New York, May 20, 2023 (GLOBE NEWSWIRE) -- According to the report published by Next Move Strategy Consulting, the global Insurance TPA Market size generated USD 307.79 billion in 2022 and is projected to reach USD 511.48 billion by 2030, at a CAGR of 4.8% from 2023 to 2030. The research offers a detailed analysis regarding drivers, restraints, and opportunities to highlight changing market dynamics of the market. Moreover, the research provides an extensive analysis of major segments and their sub-segments to determine the fastest-growing and highest revenue-generating segments.
Equipping the extensive analysis of each and every aspect of the market in 240 pages, accompanied by 190 tables and 189 figures, the report aims to become a source of guidance for market players, investors, and startups as they device strategies for next few years to achieve sustainable growth. Moreover, the research outlines the COVID-19 analysis to highlight the impact on the global insurance TPA market share.
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| Report Coverage | Details |
| Forecast Period | 2023–2030 |
| Base Year | 2022 |
| Market Size in 2021 | USD 307.79 Billion |
| Market Size in 2030 | USD 511.48 Billion |
| CAGR | 4.8% |
| No. of Pages | 240 |
| Tables | 190 |
| Figures | 189 |
| Segments covered | Type, Services, End User, and Geography |
| Drivers | Rising demand for insurance worldwide |
| Rising healthcare expenses accelerate the demand for TPA | |
| Emerging startups that are reshaping the landscape of operations in the TPA | |
| Opportunities | Edge-cutting technologies boosting TPA industry |
The report offers a comprehensive analysis of the insurance TPA market dynamics based on drivers, restraining factors, and opportunities. The increase in insurance policies has led to a rise in claim settlements and policy management, resulting in insurance companies outsourcing services to TPAs, thereby contributing to the growth of the global insurance TPA industry. However, the threat of cyber criminals poses a significant risk to the security of data and financial information managed by insurance TPAs, which restrains the market growth.
Lead Analyst for BFSI at Next Move Strategy Consulting, stated, “The technological advancements in TPAs, such as wearable technology, blockchain, and AI, offer opportunities for insurers to provide customized insurance products, enhance transparency, and improve operational efficiency, creating new opportunities for key market players in the coming years.”
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North America accounted for the highest market share in 2022. This can be attributed to the increasing number of car accidents in this region drives the expansion of the insurance TPA industry. Insurance companies are outsourcing third-party administrators to handle and streamline their claims processing efficiently. Moreover, the presence of prominent companies, such as Sedgwick Claims Management Services Inc, UMR Inc., and Crawford & Co. engaged in offering various administrative services to their clients foster the growth of the insurance TPA market.
On the other hand, Europe is estimated to grow steadily during the forecast period, owing to an increase in the prevalence of chronic diseases like cancer, diabetes, and heart diseases has resulted in a rise in the number of health insurance policies in this region. In addition, the growing number of motor insurance policies in this region has led insurance companies to outsource their services to third-party administrators to effectively handle claim settlements. Which in turn thrives the market growth in this region.
The research offers an analysis of each region and its countries based on segments and their sub-segments to outline steps to be taken to consolidate presence in the insurance TPA industry. This analysis is also helpful in determining highest-revenue generating and fastest-growing segments and taking the next steps accordingly.
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The report offers a detailed analysis of leading market players of the global insurance TPA market trends. Leading players analyzed in the research include Sedgwick Claims Management Services Inc., United HealthCare Services (UMR) Inc., Crawford & Co., Gallagher Bassett Services Inc., CorVel Corp., Meritain Health, ESIS Inc., Helmsman Management Services LLC, Trustmark Health Benefits Inc., and Cannon Cochran Management Services Inc., DBA CCMSI, and many more.
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