As of June 2022, over ** percent of individuals who owed medical debt to a hospital reported that the hospital had a collection agency contact them about past-due medical debt. This statistic illustrates the share of measures hospitals took to recover past-due medical bills from adults in the U.S. in 2022.

A survey from 2021 found that around 48 percent of Millennial respondents in the United States currently had medical debt, while a total of 66 percent had been in debt due to medical bills at some point. This statistic shows the percentage of U.S. adults with medical debt as of 2021, by generation.

In 2022, among those with medical debt, 48 percent of female adults in the United States stated that they currently had medical debt, while 34 percent of male adults stated the same. This statistic illustrates the percentage of adults in the United States who have medical debt, by gender.

Financial overview and grant giving statistics of American Medical Debt Relief Foundation

In 2023, over half of adults with medical debt had debt from hospital care, while over a third had debt due to emergency care or doctor's office visit. Just two percent said their debt came from long-term care. This statistic illustrates the share of adults with medical debt in the United States in 2023, by the source of their debt.

According to a survey conducted in the U.S. in March 2022, 62 percent of adults aged under 65 years, who were uninsured reported that they have health care debt, in comparison to 44 percent of adults who had health insurance In general, black and hispanic adults, parents with children under 18, and women were among the most likely to have medical debt.

In 2023, around 22 percent of all medical debt in the United States belonged to individuals who owed more than 5,000 U.S. dollars. In 2019, the total medical debt in the United States was estimated to be at least 195 billion U.S. dollars. This statistic illustrates the share of aggregate total medical debt in the United States, by amount owed.

Select Medical reported $2.79B in Debt for its fiscal quarter ending in March of 2025. Data for Select Medical | SEM - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

This study examined the relationship between a diagnosis of cancer and the likelihood of having any out of pocket costs (OOPC) and medical debt, and the amounts of OOPC and medical debt, at the household level. We used the 2011 Panel Study of Income Dynamics, an ongoing nationally representative panel survey that collects detailed socioeconomic and demographic data in the United States. The analytic sample included households where heads and their spouse (if married) were between 18 and 64 years old. Adjusted logistic regression models and generalized linear models with logarithmic link and a gamma distribution were used. Two models were used. Model 1 controlled for the gender, age, race, marital status, and education of the head of household, and household variables of the number of children in the household, the number of chronic health conditions for the head of household and spouse if married, and households where both the head and the spouse (if married) reported a diagnosis of cancer. Model 2 additionally controlled for home equity. Related to OOPC, both models showed that having a diagnosis of cancer increased a households likelihood of having any OOPC by 119% (p < .01) compared to those that did not have a diagnosis of cancer. Additionally, for households with positive amounts of OOPC, it was found that a diagnosis of cancer increased the amount of OOPC by 24% (p < .01) compared to households without a diagnosis of cancer. Related to medical debt, Model 1 showed that having a diagnosis of cancer increased a households likelihood of having any medical debt by 67% (p = .052) compared to those without a diagnosis of cancer. However, when including home equity in Model 2, having a diagnosis of cancer increased a households likelihood of having any medical debt by 78% (p < .05) compared to those without a diagnosis of cancer. Further, a diagnosis of cancer increased the amount of medical debt similarly for Model 1 (101%) and Model 2 (102%) for households with positive amounts of medical debt compared to those without a diagnosis of cancer (p < .05). All tests of significance were two-sided. This study shows that a diagnosis of cancer imposes a significant financial burden on families in the United States even after controlling for systematic differences between households with a diagnosis of cancer compared to those without a diagnosis of cancer.

The Texas Department of Insurance, Division of Workers’ Compensation (DWC) maintains a database of pharmacy medical billing services (SV4). It contains charges, payments, and prescriptions billed on a DWC Form-066, Statement of Pharmacy Services by pharmacies with dates of service for the last five years. For datasets going back to 2010, see pharmacy medical billing services (SV4) detail information – historical. The detail section contains information to identify insurance carriers, injured employees, employers, place of service, and diagnostic information. The bill details are individual line items that are grouped in the header section of a single bill. The bill selection date and bill ID must be used to group individual line items into a single bill. Find more information in our pharmacy medical billing services (SV4) detail data dictionary. See pharmacy medical billing services (SV4) header information for the corresponding header records related this dataset. Go to our page on DWC medical state reporting public use data file (PUDF) to learn more about using this information.

