The latest report by IMARC Group, titled "Healthcare Payer Services Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027," finds that the global healthcare payer services market size reached US$ 27.1 Billion in 2021. Healthcare payer services enable public and private payers and healthcare insurers to manage audits, medical documents, claims, member engagements, and customer relations. They assist in improving the healthcare system's performance by optimizing patient care quality and improving the overall consumer experience. They also help clients minimize their operational costs and improve operational efficiency. As a result, healthcare payer services are gaining traction across the globe.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Healthcare Payer Services Market Trends:
The market is primarily driven by the growing implementation of digital technologies in payer operations. In addition, the surging need for operating business processes cost-effectively by implementing engagement and contract models represents another major growth-inducing factor. Besides this, healthcare payer services offer better patient care, streamline the process and improve customer communication. As a result, they are widely adopted across the healthcare sector. Moreover, the market is also propelled by the rising number of individuals opting for healthcare insurance due to the sudden outbreak of the coronavirus disease (COVID-19) pandemic. Furthermore, the rising mergers and acquisitions (M&A) amongst key players and the increasing utilization of updated software to address current healthcare needs are anticipated to propel market growth in the coming years. Looking forward, IMARC Group expects the market to reach US$ 49.6 Billion by 2027, exhibiting a CAGR of 11.4% during the forecast period (2022-2027).
- Based on the type, the market has been classified into BPO, ITO, and KPO services.
- On the basis of the application, the market has been segmented into 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, and HR services.
- Based on the end use, the market has been segregated into private and public payers.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, 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.
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