GEOGRAPHY: Spain AUTHOR: Neha Davda

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Spain Healthcare Claims Management Market Executive Summary

Spain's healthcare claims management market is projected to grow from $515.31 Mn in 2022 to $2596.09 Mn by 2030, registering a CAGR of 22.4% during the forecast period of 2022-30. From $2,740 per person or 8.99% of GDP in 2018 to $2,711 per person or 9.13% of GDP in 2019, healthcare spending increased. Spain continues to spend less per person on healthcare compared to the EU average. Due to a slower growth rate during the previous 10 years, there is an expanding gap between Spain and the EU in terms of overall health spending.

Spain's healthcare industry is one of the largest in Europe and has a substantial economic impact on the nation. Due to an ageing population and an increase in chronic diseases, the industry has experienced tremendous growth in recent years. To handle the huge amount of healthcare claims, there has been an increasing need for effective healthcare claims management systems.

Spanish healthcare claims management is a highly competitive sector with both native and foreign businesses present. Software and services are two of the many categories into which the market is divided.

Spain Healthcare Claims Management Market

Market Dynamics

Market Growth Drivers

The Spain healthcare claims management market is expected to be driven by factors such as:

  1. Increasing prevalence of chronic diseases- In Spain, chronic illnesses including diabetes, heart disease, and cancer are on the rise. The demand for effective claims management systems has increased as a result of the rise in healthcare claims
  2. Regulatory changes- The necessity for effective claims management systems to ensure compliance with rules has grown as a result of the different regulatory changes that the healthcare sector in Spain is exposed to
  3. Technological advancements- To enhance healthcare services and outcomes, Spain's healthcare industry has been implementing cutting-edge technologies. This prompted the creation of cutting-edge claims management tools and software that may simplify and boost productivity
  4. Increasing healthcare spending- With a focus on enhancing healthcare services and infrastructure, Spain has recently increased its healthcare budget. This has resulted to a growth in the quantity of healthcare claims, which in turn has boosted the demand for effective claims management systems

Market Restraints

The following factors are expected to limit the growth of the healthcare claims management market in Spain:

  1. Budget restrictions: In recent years, Spain's healthcare industry has had budget restrictions, which have reduced the funding options for investments in novel technology and solutions, such as claims management systems
  2. Data security and privacy issues: Concerns concerning the security and privacy of patient data are raised by the growing use of digital technology in healthcare claims administration. New systems and solutions that do not fully adhere to data privacy and security standards may find it more difficult to be adopted as a result
  3. Interoperability limitations: Claims management systems may not be able to interface with other systems and data sources due to a lack of interoperability across various healthcare systems and technology

Competitive Landscape

Key Players

  • Hinrichs Software (ESP)- provides tailored and high-quality solutions to assist insurers and health specialists in handling cases. In addition to other services, it provides a variety of claim management software under the names HS Diversos and HS Siniestros
  • Veta+ (ESP)- an insurance start-up in Madrid. At a technical-expert level, Veta+ offers real, understandable, and efficient solutions, such as complete claims management
  • Asitur (ESP)- an insurance start-up in Madrid that offers help services and claims handling
  • GE Healthcare- as a part of their solutions for revenue cycle management, GE Healthcare does provide healthcare claim management services. These systems assist healthcare firms in managing their billing, coding, and claim submission financial procedures
  • Cognizant- a global company that offers operational, digital, and consulting services, including solutions for healthcare claims administration. It focuses on business-changing technologies—the cloud, IoT, AI, and software engineering
  • Allianz Care- a lone source for all life and health insurance requirements. It provides insurance options for international health, life and disability, critical sickness, and short-term or just emergency protection.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Healthcare Claims Management Market Segmentation

By Component (Revenue, USD Billion):

Further breakdown of the software and services segment of the healthcare claims management market

  • Software
  • Services

By Type (Revenue, USD Billion):

Although they have nothing to do with it, skills unrelated to patient care are equally crucial for any healthcare organization that wants to stay in business. Among these are managing intricate insurance regulations, comprehending best practices for data collection, and analyzing data to identify areas for development. For the above reasons, providers are constantly looking for methods to improve claim administration and medical billing systems. Setting up an integrated billing and claims processing system is one approach to accomplish this, which has a number of benefits.

  • Integrated Solutions
  • Standalone Solutions

By Delivery Mode (Revenue, USD Billion):

  • On-Premise
  • Cloud-Based

By End User (Revenue, USD Billion):

  • Healthcare Payers
  • Healthcare Providers
  • Other End Users

Healthcare payers in this market are anticipated to rise quickly over the course of the projection period because of the installation of strict regulatory requirements, a lack of experienced personnel internally for claims processing, rising healthcare expenditures, and fraud associated with those charges. Payers have also assisted healthcare providers by creating a web-based and cloud-based interface that helps them manage medical billing and associated claims and offers accurate and timely information about the epidemic.

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

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Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 20 September 2023
Updated by: Dhruv Joshi

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