The global healthcare payer services market was valued at $19,409.52 million in 2019, and is projected to reach $41,906.64 million by 2027, registering a CAGR of 10.6% from 2020 to 2027. The growth of the global healthcare payer solution market is majorly driven by rise in cost of healthcare systems and urge to decrease wasteful spending. Moreover, surge in risk of healthcare frauds and increase in demand for streamlined business processes drive the growth of the healthcare payer solution market. Furthermore, rise in health insurance enrolment, increase in adoption of healthcare IT solutions, and implementation of various healthcare reforms such as Patient Protection and Affordable Care Act fuel the growth of the healthcare payer solution market.
Healthcare payer refers Preferred Provider Organizations (PPOs), Health Maintenance Organizations (HMOs), healthcare service contracts, state insurance agencies, and claim handlers. Healthcare payer solution providers help such public and private payers as well as healthcare insurers to manage the claims, member engagement, audits, medical documents, and customer relations. These businesses have dedicated units that help to improve overall health system performance through optimizing care quality; reducing costs & improving consumer experience & care provider performance; and leveraging distinctive capabilities in data & analytics, pharmacy care services, population health, healthcare delivery, & healthcare operations. Through all these services, healthcare payer solution providers help their clients to improve their operational efficiency and reduce their operational cost.
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However, surge in incidence of data breaches and loss of confidentiality and cultural & language barriers are anticipated to restrict the growth of the market. On the contrary, high growth potential offered by emerging economies and increase in adoption of AI & analytics are expected to offer lucrative opportunities for the market expansion during the forecast period.
The global healthcare payer solution market is segmented into service, application, end user, and region. On the basis of service, the market is fragmented into business process outsourcing (BPO) services, information technology outsourcing (ITO) services, and knowledge process outsourcing (KPO) services. By application, it is categorized into pharmacy audit & analysis systems, claims management services, fraud management services, computer-assisted coding (CAC) systems, member eligibility management services, provider network management services, payment management services, customer relationship management services, medical document management services, and general ledger & payroll management. Depending on end user, it is differentiated into private and public end user. Region wise, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, the UK, Italy, Spain, France, and rest of Europe), Asia-Pacific (Japan, China, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
The healthcare sector is vital to both national economies and people all across the world. One of the industries with the fastest growth rates is this one. There is a correlation between income levels and healthcare spending across nations because healthcare spending accounts for more than 10% of the GDP of the majority of developed countries. According to the Centers for Medicare and Medicaid Services, US healthcare spending increased by 4.6% in 2019 to reach US$ 3.8 trillion, or US$ 11,582 per person and represented 17.7% of GDP. Additionally, households paid for 28.4% of all health expenditures, followed by the federal government for 29.0%. 16.1% of all healthcare costs were paid for by state and municipal governments, while 7.5% came from other private sources.
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Due to advancements spurred by AI/ML, the impact of digital health technology will grow. Data from the Department for Promotion of Industry and Internal Trade show that FDI in the medicines and medication sector totaled US$19.12 billion (DPIIT).
KEY BENEFITS FOR STAKEHOLDERS
– This report entails a detailed quantitative analysis of the current market trends from 2019 to 2027 to identify the prevailing opportunities along with strategic assessment of the global healthcare payer solution market.
– Market size and estimations are based on a comprehensive analysis of the end users, developments, and services in the industry.
– An in-depth analysis based on region assists to understand the regional market and facilitate the strategic business planning.
– The development strategies adopted by the key market players are enlisted to understand the competitive scenario of the market.
List of key players profiled in the report
– Accenture Plc.
– Change Healthcare, Inc.
– Cognizant Technology Solutions Corporation
– Hinduja Global Solutions Limited
– HMS Holdings Corp.
– Inovalon Holdings, Inc.
– International Business Machines Corporation Technology
– McKesson Corporation
– UnitedHealth Group Incorporated
– Wipro Limited
– HCL Technologies Limited
– Synnex Corporation (Concentrix Corporation)
– Genpact Ltd.
– Sutherland Global Services
– Hexaware Technologies Limited
Key Market Segments
– By Services
o Business Process Outsourcing Services
o Information Technology Outsourcing Services
o Knowledge Process Outsourcing Services
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– By Application
o Pharmacy Audit & Analysis Systems
o Claims Management Services
o Fraud Management Services
o Computer-assisted Coding (CAC) Systems
o Member Eligibility Management Services
o Provider Network Management Services
o Payment Management Services
o Customer Relationship Management Services
o Medical Document Management Services
o General Ledger & Payroll Management
– By End User
o Private Provider
o Public Provider
– By Region
o North America
? U.S.
? Canada
? Mexico
o Europe
? Germany
? UK
? Italy
? Spain
? France
? Rest of Europe
o Asia-Pacific
? Japan
? China
? India
? Rest of Asia-Pacific
o LAMEA
? Brazil
? Saudi Arabia
? South Africa
? Rest of Middle East
Table of Content:
- Report Overview
- Global Growth Trends
- Competition Landscape by Key Players
- Data Segments
- North America Market Analysis
- Europe Market Analysis
- Asia-Pacific Market Analysis
- Latin America Market Analysis
- Middle East & Africa Market Analysis
- Key Players Profiles Market Analysis
- Analysts Viewpoints/Conclusions
- Appendix
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- This file will help the peruses with appreciation the opposition interior the ventures and structures for the serious local weather to improve the feasible benefit. The document moreover facilities round the cutthroat scene of the market, and provides exhaustively the piece of the pie, industry positioning, contender organic system, market execution, new object advancement, recreation circumstance, development, and securing.
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