Global Payer Services Market Share 2024, Forecast To 2033
17 Jan, 2024
The payer services market has experienced rapid recent growth, increasing from $134.92 billion in 2023 to $156.72 billion in 2024, featuring a 16.2% CAGR. Historical expansion is attributed to the escalating demand for cost containment, the complexity of healthcare, the rising need for data analytics, the increasing demand for member engagement, the aging population, and the surge in chronic conditions. Anticipating continued momentum, the market is projected to reach $277.68 billion in 2028, reflecting a 15.4% CAGR. Forecasted growth is underpinned by population health management strategies, the adoption of value-based care models, the expansion of telehealth services, and the growing demand for personalized healthcare. Key trends include the increasing integration of data analytics and AI, the incorporation of telehealth services, the adoption of consumer-centric approaches, a focus on health equity and inclusivity, and the expansion of remote monitoring and wearable technologies.
Global Payer Services Market Key Driver
Rising healthcare fraud is fueling demand for payer services with enhanced security systems. Fraudulent practices, like billing for unrendered services, contribute to significant losses. In the U.S., healthcare fraud losses are estimated at $300 billion, prompting a need for robust security. Thus, increasing healthcare fraud drives growth in the payer services market.
Get A Free Sample Of The Global Payer Services Market ReportGlobal Payer Services Market Segments
The payer services market covered in this report is segmented –
1)By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services
2)By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Other Applications
3)By End-User: Public Payers, Private Payers
By Geography: The regions covered in the payer services market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions
North America was the largest region in the payer services market in 2023. Western Europe was the second-largest region in the global payer services market share. The regions covered in the payer services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Major Payer Services Industry Players
United Health Group, Anthem Insurance Companies Inc., Concentrix Corporation, Aetna Inc., CIGNA Corp., HealthPartners, Blue Cross Blue Shield of Massachusetts, Group Health Cooperative, Accenture plc, Cognizant Technology Solutions Corp., Tata Consultancy Services Limited., Xerox Holdings Corporation, WNS (Holdings) Limited., NTT Data Corporation, IQVIA Holdings Inc., Mphasis Limited., Genpact Limited., Wipro Limited., Infosys BPM Limited., Firstsource Solutions Limited., International Business Machines Corporation, HCL Technologies Limited., Lonza Group AG, Omega Healthcare Investors Inc., R1 RCM Inc., Invensis Technologies Pvt Ltd., PAREXEL International Corporation, Optum Inc., Humana Inc., McKesson Corporation, Change Healthcare Inc., Conifer Health Solutions LLC., Experian Health Inc.
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Payer Services Market Overview
Payer services help the payers to streamline their business processes and deliver better services to their customers. Organizations that determine service prices, collect payments, handle claims, and pay provider claims are known as payers in the healthcare sector. Examples of payers include Medicare, Medicaid, and health plan providers.
Payer Services Global Market Report 2023 provides data on the global payer services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The payer services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.