Dublin, Feb. 23, 2022 (GLOBE NEWSWIRE) -- The "Payer Services Global Market Report 2022, By Outsourcing Services, Application, End-User" report has been added to ResearchAndMarkets.com's offering.
The global payer services market is expected to grow from $101.76 billion in 2021 to $116.52 billion in 2022 at a compound annual growth rate (CAGR) of 14.5%. The market is expected to reach $209.73 billion in 2026 at a CAGR of 15.8%.
The increase in healthcare frauds is expected to drive the payer services market for tightening its security systems. Healthcare fraud includes malpractices such as individuals obtaining subsidized or fully-covered prescription pills that are actually unneeded and then selling them on the black market for a profit billing by practitioners for care that they never rendered, filing duplicate claims for the same service rendered, altering the dates and modifying medical records. The healthcare industry continues to suffer losses attributed to frauds and errors. For instance, according to the National Health Care Anti-Fraud Association, in the USA the loss from healthcare fraud was estimated to be $300 billion. Therefore, increasing healthcare fraud in the healthcare industry is propelling the demand for rigid security systems, thereby driving the growth of the payer services market.
The rising incidences of data breaches and loss of confidentiality have always been a major challenge in the payer service industry. In recent years, the healthcare sector has always been at the forefront in cases of breaching privacy and the resulting loss of confidential data.
Increased adoption of technologically advanced products is gaining substantial popularity in the payer services market. This has led to improved price transparency, affordable payer services, higher utilization of resources, increasing quality reach, and member satisfaction and loyalty towards the service provider.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
- It traces the market's historic and forecast market growth by geography.
- It places the market within the context of the wider payer services market, and compares it with other markets.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, the influence of the COVID-19 virus and forecasting its growth.
- Market segmentations break down market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
- It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- Competitive landscape gives a description of the competitive nature of the market, market shares, and a description of the leading companies.
- Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
- The payer services market section of the report gives context.
- It compares the payer services market with other segments of the payer services market by size and growth, historic and forecast.
- It analyses GDP proportion, expenditure per capita, payer services indicators comparison.
Scope
Markets Covered:
- By Outsourcing Services: Business Process Outsourcing Services; Knowledge Process Outsourcing Services; Information Technology Outsourcing Services
- By Application: Revenue Cycle Management; Healthcare Reimbursement; Medical Billing Outsourcing; Others
- By End-User: Public Payers; Private Payers
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Companies Mentioned
- United Health Group
- Anthem
- Concentrix Corporation
- United Healthcare
- Anthem Inc.
- Aetna, Inc.
- CIGNA Corp.
- HealthPartners
- Blue Cross Blue Shield of Massachusetts
- Group Health Cooperative
For more information about this report visit https://www.researchandmarkets.com/r/czsre0
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