New York, NY, May 16, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Healthcare Payer Services Market Size, Share & Trends Analysis Report By Services (Business Process Outsourcing, IT Outsourcing Services, Knowledge Process Outsourcing Services); By Application; By End Use; By Region; And Segment Forecasts, 2023 - 2032” in its research database.
“As per the latest research analysis, the global healthcare payer services market size/share will be valued at roughly USD 68.17 Billion in 2022, and its revenue is projected to reach about USD 186.35 Billion By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 10.6% between 2023 and 2032.”
What is Healthcare Payer Services? How Big is Healthcare Payer Services Market Size?
- Report Overview
Healthcare payers are organizations that determine service prices, collect payments, and process claims. Examples of payers in the healthcare industry include Medicare, Medicaid, and health plan providers. Payer and provider are generally different entities. Providers are often those who provide services such as hospitals or clinics. Each payer sets their own rules and regulations regarding reimbursement and provider contracts.
Healthcare payer services can include claims processing, customer service, payment processing, enrollment and eligibility, and billing. The aim of these services is to enhance operational efficiency by reducing administrative costs, which enables payers to focus on delivering high-quality healthcare services to their customers. An increase in the need for cost-effective operations, along with the rise in demand for advanced supply chain management (SCM) practices, is driving the healthcare payer services market size.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- Cognizant Technology Solutions
- UnitedHealth Group
- Accenture
- McKesson Corporation
- Wipro Limited
- EXL
- Accenture
- Xerox Corporation
- Concentric Corporation
- Genpact
- HCL Technologies
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Prominent Growth Driving Factors
- Healthcare costs and quality enhancements: Rising healthcare costs than inflation in many countries, increasing emphasis on enhancing the quality of healthcare services, growing requirement for efficiency, and cost savings are some of the prominent factors propelling the healthcare payer services market growth.
- Aging population: The aging population is one of the key factors driving the healthcare payer services market growth. As people age, they tend to require more healthcare services such as insurance, Medicare, Medicaid, and other healthcare financing programs.
- Shift to value-based care models: Rising shift of many healthcare payers from fee-for-service models to value-based care models, which reward provides for providing high-quality treatment at lower costs. These services can help payers in managing these new payment methods and provide better quality care to members.
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Top Report Findings
- Various benefits of healthcare payer services, such as reduction in administrative costs and improvement in operational efficiency as well as a growing aging population, are accelerating the healthcare payer services industry expansion.
- The market is segmented based on services, application, end-user, and region.
- The demand in North America is anticipated to register the largest growth during the forecast period
Recent Trends Influencing the Market
- Digital transformation and technology upgrades: A continuously going digital transformation in the field of healthcare with upgraded technologies such as big data analytics, artificial intelligence, and blockchain are some of the healthcare payer services market trends anticipated to boost the market growth during the forecast period. Incorporating these technologies in healthcare payer services can improve accuracy, efficiency, and transparency in payer operations.
- Healthcare regulations: The introduction of healthcare regulations is likely to create new opportunities for healthcare payer services. For instance, The Affordable Care Act in the US imposed additional regulations on health insurance providers, increasing demand for services like member management and claims processing.
Segmental Analysis
- The ITO services segment is anticipated to show the largest growth in 2022
Based on services, the ITO (Information Technology Outsourcing) services category accounted for the largest healthcare payer services market share in 2022. ITO services are functions and services related to IT that are outsourced to outside service providers. ITO services are utilized in the market to handle a variety of IT-related tasks, including cybersecurity, infrastructure management, data analytics, and software development.
- The claims management services segment held the major revenue share in 2022
By application, the healthcare payer services market segmentation claims management services category dominated the market in 2022 as it’s an important part of the healthcare payer industry. This is because claims management has a direct effect on the revenue and benefits of healthcare payers. Healthcare providers' claims are submitted to claims management services, which analyze and evaluate them to make sure they are correct, comprehensive, and in compliance with the payer's policies and procedures.
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Healthcare Payer Services Market: Report Scope & Segmentation
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 186.35 Billion |
| Market size value in 2023 | USD 75.13 Billion |
| Expected CAGR Growth | 10.6% from 2023 - 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Cognizant Technology Solutions, UnitedHealth Group, Accenture, McKesson Corporation, Wipro Limited, EXL, Accenture, Xerox Corporation, Concentric Corporation, Genpact, and HCL Technologies. |
| Segments Covered | By Services, By Application, By End Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
North America: Based on geography, healthcare payer services market demand in North America is anticipated to account for the largest share owing to the considerable healthcare expenditure, the presence of many private and public companies, and the rising patient population in the region. Availability of well-established healthcare infrastructure such as healthcare IT systems, data analytics capabilities, and a proficient workforce that offers delivery of healthcare payer services in North America is propelling the regional market growth. Also, a favorable regulatory environment that fosters the market's expansion and development is anticipated to support industry growth in the region.
Asia Pacific: The region is predicted to register the fastest growth throughout the anticipated period due to the growing healthcare spending, increasing resource demand in developing nations such as China and India, and a surge in chronic diseases. The BPO service providers are also developing delivery centers in nations including China, Singapore, Philippines, India, and Vietnam, indicating a higher activity level in these areas during the predicted period.
Browse the Detail Report “Healthcare Payer Services Market Size, Share & Trends Analysis Report By Services (Business Process Outsourcing, IT Outsourcing Services, Knowledge Process Outsourcing Services); By Application; By End Use; By Region; And Segment Forecasts, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/healthcare-payer-services-market
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Recent Developments
- In September 2022, Accenture, a consulting company, acquired The Beacon Group to aid in its development across the technology, aerospace, industrial, and healthcare sectors.
- In March 2022, IMAT Solutions, which is known for its innovative population health reporting and real-time healthcare data management, introduced a new product that is designed to manage healthcare data collection, aggregation, dissemination, and reporting.
Frequently Asked Questions
- Who are the crucial companies operating the market?
- What are the major industry norms influencing the development of the industry?
- Which is the most propelling country in the industry?
- Which application or product type will obtain progressive development possibilities during the forecast period?
- What is the expected growth rate of the market during the foreseen period?
- What are the key strategies adopted by companies in the impact market?
- What are the main findings of Porter’s five forces analysis and the SWOT analysis of the major companies in the market?
Polaris Market Research has segmented the Healthcare Payer Services Market report based on services, applications, end-use, and region:
By Services Outlook
- Business Process Outsourcing
- ITO Services
- Knowledge Process Outsourcing Services
By Application Outlook
- Claims management services
- Integrated Front Office Service and Back Office Operations
- Member Management Services
- Provider Management Services
- Billing And Accounts Management Services
- Analytics And Fraud Management Services
- HR Services
By End Use Outlook
- Public Payers
- Private Payers
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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