Global HealthcarePayer Services Market is anticipated to reach USD 69.2 billion by 2024, according to a new
report by Grand View Research. The key factors driving the market include the
increasing demand for streamlined business processes and better customer
services through the adoption of cost effective strategies.
The growing usage of advanced technologies to deliver economical business
process services, rising adoption of digital technology, increasing focus on
consumerism, and the presence of stringent healthcare regulatory policies are
certain crucial factors boosting the healthcare payer services market in the
coming years. Some of the key participants, such as Accenture, Cognizant, EXL,
HP Development Company, L.P., Concentrix Corporation, and others, are primarily
focusing on incorporating mobility technology with health plans to engage
enrolled members.
Moreover, the growing private healthcare insurance exchanges, increasing
IT investments, and with the Affordable Care Act (ACA) in effect, the market is
set to grow. The increasing demand to curb the overall administrative costs of
member management services, increasing demand for cost effective solutions for
the healthcare payer services, and the growing number of healthcare fraud cases
are few determinants that are expected to propel the market growth over the
forecast period.
Some established players including United Healthcare, Inc., Anthem, Inc.,
Aetna, Inc., Accenture, Cognizant, Dell, HP Development Company, L.P., and
Xerox Corporation are expanding their footprint through the implementation of
various technologies such as digital technology and contract models. The
technological advancements in the overall healthcare payer services system are
anticipated to positively reinforce the market growth.
Full Research
Report on Global Healthcare Payer Services Market Analysis:
http://www.grandviewresearch.com/industry-analysis/healthcare-payer-services-market
http://www.grandviewresearch.com/industry-analysis/healthcare-payer-services-market
Further Key
Findings from the Study Suggest:
- In 2015, the BPO
segment accounted for the maximum revenue share of 51.7%. The growing
number of people enrolling for the insurance program, increasing pressure
to bend the healthcare cost curve, and the rising implementation of ICD-10
codes are driving this segment’s growth. However, the KPO segment is
expected to emerge as the fastest growing with a CAGR of 17.9%. Increasing
demand for accurate claim resolution and the reduction of fraud incidences
are some of the factors that are expected to drive the market over the
forecast period.
- In 2015, North
America was a clear leader with a revenue share of 77.31%. The growing
insurance enrollment, lack of low-cost skilled professionals, and the
increasing demand for an integrated healthcare system are accountable for
the large market share captured by this segment.
- Asia Pacific is
expected to emerge as the fastest growing region with a CAGR of 10.8%
during the forecast period. The Southeast Asian region is one of the major
outsourcing destinations in the world. The region includes Malaysia,
Singapore, Vietnam, Philippines, India, China, and many more, which are
predominately involved in carrying out outsourcing activities. The
presence of skilled workforce to provide high-end process services, such
as software development and application development management, is one of
the prominent factors driving the Asia Pacific healthcare payer services
market in the coming years.
- The healthcare
payer services market is presently dominated by few key participants, such
as United Healthcare, Inc., Anthem, Inc., Aetna, Inc., Cigna, Humana,
Inc., Accenture, Xerox Corporation, Genpact, IBM Corporation, and
Cognizant. The healthcare payer services players initiate merger &
acquisition and corporate development strategies primarily to further
expand their reach in various other verticals. For instance, Wipro Limited
had acquired HealthPlan Services for approximately USD 460 million to diversify
its health insurance product portfolio.
View more reports
of this category by Grand View Research at: http://www.grandviewresearch.com/industry/healthcare-it
Grand View Research
has segmented the Global Healthcare Payer Services Market by outsourcing
services, application, end use, and region:
Healthcare Payer
Services Market Outsourcing Services Outlook (Market revenue in USD Billion,
2013 - 2024)
- BPO
- KPO
- ITO
Healthcare Payer
Services Market Application Outlook (Market Revenue in USD Billion, 2013 -
2024)
- Claims
Management Services
- Integrated Front
Office Service and Back Office Operations
- Member
Management Services
- Provider
Management Services
- Billing and
Accounts Management Services
- Analytics and
Fraud Management Services
- HR Services
Healthcare Payer
Services Market End-use Outlook (Market Revenue in USD Billion, 2013 - 2024)
- Private Payer
- Public Payer
Healthcare Payer
Services Market Regional Outlook (Market Revenue in USD Billion, 2013 -
2024)
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- Asia Pacific
- Japan
- China
- India
- Latin America
- Brazil
- Mexico
- Middle East and
Africa
- South Africa
View Press Release of this research
report by Grand View Research: http://www.grandviewresearch.com/press-release/global-healthcare-payer-services-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com