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

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).

The global healthcare payer services market is expected to witness new growth opportunities in the coming years due to the overall cost of the healthcare supply chain business process outsourcing falling. Additionally, as a result of inventory control, there is an increasing requirement for the healthcare supply chain outsourcing of business processes. As a result, it is predicted that the market would grow throughout the projection period. The healthcare supply chain BPO business is growing as a result of a decrease in healthcare delivery costs, the implementation of ICD-10 codes, and the patent cliffs that pharmaceutical companies have to deal against.

The resulting firms' adoption of cutting-edge technology like AI, analytics, and a cloud-based service portfolio fuels fierce market competition. Accenture's cloud-based solutions, for instance, for the healthcare supply chain save logistics costs, increase service revenue, and increase service accessibility. As a result, it is anticipated that the market will expand significantly for this reason. During the forecast period, technological development and the integration of outsourced procedures with SCM are anticipated to continue to be the primary market drivers.

The COVID-19 epidemic caused issues for healthcare payers. Numerous health insurers fared better financially during the epidemic as a result of the reduction in healthcare funding. The payers have been quite supportive of the healthcare providers. They have created web portals that give real-time and accurate information about the epidemic, launched community programmes for health equity, expanded eligibility to let patients continue receiving medical care, and provided advance payments. The important parties are participating in strategic alliances for upcoming initiatives that address systemic health disparities.

US Healthcare Payer Services Market is poised to grow at a sustainable CAGR for the next forecast year.