According to IMARC Group latest report titled” Healthcare Payer Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on healthcare payer services market outlook. The report also includes competitor and regional analysis, and contemporary advancements in the global market. The global healthcare payer services market reached a value of US$ 27.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 49.6 Billion by 2027, exhibiting a CAGR of 11.4% during 2022-2027.
A healthcare payer service refers to a medical care service that is contracted out by healthcare insurers and providers. The services in this area enhance data accuracy during pre-adjudication and adjudication, reduce insurance fraud, and enable continued enhancements by reducing claim overpayments, revenue leakages, and turnaround time. In order to streamline their business processes, many Numerous insurers and payers are implementing outsourcing solutions to streamline their business processes and reduce administrative, logistics, and procurement costs while providing better services to consumers.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The market is primarily driven by the increasing outsourcing of healthcare supply chain management services to third-party service providers. This can be attributed to the augmenting demand for cost-effective operations in the supply chain management (SCM) practices. Also, the rising incidences of insurance enrollments along with and healthcare fraud is are propelling the market. The market is further driven by the incorporation of advanced technologies, such as artificial intelligence (AI), big data analytics and cloud-based service portfolio. Some of the other factors creating a positive market outlook include increasing the expanding healthcare expenditure, the inflating disposable incomes of the consumers and fierce market competition among key players.
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Competitive Landscape with Key players:
The report has also analysed the competitive landscape of the market with some of the key players being.
- Accenture plc
- Cognizant Technology Solutions Corporation
- Concentrix Corporation
- ExlService Holdings Inc
- Genpact Limited
- HCL Technologies Limited
- Hinduja Global Solutions Limited
- HP Development Company L.P.
- McKesson Corporation
- UnitedHealth Group Incorporated
- Wipro Limited and Xerox Corporation
Healthcare Payer Services Market Segmentation:
Our report has categorized the market based on region, type, application and end use.
Breakup by Type:
- BPO Services
- ITO Services
- KPO Services
Breakup by Application:
- Analytics and Fraud Management Services
- Claims Management Services
- Integrated Front Office Service and Back Office Operations
- Member Management Services
- Provider Management Services
- Billing and Accounts Management Services
- HR Services
Breakup by End Use:
- Private Payers
- Public Payers
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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