What is the global market size of Healthcare Payer Services Market?

Healthcare Payer Services Market size was valued at USD 57.3 Billion in 2021 and is poised to grow from USD 61.9 Billion in 2022 to USD 111.9 Billion by 2030, at a CAGR of 7.7% during the forecast period (2023-2030).

Healthcare Payer Services Market Size, Share, Growth Analysis, By Service(BPO Services, ITO Services, and KPO Services), By Application(Claims Management Services, Integrated Front Office Service and Back Office Operations, Member Management Services, Provider Management Services), By End-use(Private Payers, and Public Payers), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2352 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 93 | Figures: 76

Healthcare Payer Services Market Regional Insights

North America led the market and took home 76.1% of the total revenue in 2022. Due to the growing demand for health IT services, the market for outsourcing business processes in the healthcare supply chain is anticipated to grow throughout the forecast period. The demand for healthcare supply chain outsourcing of business processes is projected to rise as a result of evolving regulatory environments and mounting pressure on the healthcare sector to reduce service costs. Consequently, it is predicted that the regional market will significantly expand during the projection period.

Asia Pacific is expected to experience the fastest CAGR over the forecast period, coming in at 9.6%. This predicted expansion is influenced by reasons such as the rise in long-term illness incidence, rising healthcare expenses, and greater demand for resources in developing countries like China and India. BPO service providers have a concentration of delivery centers in countries including Philippines, China, Singapore, India, & Vietnam, which suggests higher activity from these regions throughout the anticipated time frame.

Healthcare Payer Services Market Report Snapshots

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Healthcare Payer Services Market size was valued at USD 61.90 Billion in 2022 and is poised to grow from USD 66.66 Billion in 2023 to USD 120.67 Billion by 2031, at a CAGR of 7.7% during the forecast period (2024-2031).

In order to introduce technologically improved products and acquire a competitive edge, businesses are putting a lot of effort into research and development. Companies are also forming alliances, merging, and buying other businesses in an effort to broaden their product offerings, increase their manufacturing capabilities, and create competitive difference. For instance, in 2021, Holy Cross Health, Memory Healthcare System, and Oscar worked up to offer the Medicare Advantage plan, which offers cheap, virtual care from a connected care team and a dependable doctor. 'UnitedHealth Group', 'Anthem, Inc.', 'Cigna Corporation', 'CVS Health', 'Aetna Inc. (a subsidiary of CVS Health)', 'Humana Inc.', 'Centene Corporation', 'Molina Healthcare, Inc.', 'WellCare Health Plans, Inc. (now part of Centene Corporation)', 'Optum (part of UnitedHealth Group)', 'Blue Cross Blue Shield Association (BCBS)', 'Kaiser Permanente', 'Magellan Health, Inc.', 'Change Healthcare', 'HMS Holdings Corp.', 'MultiPlan, Inc.', 'Evolent Health', 'Health Net, Inc. (a subsidiary of Centene Corporation)', 'Medecision Inc.', 'Conduent Inc.'

Payer organizations face complex challenges related to claims processing, member enrollment, billing, and customer service. Payer services providers offer specialized expertise, technology solutions, and operational support to address these complexities and enhance efficiency.

Shift towards Value-Based Care: There is a growing trend towards value-based care models, which focus on improving patient outcomes and cost-efficiency. Payer services providers are aligning their offerings to support value-based payment models, care coordination, and population health management.

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Healthcare Payer Services Market Regional Insights

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