Healthcare Payer Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

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Healthcare Payer Services Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017 - 2025

Status : August, 2021 | Healthcare IT

Report Digest


Global Healthcare Payer Services Market: Snapshot                                                                   

Outsourcing is emerging as a cost-effective tool for healthcare payers. Therefore, the growing trend of outsourcing is working in favor of the global healthcare payer services market. The increasing dependence of technologically advanced solutions to deliver economical business process services, growing popularity of digital technology, and the enforcement of strict health care regulations in several parts of the world are among the primary factors stoking the growth of the market.

The growth of the market is also supplemented by the growing investments in healthcare IT (HCIT) and increasing number of private healthcare insurance companies. Moreover, the introduction of favorable policies by governments is escalating the growth of the global healthcare payer services market. On the flip side, the mounting cases of data breaches are resulting in increased skepticism regarding the loss of confidentiality, which in turn is limiting the widespread adoption of healthcare payer services.  While outsourcing makes the overall procedure of healthcare payer services easy, it also induces unforeseen costs. This is, in turn, hampering the growth of the global market.

The majority of key players in the global healthcare payer services market are focusing towards implementing mobile technology with health plans to lure in a greater number of customers. A raft of large players are also emphasizing on mergers and acquisitions in order to stay ahead in the market.

Global Healthcare Payer Services Market: Overview

The healthcare industry is at an interesting cusp at present with breakthrough technologies, practices, and services. This also translates as higher costs of treatment and consumer empowerment with digital transformation. Besides, tough regulations and better reimbursement policies are also transforming the contours of the industry. This has spawned the global healthcare payer services market which is primed for robust growth on account of the above factors. Major players operating in the market are focused on mergers and acquisitions to diversify business portfolio and improve delivery outcomes.

In healthcare, payer refers to entities other than the patient that finance or reimburse the healthcare services cost. Typically, they include insurance carriers, third-party payers, or health plan sponsors such as employers or unions. Application of payer services include management services, provider management services, billing and accounts management services, integrated front office services and back office operations, member management services, analytics and fraud management services, and HR services. The types of payer services available in the market are BPO services, ITO services, and KPO services. Among them, the BPO services gross maximum revenue.

A report by TMR Research offers essential information on the key trends in the global healthcare payer services market. It presents a granular analysis of the various growth drivers and restraints in the market. The report also presents a detailed assessment of the competitive landscape and identifies key players contributing towards its growth. Further, it leverages market-leading analytical tools to gauge the opportunities and threats awaiting players.

Global Healthcare Payer Services Market: Trends and Opportunities

Some of the factors at the forefront of driving the global healthcare payer services market are increased adoption of technologies – particularly digital technology – to bring about economical business process services, growing focus on consumerism, and a host of healthcare regulatory policies. No wonder then, tech titans are some of the main players in the market. They are increasingly integrating mobility and health plans to engage enrolled members.

Other factors helping the market’s growth are the increasing private healthcare insurance exchanges and IT investments. The pressing demand to bring down the overall administrative costs of member management services, rising need for cost effective solutions for the healthcare payer services, and the alarming instances of healthcare fraud cases are few things expected to shape the course of the market in the near future. 

At present, the private payers are ahead of the public payers in the global market for healthcare payer services. This is because of the massive investment by private players in the healthcare payer vertical and significant government efforts to induce private investment in the healthcare industry. Public payers, however, are slated to clock solid growth in the years ahead.

Global Healthcare Payer Services Market: Regional Outlook

Geographically, North America holds a dominant position in the global market for healthcare payer services at present, powered mainly by the U.S. This is because of the rising number of health insurance enrollment, helpful reimbursement framework, and dearth of skilled professionals. Besides North America, Asia Pacific is another emerging market that holds out a strong promise of growth. In fact, India, an emerging economy in the region, is a global market leader in the knowledge process outsourcing (KPO). China and Japan in the region are also slated to contribute substantially to the market. In the Rest of the World, Mexico and Brazil are shining stars poised to impact the global market growth.

Companies Mentioned in the Report

Some of the prominent companies competing in the global market for healthcare payer services, profiled in the report are Cognizant Technology Solutions, Accenture plc, Xerox Corporation, Genpact Limited, Hewlett-Packard, Hexaware Technologies Limited, HCL Technologies Ltd., Teleperformance Group, Hinduja Global Solutions Ltd., and Wipro Limited.

The reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.

TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.

TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.

5-Point Growth Formula

The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.

The 5-point growth formula includes the following points:

  • Current and Future Threats
  • Accurate Trend Analysis
  • Regional Assessment
  • Industrial Analogy
  • COVID-19 Impact

Current and Future Threats

Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.

Accurate Trend Analysis

Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.

Regional Assessment

Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.

Industrial Analogy

The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.

COVID-19 Impact

The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.

The reports offer answers to the top 7 questions that revolve around the growth of the market

  • What are the diverse growth parameters influencing the market?
  • Which regions will contribute largely to the growth of the market
  • What are the recent innovations and technological advancements in the market?
  • What are the emerging trends across the market?
  • How has COVID-19 affected the market?
  • What will be the post-pandemic scenario of the market?
  • What are the major threats that will dent the growth prospects of the market?