The Medical Debt Collection Service market plays a pivotal role in the healthcare industry, as it addresses the increasing challenge of unpaid medical bills that burden both providers and patients. With rising healthcare costs and evolving insurance landscapes, medical debt has become a significant concern for healt

The Texas Department of Insurance, Division of Workers' Compensation (DWC) maintains a database of professional medical billing services (SV1). It contains charges, payments, and treatments billed on a CMS-1500 form by doctors and other health care professionals who treat injured employees, including ambulatory surgical centers, with dates of service for the last five years. For datasets going back to 2010, see professional medical billing services (SV1) header information – historical. The header identifies insurance carriers, injured employees, employers, place of service, and diagnostic information. The bill header information groups individual line items reported in the detail section. The bill selection date and bill ID must be used to group individual line items into a single bill. Find more information in our professional medical billing services (SV1) header data dictionary. See professional medical billing services (SV1) detail information for the corresponding detail records related to this dataset. Go to our page on DWC medical state reporting public use data file (PUDF) to learn more about using this information.

The Texas Department of Insurance, Division of Workers' Compensation (DWC) maintains a database of professional medical billing services (SV1). It contains charges, payments, and treatments billed on a CMS-1500 form by doctors and other health care professionals who treat injured employees, including ambulatory surgical centers, with dates of service more than five years old going back to 2010. For datasets from the past five years, see professional medical billing services (SV1) detail information.

The detail contains information to identify insurance carriers, injured employees, employers, place of service, and diagnostic information. The bill details are individual line items that are grouped in the header section of a single bill. The bill selection date and bill ID must be used to group individual line items into a single bill. Find more information in our professional medical billing services (SV1) detail data dictionary.

See professional medical billing services (SV1) header information – historical for the corresponding header records related to this dataset.

Go to our page on DWC medical state reporting public use data file (PUDF) to learn more about using this information.

Omega Healthcare Investors reported $4.45B in Debt for its fiscal quarter ending in March of 2025. Data for Omega Healthcare Investors | OHI - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Globus Medical reported $477K in Debt for its fiscal quarter ending in March of 2025. Data for Globus Medical | GMED - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

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Debt Settlement Market Size 2024-2028

The debt settlement market size is forecast to increase by USD 5.07 billion at a CAGR of 10.3% between 2023 and 2028.

The market is experiencing significant growth due to the increasing trend of consumers seeking relief from mounting credit card debts. One-time debt settlement has gained popularity as an effective solution for individuals looking to reduce their outstanding debt balances. However, the time-consuming nature of negotiations between debtors and creditors poses a challenge for market expansion. Despite this, the market's strategic landscape remains favorable for companies offering debt settlement services. Key drivers include the rising number of consumers struggling with debt, increasing awareness of debt settlement as a viable debt relief option, and the growing preference for affordable and flexible debt repayment plans.
Companies seeking to capitalize on market opportunities should focus on streamlining the negotiation process, leveraging technology to enhance customer experience, and building trust and transparency with clients. Effective operational planning and strategic partnerships with creditors can also help companies navigate the challenges of a competitive and complex market.

What will be the Size of the Debt Settlement Market during the forecast period?

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The market encompasses a range of companies offering financial wellness programs to help consumers manage and reduce their debt. These programs include medical Debt collection, consumer debt relief, and financial education resources. Online financial resources and debt management software are increasingly popular, providing consumers with affordable debt solutions and debt negotiation strategies. However, it's crucial for consumers to be aware of debt settlement scams and their settlement success rates. Debt consolidation loans and financial planning tools are also viable options for responsible debt management. Furthermore, financial literacy education and workshops are essential for consumers to understand debt reduction calculators and credit reporting errors.
Consumer financial protection agencies offer financial counseling services and financial planning advice to promote financial wellness strategies and responsible borrowing. Student loan forgiveness programs are also gaining traction in the market. Overall, the market for debt settlement and financial wellness solutions continues to evolve, with a focus on providing accessible and effective debt relief options for consumers.

How is this Debt Settlement Industry segmented?

The debt settlement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Credit card debt
  Student loan debt
  Medical debt
  Auto loan debt
  Unsecured personal loan debt
  Others


End-user

  Individual
  Enterprise
  Government


Distribution Channel

  Online
  Offline
  Hybrid


Service Type

  Debt Settlement
  Debt Consolidation
  Debt Management Plans
  Credit Counseling


Provider Type

  For-profit Debt Settlement Companies
  Non-profit Credit Counseling Agencies
  Law Firms
  Financial Institutions


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Japan
    South Korea


  South America



  Rest of World (ROW)

By Type Insights

The credit card debt segment is estimated to witness significant growth during the forecast period.

