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 industry report. 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.
Healthcare payer services are generally adopted for managing auditing that are outsourced by healthcare insurers and public and private payers. Besides this, they are also utilized for member engagements, claims, medical documents, and customer relations. Its adoption involves redesigning business models that help in enhancing customer communication, restructuring the process, and eliminating costs while providing better quality patient care. Additionally, they also aid in improving pharmacy care services, data and analytics, and healthcare delivery and operations. Some of the commonly used service types include knowledge process outsourcing services, business process outsourcing, and IT outsourcing services. Consequently, they have become a significant business model that declines the burden of accounting, logistics, administration, and procurement.
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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 growing adoption of healthcare payer services across the healthcare sector majorly drives the global market. This can be attributed to the rising implementation of contract and engagement models due to its cost-effectiveness. This, in confluence with the widespread deployment of digital technologies in payer operations, is significantly supporting market growth. Along with this, the growing integration of healthcare supply chain business process outsourcing (BPO) services to reduce overall costs is also contributing to the market. Furthermore, the widespread incorporation of advanced technologies, such as advanced data analytics, artificial intelligence (AI), and cloud-based services with healthcare payer services, are creating a positive market outlook. Some other factors driving the market include the growing mergers and acquisitions (M&A) activities between leading players and continual improvements in the healthcare infrastructure.
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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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