The payer services market consists of sales of payer services by entities (organizations, sole traders and partnerships) that provide healthcare services that are outsourced by healthcare insurance providers/payers. These outsourcing solutions help the payers to streamline their business processes and deliver better services to their customers. Only goods and services traded between entities or sold to end consumers are included.
The global payer services market is expected to grow from $88.97 billion in 2019 to $93.9 billion in 2020 at a compound annual growth rate (CAGR) of 5.5%. The exponential growth is mainly due to the COVID-19 outbreak that has led to an increase in demand for services for medical billing and claims. The market is then expected to adjust and reach $134.65 billion in 2023 from 2021 at a CAGR of 12.77%.
