Global Payer Services Market Report 2020 - Opportunities And Strategies, Market Forecast And Trends
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%.
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.
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The global payer services market is further segmented based on type and geography.
By Outsourcing Services: Business Process Outsourcing Services, Knowledge Process Outsourcing Services, Information Technology Outsourcing Services.
By Application: Revenue Cycle Management, Healthcare Reimbursement, Medical Billing Outsourcing, Others 3) By End-User: Public Payers, Private Payers.
By Geography: The global payer services market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
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Trends In The Payer Services Market
The rising incidences of data breaches and loss of confidentiality have always been a major challenge in the payer service industry. In recent years, the healthcare sector has always been at the forefront in cases of breaching privacy and the resulting loss of confidential data.
Payer Services Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides payer services market overviews, analyzes and forecasts market size and growth for the global payer services market, payer services market share, payer services market players, payer services market segments and geographies, payer services market’s leading competitors’ revenues, profiles and market shares. The payer services market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.