Healthcare Payer Service Market Trends, Growth, Forecast 2032 | MRFR

Market Research Future (MRFR) has published on the “Global Healthcare Payer Service Market”.

The healthcare payer service market is estimated to register a CAGR of 8.81% during the forecast period of 2023 to 2032.

MRFR recognizes the following companies as the key players in the global healthcare payer service market— Oracle Corporation (US), IQVIA Holding, Inc (US), HCL Technologies limited (India), Accenture (Ireland), Cognizant (US), Dell Inc (US), Genpact (US), Omega Healthcare Management Services (India), Infosys Limited (India), and NTT DATA, Inc (Japan).

Analyst Comment:

Increasing adoption of advanced data analytics in emerging markets, further, according to our repot increasing data breaches in the healthcare industry and loss of confidentiality are one of the major market growth retarders in the healthcare payer services market.

Market Highlights

The global healthcare payer service market is accounted for to register a CAGR of 8.81% during the forecast period and is estimated to reach USD 156.04 billion by 2032.

Data breaches and loss of confidentiality are major concerns in the healthcare industry, particularly in the realm of healthcare payer services. These incidents can have devastating consequences for both patients and healthcare organizations. A data breach occurs when sensitive patient information is accessed without authorization that includes insurance information, payment details, and social security numbers. The HHS Cybersecurity Program reported that the number of individual patient records that were breached in the second half of 2020 nearly tripled compared to the first half of 2020, from 7.6 million to 21.3 million. Furthermore, a loss of confidentiality occurs when sensitive patient information is shared with unauthorized individuals. This may result in legal costs, regulatory fines, and reputational damage for healthcare providers.

Thus, the increasing data breaches in the healthcare industry and loss of confidentiality are one of the major market growth retarders in the healthcare payer services market.

The increasing number of healthcare insurance enrollments and the rising cases of healthcare fraud are propelling market growth. However, the high risk of data breaches and loss of confidentiality are expected to hamper the growth of the global market. Nevertheless, increasing adoption of advanced data analytics is projected to create lucrative opportunities for market players.

Access full report @ https://www.marketresearchfuture.com/reports/healthcare-payer-services-market-11319

Segment Analysis

The global healthcare payer service market has been segmented based on service type, application, and end user.

On the basis of service type, the market is segmented into business process outsourcing services, IT outsourcing services, and knowledge process outsourcing services. The business process outsourcing services segment was attributed to holding the largest market share of over 70.53% in 2022 revenue as estimated by MRFR analysts. This is due to the increased efficiency and scalability and globalization of BPO services. Further, we estimate that the market segment will continue to pool in the largest chunk of revenue during the forecast period. It has been identified that the segment market yet witnesses continuous innovations and movements in terms of new product launches.

On the basis of the application, the market is segmented into claims management, integrated front office and back-office operations, member management, provider management, billing and accounts management, analytics and fraud management, human resource, clinical decision-making, patient engagement, and others. The claims management segment is projected to have the largest market share during the forecast period. This is due to the increasing adoption of cloud-based solutions.

On the basis of the end user, the market is segmented into private payers and public payers. The private payers segment is projected to have the largest market share during the forecast period. This is due to technological advancements and increasing consumer demand for payer services.

Regional Analysis

The global healthcare payer service market, based on region, has been divided into North America, Europe, Asia-Pacific, and the Rest of the World. North America consists of US and Canada. The Europe healthcare payer service market comprises Germany, France, the UK, Italy, Spain, and the rest of Europe. The healthcare payer service market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the world’s healthcare payer service market comprises of Middle East, Africa, and South America.

the increasing collaboration between market players and healthcare associations, increased health insurance enrollment, and growing healthcare expenditure are expected to foster North America’s market growth. Moreover, strategic initiatives by market players are expected to support market growth.

Moreover, the Europe market has been persistently growing owing to increased health insurance enrollment, growing demand for healthcare IT services, rising government initiatives across the region.

Additionally, market factors, such as the implementation of new ICT guidelines, increasing prevalence of chronic diseases, and rapidly growing healthcare industry in India are driving the region’s growth.

Furthermore, the rest of the world's patient portal market is divided into the Middle East, Africa, and Latin America. The major factors driving the growth of the healthcare payer service market in the region are technological advancement, and growing investment in healthcare infrastructure.

Key Findings of the Study

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  The global healthcare payer service market is expected to reach USD 156.04 billion by 2032, at a CAGR of 8.81% during the forecast period.

  
  


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  The Asia-Pacific region accounted for the fastest-growing global market, owing to the rising investments and reforms to modernize China’s healthcare infrastructure, implementation of new ICT guidelines in Japan and the increasing patient population suffering from chronic diseases such as cancer, orthopedic, and cardiovascular diseases in the Asia-Pacific region.

  
  


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  Based on service type, the Business Process Outsourcing Services segment was attributed to holding the largest market in 2022, with an approximate market share of around 70.70%.

  
  


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  Oracle Corporation (US), IQVIA Holding, Inc (US), HCL Technologies limited (India), Accenture (Ireland), Cognizant (US), Dell Inc (US), Genpact (US), Omega Healthcare Management Services (India), Infosys Limited (India), and NTT DATA, Inc (Japan) are the key market players.