The market experiences significant activity due to the escalating credit card debt among consumers. In India, for instance, the rising financial hardships faced by borrowers are evident in the increasing credit card defaults. The latest data indicates that credit card defaults in India reached 1.8% in June 2024, a notable increase from 1.7% six months prior and 1.6% in March 2023. This trend underscores the mounting financial pressures on consumers. The outstanding credit card debt in India mirrors this trend, with approximately USD3.25 billion in outstanding balances as of June 2024, a slight increase from the previous year.

Debt elimination and negotiation strategies, such as debt relief programs and debt consolidation, have become increasingly popular among consumers seeking financial relief. Credit reporting agencies play a crucial role in this process, as they maintain and report consumers' credit histories to lenders. Student loan debt, medical debt, tax debt, and payday loans are other significant contributors to the market. Consumers often turn to debt validation, credit repair, and financial coaching for guidance in managing their debts. Online platforms, mobile apps, and budgeting tools have become

In 2022, among those with medical debt, around 56 percent of Black adults in the United States stated that they currently had medical debt, in comparison 37 percent of White adults stated the same. This statistic illustrates the percentage of adults in the United States who have medical debt in 2022, by ethnicity.

Medical Developments International reported AUD2.14M in Debt for its fiscal semester ending in December of 2024. Data for Medical Developments International | MVP - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Universal Health Services reported $4.65B in Debt for its fiscal quarter ending in March of 2025. Data for Universal Health Services | UHS - Debt including historical, tables and charts were last updated by Trading Economics this last July in 2025.

Medical Collection Services Market Outlook

The global medical collection services market size was valued at approximately USD 5.2 billion in 2023 and is projected to reach USD 8.6 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.9% over the forecast period. This growth can be attributed to several factors, including the increasing volume of healthcare-related debt, the rising need for efficient revenue cycle management, and the growing adoption of advanced technologies in the collection process.

One of the primary drivers for the growth of the medical collection services market is the escalating volume of outstanding medical debt. With the rising cost of healthcare and the increasing prevalence of high-deductible health plans, more patients are struggling to pay their medical bills. This has led to a surge in the demand for collection services that assist healthcare providers in recovering unpaid debts. The implementation of the Affordable Care Act has also played a role, as it has increased the number of insured individuals but has not significantly reduced the out-of-pocket expenses for patients.

Another significant growth factor is the heightened focus on efficient revenue cycle management within healthcare organizations. As hospitals and clinics strive to maintain financial stability and ensure continuous operations, the need for effective collection services has become paramount. These services help healthcare providers manage their accounts receivable, reduce bad debt, and improve cash flow. Furthermore, the increasing complexity of billing and insurance processes necessitates the use of specialized collection services to navigate the intricate landscape of medical reimbursements.

Technological advancements have also been a key contributor to the growth of the medical collection services market. The integration of artificial intelligence, machine learning, and data analytics into collection processes has enhanced the efficiency and accuracy of debt recovery efforts. These technologies enable collection agencies to identify high-risk accounts, predict payment behaviors, and tailor their strategies accordingly. Additionally, the adoption of cloud-based solutions has streamlined the management of collection data, facilitating real-time access and collaboration among stakeholders.

Debt Collection Services play a pivotal role in the medical collection services market by offering specialized solutions for healthcare providers to recover outstanding debts efficiently. These services are designed to handle the complexities of medical billing and insurance processes, ensuring that healthcare providers can focus on delivering quality care while maintaining financial stability. By leveraging advanced technologies and data-driven strategies, debt collection services enhance the accuracy and efficiency of debt recovery efforts. This not only improves cash flow for healthcare organizations but also reduces the burden of bad debt, allowing them to allocate resources more effectively. As the demand for efficient debt recovery solutions continues to rise, the role of debt collection services in the healthcare sector becomes increasingly critical.

Regionally, North America holds the largest share of the medical collection services market, driven by the high prevalence of medical debt and the presence of a well-established healthcare infrastructure. The United States, in particular, contributes significantly to the market due to its complex healthcare system and high out-of-pocket expenses for patients. Europe is also a prominent market, with countries like the United Kingdom and Germany focusing on improving revenue cycle management within their healthcare systems. Asia Pacific is expected to witness the highest growth rate during the forecast period, fueled by the expanding healthcare sector and increasing adoption of advanced technologies in countries such as China and India.

Service Type Analysis

The medical collection services market can be segmented by service type into first-party collection, third-party collection, and debt purchasing. First-party collection services involve the healthcare provider directly engaging with patients to recover outstanding debts. This approach is often preferred by providers who wish to maintain a positive relationship with their patients while ensuring timely payments. The increasing emphasis on patient satisfaction and retention has spurred the demand for first-party collection services,